Help! I'm Missing a W2!

Friday is February 14, Valentine’s Day. Tax Team believes the best time to do your tax return (if you feel comfortable waiting) is between Valentine’s Day and St Patrick’s Day.  “Why” you ask.  First, IRS, State and tax preparation software have all their bugs worked out by now and are operating smoothly.  Second, the first rush of tax clients who need their refunds immediately is over, allowing your tax professional to give you the time and attention you deserve.  Third, by Feb. 15 you should have received all of your tax documents including brokerage statements.  “But” you scream, “I haven’t received a W2” Don’t fear- this is a problem that can be dealt with! 

Your first step is to contact your employer and ask calmly and politely for another copy of the W2.  Be sure they have the correct address.  It might be that you will need to access the W2 online, if so, be sure to have the proper passwords.  If this is not successful another option, if you have your final pay stub of the year, is to fill out an IRS substitute W2.  This cannot be done until after Feb. 15, and the IRS requires you to have already made attempts to get your W2.  You will also need some basic identification information about your employer. If your final pay stub is not available you will need to call the IRS who will send a letter to your employer.  This year, the IRS has requested that you do not call them until after President’s Day (Feb 17).  Again, they will expect that you had already tried to contact your employer.

 “What if I file without the missing W2,” you might ask. One thing the IRS is very good at is collecting income data.  If you do not claim a W2, eventually the IRS will send you a letter addressing the omission and you will need to do an amend, paying penalties and interest on any money you might owe.  It is much easer to work on this problem before tax season ends, than afterward. 

We wish everyone a Happy Valentine’s Day, full of chocolate, flowers and love! 

For tax assistance, check out http://www.taxteam1.com or john.lawless.tax@gmail.com  Thanks!