How Do I File Taxes With No W2’s?
Waiting for your W2’s can be such a pain. Some employers are prompt with their forms while others make you wait and wait. Here are some ways you can file your taxes early without having to wait for those W2’s.
- Gather your last paycheck stub and last year’s W2 form (if available)
- Photocopy your W2 form and white/black out the figures (as these are last year’s numbers). If you do not have a prior copy of a W2, grab a blank sheet of paper and draw eight boxes on it. Number these boxes 1-6, 16 and 17.
- Grab your paycheck stub and take a look at the YTD (year-to-date) numbers only, starting with your gross income. Locate any “pre-tax” deductions and subtract those from your gross pay. You will write this number in boxes 1 and 16. (If you have no pre-tax deductions, then just your gross pay will be entered into these boxes.)
- Find your “Federal Income Tax” and enter this in box 2.
- Go back to your gross pay and enter it in boxes 3 and 5. Do not deduct your pre-tax this time.
- Box 4 is for your FICA and box 6 is for Medicare. Enter in the amount the government taxed you in each of these areas.
- Enter in your state tax withholding in box 17.
YAY!!! You made your own W2!
One small note about creating your own W2…this can be dangerous. If you don’t have the correct figures you could really screw yourself up and be assessed penalties for improper filing. So…if you can wait for those W2’s, it will be safer for you because then you know exactly what your company is reporting to the IRS. Hastiness could cost you…be careful!
Still having problems creating your new form? Use Form 4852 “Substitute for Form W-2, Wage and Tax Statement, or Form 1009R, Distributions Form Pensions, Annuities, Retirement or Profit-Sharing Plans, IRA’s, Insurance Contracts, etc.” from our lovely IRS.
Tags: federal income tax, FICA, form 4852, make w2, medicare, pre-tax deductions, state tax withholding