Before knowing how to file taxes without a W2, it is important for you to understand what filing taxes means, who’s eligible for filing taxes and what’s the procedure involved. The United States witnesses frenzy and chaos when the time for filling taxes comes around. Filling taxes is basically reporting whatever you’ve earned in the previous year in order to claim the deductions you’re entitled to. You can lower your tax bill by reporting your income and claiming the deductions/exemptions. Additionally, tax filling requires that you report tax payments that you directly made to the IRS as well as the payments withheld for you by your employer.
You’ll get a refund if the amount of tax due is less than the amount of payments you made. However, you’ll need to cover the difference if the amount of payments you made is less than the amount of tax due. It is important for you to know that not everyone needs to file tax returns. In order to qualify for tax return filling, individuals need to fall within a certain income bracket. If you don’t fall in the stated income bracket then you do not need to file taxes. Following are the individuals and their income bracket.
- Single individuals younger than 65 are exempted from filing taxes if their annual income is less than $10,150
- Single individuals older than 65 are exempted from filing taxes if their annual income is less than $11,700
- For Head of Household younger than 65 the minimum required annual income is $ 13,050
- For Head of Household older than 65 the minimum required annual income is $14,600
- For Married Individuals younger than 65 filing jointly, the combined annual income needs to be $ 20,300 or more
- For Married Individuals older than 65 filing jointly, the combined annual income needs to be $ 22,700 or more
- For Married Individuals (younger and older than 65) Filing Separately, the required annual income is $3,950
- For Widow/Widower (younger than 65) with dependent child, the required annual income is $ 16,350
- For Widow/Widower (older than 65) with dependent child, the required annual income is $ 17,550
If you do not fall in either of the above-mentioned categories then you’re exempted from filing taxes. Therefore, before understanding how to file taxes without a W2, it is important for you to find out if you’re at all eligible for filing taxes. Now that you know what filing taxes means and also if you’re eligible for filing taxes, it’s time to move onto the tax filing preparation process.
Preparing Yourself For Filing Tax Returns
For U.S tax fillers, filing for tax returns is often a hectic process. This is largely due to the complex and lengthy procedure involved in the filing of a tax return. However, you can prevent this process from draining you out by preparing yourself appropriately. In order to prepare yourself how to file taxes without a W2, following are the steps you need to follow.
Prepare Your Documents
The first step involved in preparing yourself for filing tax returns is preparing your documents. This involves collecting, organizing and submitting all the documents required for filing tax returns. By preparing your documents, you will make the tax filing process easy for yourself. Before heading to a tax preparation office, there are some basic documents that you’ll need to arrange. You’ll require these documents regardless of whether you’re doing a job or are self employed. Following are the documents that you’ll need to arrange.
Your photo identity is the first and foremost document that you’ll require for filing taxes in the United States. The basic purpose of the photo identify is to verify your legal existence. Therefore, the photo ID could be anything from your passport to your driving license. Additionally, you’ll need to present your social security card. In case you’re married and have children then you’ll have to present the social security card of your spouse and children as well.
Prior to filing your tax returns, you’ll need to present official statements of all the income you earned during the previous tax year. The reason for this is that the IRS needs to keep with them a record of your earnings from your employer as well as from all other sources.
When determining how to file taxes without a W2, it is important that you look for the ‘deductible’ expenses if you desire to shrink out your final tax return. You’ll help your tax preparer greatly if you provide him/her with documents that give proof of your expenses. By inking out the deductible expenses, you’ll minimize your tax returns.
Avoid Overpaying Taxes By Finding Out Possible Deductions
A good majority of Americans end up overpaying the taxes as they have little knowledge of the tax deductions they’re eligible for .Make sure that you do not make this mistake and miss out on minimizing your tax returns.
Nothing special is required of you to minimize your tax returns. You can reduce your taxable income by simply monitoring your everyday activities. This means keeping track of your business travel expenses, job hunting expense, charitable contributions, health insurance expenses, and any education loans. By inking down these expenses and then reporting them, you’ll be able to get a tax rebate.
Keep track of the Deadline
All of your efforts will end in vain if you do not keep a track of the tax filing deadline. If you do not keep track of the deadline then your efforts to arrange the required documents and check for any possible deductions will come to nothing. Also, keeping track of the deadline has another benefit. U.S tax fillers are eligible for apply for an extension if for someone reason they cannot file tax returns within the deadline. However, you won’t be able to avail this offer if you have no knowledge of the deadline.
In order to keep a track of the deadline and ensure that you have all the required documents, maintain a checklist. Knowing how to appropriately prepare your-self for filing tax returns is important before understanding how to file taxes without a W2.You can use the above-mentioned tips to prepare your-self for filing tax returns.
Understanding The Different Types Of Tax Forms
In order to understand your tax return, it is important for you to learn about the different tax forms and the purpose they serve. You won’t understand how to file taxes without a W2 if you have no knowledge of the different tax forms and the purpose they serve. For reporting income, expenses, and other financial, the IRS makes available more than a thousand tax forms. However, understanding each of them is not necessary. You can learn everything you need to know about tax returns by understanding just a few tax forms. There are two types of tax forms. The first type includes tax forms that you use for filing tax returns while the second type includes the tax forms you receive from the IRS. Therefore, we’ll talk about the two types of tax forms under separate headings.
Tax Forms To Use For Filing Returns
The center of your tax forms are the 1040 family. This includes 1040, 1040A and 1040EZ forms. These are the forms you’ll need for filing your tax returns. Your income and whether you want to claim credits/deductions determine the 1040 form you need to use. Following are the different 1040 forms and the things that make you eligible for using them.
