What Happens If You Don’t File A W-2 Statement?

Many Americans do not even know what a pay stub is, and they have no clue about tax returns or even essential tax connections with each other. If you feel you’re swimming out in the sand, every time the tax season arrives, it is the perfect time to learn about the basics.

Are you thinking, what happens if you don’t file a W-2? Just chill. The majority of employees need to fill out a W-2 on an annual basis. If you haven’t submitted your tax returns and forgot about the W-2 submission, then this blog is just for you. Let’s start.

What is a W-2 Form?

W-2s, also known as Wage and Tax Statements, are forms that the employer sends to each worker and the IRS. They indicate the money received from an employer and how much tax has been removed from wages paid to someone else so that taxpayers can submit their federal and state income returns.

Who Files a W-2 Form?

W-2 forms should be mailed directly to all employees who were compensated by their employers in any other way than contracted self-employed workers. The employer must send W–2 forms before 31 January every year so that his employees can file their taxes before the 15 April deadline.

Federal Insurance Contributions Act (FICA) taxes are removed from W-2 forms, which employers use for reporting purposes. Employers must submit their W-2s from the preceding year to the Social Security Administration together with W-2s for all employees no later than January.

Information Included on a W-2 Form

Employees are provided with a W-2 for income taxes, which an employer submits every year. If the taxpayer has numerous employers, he will have many W-2s. The IRS also gets one copy from this section. The information contained in the W-2 is used by the taxpayers to prepare Form-1040 individual tax returns, either manually or electronically.

• Federal and state income taxes since the employees must file taxes for both levels.
• The employer’s information includes the firm’s Employer Identification Number (EIN) federal and the employer’s state ID number.
• Employee’s income from the previous year.
• Taxes are withheld from the employee’s paycheck, which is then separated into the withholding for federal income tax and Social Security tax.
• Tip: if any of the employees have earned for a year.

 

IRS Rules on Being Late To File a W-2 Form

If you want to play it nice and safe with the tax department players, you will need to follow the rules. If you forgot to file a W-2 form, you will still receive a return. However, if your tax filing is incorrect, you will owe additional tax. You must file an amended return and pay the tax owed by 15th April.

On the other hand, if amending your income tax return results in a refund, you must file the amended return within three years from the day you filed the original return. Alternatively, you should file two years from the original filing date when you paid the tax. You will pay according to which date is later.

Completion of W-2 Form

When you report income from a W-2 form, you will report the change in adjusted gross income (AGI). Move back to the original tax return and then insert your AGI in Column A. Enter the amount listed in Box 1 in Column B. Add the amount in Box 1 on your W2 to the original AGI, and also enter Column C’s final amount.

Do you pay tax on the income? If not, then refer to your original return and then insert the income tax amount in Column A. Then, enter the amount from Box 2 on Form W2 in Column B. Then, add the federal income tax from your original return to the amount from Box 2. Enter the sum in Column C. Complete the remaining calculations of Form 1040x to see if you are receiving a refund or if you owe more taxes.

When should you receive a W2 statement?

You should have received your W-2 statement from your employer on or before January 31 of each year or until February 15 if your employer needs more time for W-2 form preparation.

What should I do If I lose my W2 form?

In case you lose the W2 form, the initial action ought to be that you should contact your employer as soon as possible and ask them for a copy of the previous year’s W-2. Alternatively, if you feel like there is some soft copy of W-2 on the company’s employee portal, they might check with logging in or try to find it there.If your employer cannot give back the duplicate W-2 statement, contact the IRS hotline.

Filing The Return 

You can’t e-file an amended return, so be prepared that it may take 10 to 12 weeks for it to process. The IRS will not accept amended returns sent by post that were initially filed through the post. Therefore, check with this agency about their center near you.

Don’t risk penalties or legal issues by failing to file your W-2 statement! Ensure you’re compliant with tax regulations by using accurate and real pay stubs for your filing. Get started now—access your verified pay stubs and keep your tax filing process smooth and stress-free. Click here to obtain your authentic pay stubs and stay on top of your tax responsibilities today!

Conclusion

To an employee and the IRS, every year, the employers have to send them Form W-2, which is an IRS form. It shows how much an employee earns each year as well as the taxation amounts that were deducted from their salaries. The employees also use it to file their annual taxes.