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

Jan. 18, 2018

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The harrowing statistics are in. Most Americans don't have a clue about tax returns, filing for taxes, or common tax implications. If you feel caught off guard every time tax season comes around, it's time to learn the basics. Most employees need to file a W2 every year. Did you file your taxes and forget (accidentally or conveniently) to file a W2? This article is for you. Let's get into it!

The Case of Multiple W2 Forms

If you work more than one job or switch employers during the year, you will have multiple W2 forms. This also applies to couples filing jointly for their taxes. As a general rule of thumb, it's a good idea to keep track of any job changes when tax season rolls around. Account for all possible W2 forms and paperwork before filing.

IRS Rules on Being Late to File a W2

If you want to play nicely with the tax man, you need to follow the rules (and the IRS enforces several). If you forget to file a W2, you will still receive a return. However, if your tax filing error will cause you to owe additional tax, you must file an amendment and pay the tax owed by April 15. If you don't do this, you risk being charged late penalties and fees.
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 filing the original return. Or, you must file two years from whenever you paid the tax. You will pay according to whichever date is later.

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Completing Your Form

When you report income from a W2, you will report the change in Adjusted Gross Income (AGI). Go back to your original tax 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 W2 to the original AGI, and also enter Column C's total amount.
Did you pay taxes on the income? Refer to your original return and enter the income tax amount in Column A. Then, enter the amount from Box 2 on Form W2 in Column B. Add the federal income tax from your original return to the amount from Box 2. Enter the sum in Column C. Finish the remaining calculations of Form 1040x to determine if you will receive a refund or owe more taxes.

Filing the Return

You cannot return your amended return electronically. Processing times can take between 10-12 weeks, so plan accordingly. If you filed your original return through the mail, the IRS will not allow you to mail your amended return to the same address. Check with the IRS for a processing center near you.

Final Thoughts

While everyone makes mistakes, it's important to stay educated and updated on tax laws. This includes knowing the proper way to file a W2. At ThePayStubs, we're passionate about small businesses and streamlined accounting. Use our form W-2 generator for smooth and accurate calculations. And if you have to create your own paystubs, you can check out our pay stub maker!

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Frequently Asked Questions

Yes, you can file an amended tax return using Form 1040X if you didn't include your W-2 in your original tax return. Be sure to attach the missing W-2 to the amended return.

Yes, you can file your taxes without a W-2, but you need to have accurate information about your income and tax withholdings. If you have your last paystub from the year, you can use it to estimate your income and withholdings. However, it's best to wait for your W-2 to ensure accuracy.

If you are entitled to a tax refund but didn't file a W-2, you may not receive the full amount of your refund. To ensure you receive the correct refund amount, it's important to file an amended return with your missing W-2.

Generally, you have three years from the date you filed your original tax return or two years from the date you paid the tax, whichever is later, to file an amended tax return.

Penalties for not filing a W-2 can include failure-to-file penalties, failure-to-pay penalties, and interest on unpaid taxes. These penalties can add up quickly, so it's important to file your W-2 as soon as possible.

If you don't file a W-2 statement, you may not be reporting all of your earned income to the IRS. This can lead to underreporting of income and incorrect tax calculations, which may result in penalties or an audit.

If you forgot to include your W-2 when filing your taxes, you should file an amended tax return using Form 1040X as soon as possible. This will help you report the correct income and avoid penalties.

A W-2 statement is a tax document that reports an employee's annual wages and the amount of taxes withheld from their paycheck. Employers are required to provide their employees with a W-2 form by January 31 each year.

If you lost your W-2, you should first contact your employer to request a replacement. If they are unable to provide one, you can request a wage and income transcript from the IRS, which will show the information reported on your W-2.

The IRS may catch your mistake because employers are required to send a copy of your W-2 to the IRS. If the IRS notices a discrepancy between your reported income and the information on your W-2, they may contact you or conduct an audit.

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