If you’re not eligible for 1040A and 1040EZ then you’ll need to use form 1040.You require form 1040 if:
- You earn $100,000 or more
- Are self employed
- Plan to list deductions
The most basic of the 1040 forms is the 1040EZ form. You can use 1040EZ to file taxes if:
- You’re younger than 65
- You don’t plan to list deductions
- You do not have any dependents
- You earn less than $100,000 per annum
Form 1040A is simpler than 1040 and a more comprehensive version of 1040EZ.You can use form 1040A to make taxable income adjustments such as student-loan interest deduction and child tax credits. However, you cannot list deductions using form 1040A.You’re eligible to use this form if you are self-employed and earn less than $100,000 per annum.
Tax Forms You Receive From The IRS
You can expect to receive some tax forms from IRS in your mailbox. These forms report the income you received as a result of doing business with different entities throughout the year. This includes your employer, mutual fund companies, credit union, and the bank. Following are some of the forms you can expect to receive from the IRS.
Form 1098 comes in three different varieties. You’ll receive one of them if you:
- Donated a vehicle to charity
- Paid college tuition
- Paid student loan/mortgage interest
Reporting all income other than wages, tips, and salary is what form 1099 is meant for. The IRS will send you form 1099 if you worked as freelancer, consultant, or independent contractor and received more than $ 600 as payment. Form 1099 is a family of tax form which includes:
Before understanding how to file taxes without a W2, it is important that you first understand what Form W2 actually is. In order to document your earnings for the year, your employer uses form W2.The information that you’ll need for filing out 1040, 1040A, or 1040EZ, is what form W2 provides. This includes the taxes withheld by your employer and the wages you earned.
The Importance And Features Of W2 Form
Before figuring out how to file taxes without a W2, you must understand the importance and features of a W2 form. Tallying all taxable income an individual earns from his employer is the purpose a W2 form. The form includes all the taxes and deductions that an employer takes out from an employee’s paycheck. The form features 34 boxes. The employer must fill in a particular box if it has the required information to do so. A blank box indicates that there isn’t any information available to fill it. Names, numbers, and addresses are what employers use to fill the boxes.
On joining a new company, an individual needs to fill out a W-4 form. The W-4 form provides the employer with the information it need for making appropriate health insurance, social security, and tax deductions. The employer makes the deductions according to federal and state laws. These deductions along with the employee’s name, social security number, and address are what you’ll find on the W2 form.
You’ll receive a W2 even if you worked for a company for only half of the year. The address you provided to your employer is where the W2 form will be posted to .If during the year an employee moves places, he/she must inform the employer about it. The employee can always provide an existing/former employer with his/her current address and request for the W2 form to be resent if the U.S postal service sends the form back to IRS as a result of them having an inappropriate address.
In order to file tax returns according to the Internal Revenue Service (IRS) booklet instructions, a person needs to utilize the W2 form when filing federal income taxes. You’ll find several instances of identical information on the W2 form. You need to attach the appropriate W2 section to your tax form if you choose you to file via hard copy. On the other hand, you can let your tax preparer deal with the things related to W2 form if you choose to file electronically. By understanding the importance and features of a W2 form, you’ll make the process of figuring out ‘how to file taxes without a W2’ easier for yourself. Now that you know the importance and features of a W2 form, it’s finally time to find out how to file taxes without a W2.
How To File Taxes Without A W2
Filing taxes is a pretty simple procedure for most people. The only things you need to ensure is filling the tax form with numbers mentioned on your W2 and taking the deductions/credits you’re entitled to. It’s as simple as that. However, things may get a little complicated if you don’t have a W2 available. The good news for you is that there’s a solution for this as well. If you want to understand how to file taxes without a W2 then you need to carefully read the steps mentioned below.
Steps For Filing Taxes Without A W2
If you’re wondering how to file taxes without a W2 then wonder no more. Following are the step for filing taxes without a W2.
Make efforts to get your W2 from your employer
How to file taxes without a W2? Make efforts to get your W2 form from your employer if 31st January is behind you. Contact senior management or human resources to find out if your company provides W-2 forms to all employees. A company will arrange W2 through its payroll provider even if it no longer exists. However, there may be occasions where you either can’t get in touch with the company or the employer refuses to provide a W2.Under such circumstances, some people may directly contact the payroll provider for the W2.However, for security reasons the payroll provider is unlikely to make it available. This is where you need to utilize the second step in the process which is getting your W2 from IRS.
Make efforts to get your W2 from IRS
Want to know how to file taxes without a W2? Make one last effort to get your W2 from IRS before moving onto alternate solutions. Contact the IRS to help you find your W2 form. Some employers provide employee tax information to IRS but not to the employee. The IRS may find you a copy of your W2 if you provide them with your employer’s name and address in addition to your personal information.
Use Form 4852 instead of W2
This is the most important step in understanding how to file taxes without a W2.If you fail to get W2 from your employer and the IRS, use form 4852 to file your taxes. Form 4852 is available on the IRS website and you can download it from there. You can use your last payroll to fill the 4852 form. Once you fill the 4852 form, attach it to your 1040 and other tax form .After you’ve attached the 4852 to your tax form, send it to the IRS.
Filing before the deadline
There will be point of understanding how to file taxes without a W2 if you do not file before the deadline. Whether you have a W2 form with you or not, filing taxes before the deadline is necessary. File your tax returns even if you do not have a W2.
By understanding how to file taxes without a W2, you’ll know exactly what to do in case you don’t have a W2 form with you.