Missing W2’s? Business No Longer Exists? Tips to Get Your Forms!

So what do you do if your employer does not send you your W2 forms? If the company is still in business, this could just be a matter of making a simple phone call or two, but what if the company no longer does business? How do you go about getting forms from some company that doesn’t exist anymore? Here are some ways to try to troubleshoot the problem so you don’t end up on tax day with nothing to give the IRS.

• Make a real, honest attempt to try to contact the employer. Send a certified letter to the last known address with a return request. This will show the IRS that you did, in fact, really make an effort to try to get in touch with the employer. If they are no longer able to be contacted, your certified letter will be returned to you.
• So, that doesn’t work…no employer. Gather your last paycheck stub from that employer and create your own W2. (for steps on this see How Do I File Taxes with No W2’s.)
• If February 15th comes around and you still have no tax forms…Contact the IRS. You will need to have the employer’s name, last known address, and all information regarding the employee (SS# etc.) and the IRS will try to help you track down your missing W2.
• While the IRS is trying to find you your paperwork, fill out the IRS’ 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.” which will serve as a substitute for your W2 for now.
• Use this form to attach to your taxes and GET THEM IN ON TIME! The IRS does not see a missing W2 as a good reason for not filing your taxes on time.
• If, by some miracle, the IRS does come up with your missing form, you will then have to fill out Form 1040X “Amended U.S. Individual Income Tax Return”, update your figures and refile.

So, it is prudent to be aware of the movements of former employers to help you avoid being surprised when taxes are upon us. And now you know why your mother always told you to hold on to your paycheck stubs. You never know when they may come in handy.

Tags: 1040x, form 4852

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