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Before you can file
your federal income tax return, you've got to have in
hand all of the necessary documents.
This includes not only your Form
1040EZ, 1040A
or 1040
that you'll send to the Internal Revenue Service, but
also the various statements regarding your wages, investment
earnings and tax-deductible interest paid on certain
loans. These documents come from varying sources --
your employer, bank, investment accounts -- and aren't
always in the same format, but they will contain the
same information.
In addition to ending up in your mailbox,
copies of these statements go to the IRS and, when applicable,
to your state tax agency. So make sure you have these
documents, that they are correct and that that you transfer
the information accurately. You can be sure that tax
examiners will take a close look at their copies to
make sure that those numbers match up with what you
enter on your return.
Here are three common statements that
many taxpayers need to complete their tax returns:
Form
W-2, Wage and Tax Statement
This form comes from your employer or its payroll processing
firm and details the payments you've received. And it's
not sent only to you. Your employer prepares multiple
copies of your Form W-2:
- Copy A is sent to the Social Security
Administration.
- Copy B is sent to the employee, to
be attached to the federal income tax return.
- Copy C is sent to the employee, for
personal records.
- Copy D is held by the employer,
for business records.
- Copy 1 goes, if applicable, to
the taxpayer's state, city or local tax department.
- Copy 2, goes to the employee
who then uses it when filing local or state tax returns.
Form W-2 is critical
because of the information it contains -- it
is, after all, called an income
tax. Your return is incomplete without it.
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Your Form W-2 contains vital
information, including: |
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| The W-2
box and what it indicates |
If you're
using Form 1040EZ |
If you're
using Form 1040A |
If you're
using Form 1040 |
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Employers are required by law to get W-2 forms to their
employees by the end of each January. That means you
should get them by early to mid-February. If you don't,
contact your employer. If you ask and still don't have
your W-2 by Feb. 15, contact the IRS. The agency will
request the form from your employer. If you still can't
get your W-2, as a last resort you can use IRS Form
4852, Substitute for Form W-2, Wage and Tax Statement,
to recreate your earnings statement from your last pay
stub.
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Updated: Feb. 10, 2006 |
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