It is always a human nature to look for greener pasture. For a lot of individuals out there, getting in a new job is just right when it offers bigger pay. Moreover, it is sometimes a way to personal or carrier growth. However, if you already jump into a new employer or simply planning to search for another one, then it might be beneficial that you know the importance of wage and salary statement form.
Defining W2 form
The wage and salary information of employees are depicted on Form W2. It also reports various taxes and other payments such as retirement plan and health insurance taken from your wage or salary. Moreover, it also outlines if you can still get a tax refund or be obliged to pay the necessary tax. Fundamentally speaking, the employer will send this W2 form to his or her employees on or before January 31 yearly. Once these are not processed or filed on time, penalties and legal consequences may be acquired.
Why do you need W2 of your previous employer if you want to switch job or has a new job?
The truth is, there is no law requiring employees to secure w2 from their former employers. However, hiring the perfect candidate is going to be a daunting task for most employers and one for them to do a background check is through requesting the W2 form. Furthermore, it might also be possible that employers need this form for profiling reasons.
Getting W2 from your former employer
1. Contact your former employer
Big companies usually have the HR department. If that is the case, then you can request W2 here and should not have any problems. After all, it would be the company or employer’s obligation. However, there is no way to get the form here, it might be beneficial to directly ask for it from your employer.
Contact IRS
If you did your employer or the representative and there is no action in their part, then you can contact the IRS instead. But be sure to have all the needed information in filing your tax return.
Obtain the alternative form and file your tax on your own
Even when you did not receive your W2 form, it is your duty to file your tax return not later than April 15th. Fill out the form 4852 which is the alternative for W2 and carry on filing your tax return.
Final Words
The W2 form is just not needed in your current job but may also be important if you are switching an employer. But if there is no way that you can have it from your employer or former employer on time, then be wise to seek assistance from IRS, use the alternative form, and file your tax return for yourself and for your new employer if you must have.