These days, you probably want to file your taxes as early as possible to prevent identity thieves from filing a false return in your name — but that requires you to have the necessary forms in hand, including W-2 forms.
Notwithstanding all of the new federal tax changes, the W-2 form is one of the most critical tax forms, since it is the summary of your compensation and withheld taxes. Employers are supposed to send W-2 forms to their employees by January 31. Unfortunately, sometimes you find yourself in the middle of February with no W-2 form and an increasing fear that someone is stealing your tax refund while you are patiently waiting for your paperwork. What can you do? The IRS suggests a few straightforward steps.
These are also the proper steps if you are supplied with an incorrect W-2 and you need to receive a Form W-2c, "Corrected Wage and Tax Statement."
If you do receive your correct W-2 and find that the numbers are different from the form you filed, you may need to file an amended tax return with Form 1040X, "Amended U.S. Individual Income Tax Return."
Don't forget to include one other form type that you may not have received yet. Since 2015, everyone should receive 1095 forms to verify health insurance status for tax purposes.
If you bought insurance through the marketplace, you will receive a Form 1095-A in early February and will need it to file your taxes. 1095-Bs come from your insurer and 1095-C forms cover employer-based insurance offers. You should receive 1095-Bs and Cs by the end of March, but you do not need to submit those with your tax forms — just keep them for reference.
If you are missing any forms by mid-February, take action right away. Otherwise, you may end up asking for a tax extension of six months using Form 4868, "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." That doesn't postpone the paying of your taxes, just the filing of your forms, so you're better off sending the right amount on time.
Failing to pay your taxes or a penalty you owe could negatively impact your credit score. You can check your credit score and read your credit report for free within minutes by joining MoneyTips.
Originally Posted at: https://www.moneytips.com/no-w-2-tax-form-what-to-do
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