Millions of workers throughout the country ask themselves the same question every January; where is my W-2? One of the most significant documents you must have when filing your federal tax return is your W-2 form, and a clear understanding of when it should be received, how to receive it, and what to do in case it is not received in time, is really valuable information to any working taxpayer. We will cover it step by step so that you do not have any questions when it is filing time.
What are the times when Employers have to send out W-2 Forms to Employees?
The deadline of W-2 form is definite and legally obligatory. The IRS states that employers must mail W-2s to all employees by January 31st of every year, reflecting earnings of the prior calendar year. The deadline is independent of whether the employer sends a physical copy or submits the form electronically. The IRS rules on employer tax reporting requirements are absolute; failure to file the January 31st deadline may lead to a penalty to the employer, rather than the employee.
Deadline and Legal Requirements of IRS.
January 31st is not an option; it is a federal mandate. The employer tax reporting requirement involves proper reporting of all wages, tips and taxes withheld on the W-2 of each employee. Your employer also provides a copy to the IRS and this is why it is important to be accurate on both ends. When your employer fails to submit the W-2 form punctually on a regular basis, he/she can expect to face IRS penalties which increase with the number of days the forms were not submitted and the number of employees impacted by the delay.
How to get your W-2 Form – by mail or electronically?
The majority of employers provide at least one delivery option – and many now provide both. Knowing how your employer transmits W-2s will help you know where to check and when to call if they have not received them.
Methods of delivery and policies of employers.
- Paper W-2 forms are sent to the address that your employer has on file. Unless you have provided the address to your employer/payroll department in the same year you moved, your form might be postponed or sent back by the employer, so making sure to be accurate with your address is an important part of the W-2 form deadline preparation every January.
- Electronic delivery of W-2 is becoming prevalent and employees must give their consent. With the optional electronic delivery, you will have access to your W-2 via the payroll portal of your employer – usually sooner than the paper mailing date. Log in to your email and payroll site to confirm you have not submitted your form.
What to Do in Case You are Not Received on Time with your W-2 Form?
Being informed of the action to take in case W-2 is late ensures that your filing is on schedule and covers your record of compliance. Keep calm–but be quick and in due order.
Contact the Employer and Take Action Steps.
- Firstly, contact the HR or payroll department of your employer. Check to ensure that your mailing address on file is accurate and request that they confirm when your W-2 was received. The first step in asking employer to provide you with a W-2 is to make a direct, documented request: email is better so that you have a record of your request.
- In case your employer does not reply or is not able to solve the problem by mid February, address the IRS directly. On your behalf, the IRS may request your employer in writing and give you advice how to go about filing the form in case it is not available when the tax deadline is nearing.
- Finally, as a temporary measure, file an IRS Form 4852 – a substitute W-2 – allowing you to estimate your wages and withholding using your final pay stub and file your return without the actual W-2 form while the problem is being investigated.
Can you still file your taxes without a w-2 form?
Yes – you are able to file without W-2 in an emergency situation but it is always better to file with the original. The fact that the employer is required to file tax returns implies that the IRS already has a copy of your W-2 on record – thus, filing with falsified or estimated information will create discrepancies that will need to be fixed by filing an amended return.
Other forms and filing alternatives.
- IRS Form 4852 is an alternative W-2 and can be used to file on estimated wage and withholding amounts on the basis of end-of-year prior year final pay stub. Anything that is different in your estimation compared to the actual W-2 can be rectified by submitting an amended form after the initial form is received.
- In the event that you were paid as an independent contractor, not as an employee, you will be issued with a Form 1099-NEC, instead of a W-2. Being aware of what form to use when your employment is involved, and how each one impacts your tax filing is a significant step in ensuring that you meet your W-2 form filing date and does not result in needless IRS mail.
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Conclusion
W-2 problems, lost forms and due dates do not need to spoil your tax season. All the steps are properly done and on time with the appropriate professional help. Epicwayz Advisors is a reliable local tax advisory that has its office in Plano and assists employees and business owners to file and comply with all employer tax reporting requirements and to optimize their tax position annually. He provides Tax Services, Accounting Services, Business Advisory Services, and Fractional CFO Services—ensuring your filing is accurate and stress-free. This filing season, hire a professional and leave the details to Epicwayz Advisors.
