Okay, this can be a misleading title for a blog for some…but bear with me. If you are a self-employed individual established as an incorporated entity, your business in providing you payroll income and, as such, you would receive a W-2 on your year-end income for tax reporting. As such, you would correctly conclude that you shouldn’t have a missing W-2 form….I mean, for heaven’s sake, you control that process.
But, what if you are like many….a W-2 employee at your “full-time” job but have established a Solo-K plan (also marketed as a Solo 401(k), Uni-K, Self-Directed 401(k), Self-Administered 401(k), One Participant 401(k)) for your self-employed, part-time business. You may experience that “missing” W-2. What should you do?
Relax — At the time of this post, you should have received your W-2, but relax a bit. Give ’em until mid-February as you should definitely have it by then.
Contact Your Current 0r Former Employer — I know, I know…you are saying “duh.” But it is amazing that many don’t. It could be as simple as the employer having an outdated mailing address.
Call the IRS? — You can. Of course, I would take this step after you have exhausted Steps #1 and #2. If you call the IRS, you can call 800-829-1040 after February 23, and the IRS will send a letter to your employer asking for the W-2 on your behalf. If you make this call, you will need to provide the IRS the following:
1) Your name, address, telephone number and Social Security number;
2) Your employer’s name, address and telephone number;
3) The dates you worked for the employer; and,
4) The approximate amount of wages you may have been paid during the 2015 tax year.
Don’t Use an Excuse — You Must File Timely — With the tax filing deadline of April 18, 2016, if you are having difficulty receiving the W-2, the IRS does not want you to use the excuse of “I didn’t file because I didn’t have my W-2.” If this happens, use IRS Form 4852, Substitute for Form W-2, Wage and Tax Statement to estimate your wages and taxes do….yes, do the best you can! If you do not feel that you can get this accomplished by the tax filing deadline, you can request a 6 month extension to the April 16 date by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Tax Return. You can e-file request for free with IRS Free File.
And, Correction — Hopefully, this will never be an issue for you, but what if you follow all of these steps and the wages, federal withholding, etc. don’t match up….which would most likely happen…you may need to file a corrected return.
If this happens, you and/0r your tax professional can file a corrected return by using Form 1040X, Amended U.S. Individual Income Tax Return.
As always, the information provided is intended to be educational in nature. It is not intended, nor should it be interpreted as, any form of tax, legal, financial or investment advice. You must always consult with your respective professional in all such matters.