It is a thing for men and women to want to live better lives. Hence, we can not argue much if a person wants to switch for a high paying job. 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.
What is W2?
Form W2 shows the wage and salary of the employees. It may also state the information about other deduction which may include retirement plan and insurances. Further, it displays the obligation of the employee to the taxes or eligibility for a tax refund. Legally, the employer will mail or give this form to the employer not later than January 31st every year and filed for tax return on time. When these are not sent or filed, legal penalties may be obtained.
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
Ask it from your previous employer
Most established companies will have the HR representative. Then, if you are from this kind of company, then you can ask the W2 from the in charge. Anyway, they should be aware that receiving the W2 is a right of every employee in a company. But, if it is very complicated to it in this department, then maybe the next rational thing to execute is to directly approach your employer.
Contact IRS
When you tried to approach the HR department and/or your employer and still you were not able to get the form after Valentine’s Day, then do not worry and get help directly from the IRS. Just make sure that you can provide all the important details which may include your SS number, complete name and address, employer and employment details, and estimated wages.
File tax return by yourself
Even when you did not receive your W2 form, it is your duty to file your tax return not later than April 15th. Use the form 4852 to do this for this the form that is permitted by the IRS as a substitute for W2 form.
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.