Not Filing Your W2 – What Is the Scenario?
The disturbing numbers are in. Most Americans are clueless about tax returns, tax filing and other things related. If you’re one of them, it’s time to learn the essentials.
In most cases, W2 filing is required of employees on an annual basis. If you held various jobs during the year, you would have multiple W2 forms. This also works for couples filing their taxes jointly. As a general rule, you need to keep a tab on any job changes as tax season comes in. Prior to filing, you should account for all your W2 forms and paperwork.
Late W2 Filing – The Rules
If you don’t want to get embroiled in tax issues, you have no choice but to abide by the rules (and the IRS implements tons of them). You will receive a return whether or not you have filed a W2. However, if you were supposed to pay more tax if not for that error, you need to file an amendment and pay before the 15th of April. If you don’t, you will have to pay penalties and fees.
On the other hand, if you’re getting a refund after you have corrected your income tax return, you have three years to file the new return counting from the date when you filed the original. Or you may have to file two years from the date the tax was paid. Whichever date is later, that’s when you will pay.
Income reported from a W2 must be reported in Adjusted Gross Income (AGI). Get your original tax return and add your AGI under Column A. Enter this number in Column B (Box 1). Get the sum of the amount in Box 1 on your W2 to the first AGI, and then enter the total amount found in Column C.
If you paid taxes on the income, go back to your original return and add the income tax amount under Column A. Then the amount in Box 2 on Form W2 should go into Column B. Then add the amount in Box 2 to the federal income tax listed in your original return. This figure goes into Column C.
Returning your amended return cannot be done online. Plan well and consider that processing will usually take 10 to 12 weeks. You are not allowed to mail your new return to the same address if you filed your original return by post.
Though everybody makes mistakes, it’s important to be educated and up-to-date with tax laws. To boost your confidence in terms of tax matters, a professional paystub creation service that ensures smooth and accurate calculations can help.