Tuesday, February 14, 2012

Tax Tip Provides Advice to Taxpayers Missing Form W-2

The IRS has released a tax tip advising taxpayers missing a Form W-2, Wage and Tax Statement (IRS Tax Tip 2012-20). Employees should generally have received a Form W-2 from each of their employers by January 31, 2012, for wages paid in calendar year 2011.

The IRS recommends taxpayers follow four steps if they have not received a Form W-2:

Contact the employer. Taxpayers should inquire whether and when the employer sent the Form W-2. They should allow a reasonable amount of time for the Form W-2 to be reissued or re-sent.

Contact the IRS. If the employer does not provide a Form W-2 by February 14, the taxpayer should contact the IRS and provide the following information: employer's name, address, and phone number; dates of employment; and estimate of wages earned and federal income tax withheld. This information should preferably be based on the employee's final paystub.

File the return. A taxpayer is required to file a 2011 Form 1040, U.S. Individual Income Tax Return, (or request for an extension) by April 17, 2012, even if the taxpayer has not received a Form W-2. If the taxpayer has not received Form W-2, the taxpayer should attach Form 4852, Substitute for Form W-2, Wage and Tax Statement, to Form 1040. Form 4852 contains lines for the taxpayer to estimate income and withholding taxes.

File Form 1040X. If the taxpayer subsequently receives a Form W-2 with different wage and withholding information than the information the taxpayer provided on Form 4852, the Tax Tip states that the taxpayer must file Form 1040X, Amended U.S. Individual Income Tax Return, providing the correct information.

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