It is normal for people to find great ways to increase income. For many employees, switching a job is must especially if the pay is much higher than the previous employer. 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
Form W2 shows the wage and salary of the employees. It also reports various taxes and other payments such as retirement plan and health insurance taken from your wage or salary. In addition to that, it will show if taxes should be paid or if the employee is entitled to a tax refund. Fundamentally speaking, the employer will send this W2 form to his or her employees on or before January 31 yearly. 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?
Legally speaking, it is not a requirement for job seekers to produce a copy of W2 of their previous job. Nonetheless, acquiring the right employee for the job would be very tricky and having the W2 form would be a method for most employers to hire the best. 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
Most established companies will have the HR representative. If that is the case, then you can request W2 here and should not have any problems. Besides, they should know the legality and importance of this action. 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.
Seek assistance from IRS
If after all your efforts, you still did not receive your W2 form after February 14, then it is good to directly turn to the IRS. However, you need to provide every related details about your employment and your employer.
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. Use the form 4852 to do this for this the form that is permitted by the IRS as a substitute for W2 form.
Conclusion
Each employee needs to receive the W2 from the current employer or previous employer. Yet when your employer or previous employer fails to send you the form, do not hesitate to contact directly the IRS and file your tax return through a substitute form so it can serve whatever purpose you have for it.