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IRS: Why does my W-2 matter?

You typically get a W-2 form in the mail that you’ll need to file your taxes.

1040 and W-2 tax forms

It is important that you save these documents.

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Why is a W-2 form so important?

Every employer taking part in a trade or business who pays  remuneration must file a W-2 for the year. This also includes noncash payments of $600 or more. Additional details can be found here.

Form W-2 is where employers are required to report wage and salary information to the IRS. That form contains the details about taxes that have been withheld from your paycheck. There is also information like health insurance, adoption, dependent care assistance, health savings account contribution and more on it too.

The IRS send the W-2 form to your employer before January 31. You may not receive the form back immediately, as it may take weeks.

You should file your W-2 with the IRS before the end of tax season. If you miss the deadline, you can file for an extension with Form 8809.

If you never received a W-2, the first thing you should do is contact your employer. In the case that they do not have one, they can provide you with an electronic copy.

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