Finding Ways To Keep Up With Taxes

W2 Form: Your New Employer Might Require It!

It is a thing for men and women to want to live better lives. For many employees, switching a job is must especially if the pay is much higher than the previous employer. Sometimes, it the chance for professional growth becomes an added reason as well. Nevertheless, if you got a new job from another company or trying to find one, perhaps it a good idea to more about W2 form.

What is W2?

The information of wage and salary of a worker is stated in the W2 form. It also reports various taxes and other payments such as retirement plan and health insurance taken from your wage or salary. In addition to that, it will show if taxes should be paid or if the employee is entitled to a tax refund. Legally, the employer will mail or give this form to the employer not later than January 31st every year and filed for tax return on time. When these are not sent or filed, legal penalties may be obtained.

Why w2 from old job is needed when you look for a new job?

Legally speaking, it is not a requirement for job seekers to produce a copy of W2 of their previous job. Nevertheless, many employers require this to verify employment history and a technique to hire the best person for the job. Furthermore, it might also be possible that employers need this form for profiling reasons.

Obtaining W2 from previous boss

1. Contact your former employer

Big companies usually have the HR department. If that is the case, then you can request W2 here and should not have any problems. Anyway, they should be aware that receiving the W2 is a right of every employee in a company. However, there is no way to get the form here, it might be beneficial to directly ask for it from your employer.

2. Ask help directly from the IRS

When you tried to approach the HR department and/or your employer and still you were not able to get the form after Valentine’s Day, then do not worry and get help directly from the IRS. However, you need to provide every related details about your employment and your employer.

3. File your taxes independently

Even when you did not receive your W2 form, it is your duty to file your tax return not later than April 15th. Form 4852 is the alternative allowed by IRS for individuals or employees who did not receive the W2 form from their employers and for employers who made inaccurate info on the form.

The Takeaway

The W2 form is just not needed in your current job but may also be important if you are switching an employer. And if your previous employer never sent you any W2 form, then never worry for you can always file your tax return on time and you can have something to show to your new employer.

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