Half of Americans do not know about tax returns, filing for taxes, or fundamental tax implications. If you feel caught off guard every time tax season arrives, it is time to understand the basics.
In this blog, we will help you understand how to file your taxes and what happens if you forget to file a w2. If you want to create a paystub you should visit Online paystub. Now, let’s get started.
The Curious Case of Collective W-2 Forms
If you work more than one job during a year, you will have multiple W2 forms. This applies to couples who are filing jointly for their taxes. As a general thumb, keeping track of any job changes when the tax season arrives is a great idea.
IRS Rules on Being Late To File a W-2
You must follow the rules if you want to play nicely with the tax people. You will still receive a return if you forget to file a W-2. However, if your tax filing error causes you to owe additional tax, you must file an amendment and pay the taxes owed by April 15. You risk being charged late penalties and fees if you do not do this.
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 of filing the original return.
Completing Your Return
When you report the income tax from a W-2, you shall report the changes in the Adjusted Gross Income. Now, step back to your original return and enter your AGI in Column A. Enter the amount listed in Box 1 in Column B. Add the amount in Box 1 on your W-2 to the original AGI, and insert Column C’s total amount.
Did you pay the taxes on the income? Refer to your original return and insert the income tax amount in Column A. Then, enter the amount from Box 2 on Form W-2 in Column B. Add the federal income tax to your original return to the amount from Box 2.
Enter the sum in Column C. Complete the remaining calculations of Form 1040x to settle if you shall receive a refund or owe more taxes.
Filing The Return
You cannot return your amended return electronically. Processing time can take up to 10-12 weeks, so you must plan accordingly. If you filed your original return via mail, the IRS will not allow you to mail your amended return to the same address.
Conclusion
Though everyone makes mistakes, staying updated and educated on the tax laws is vital. This includes knowing the proper way of filing your W-2. In case you are still wondering about w2 form generator you can use Paystub Generator which is a 100% free tool.
