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W2 Form When Switching Jobs

It is a thing for men and women to want to live better lives. 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. Nevertheless, if you got a new job from another company or trying to find one, perhaps it a good idea to more about W2 form.

Defining W2 form

The wage and salary information of employees are depicted on Form W2. Additionally, the employers payment on insurances and retire plan will be depicted here. In addition to that, it will show if taxes should be paid or if the employee is entitled to a tax refund. In most cases, your employer will send you the W2 form on or before January 31 of each year. Failure to do so may cause penalties between $50 and $260 or even more.

Why W2 of your former employer important in a job search or your new job?

The truth is, there is no law requiring employees to secure w2 from their former employers. However, hiring the perfect candidate is going to be a daunting task for most employers and one for them to do a background check is through requesting the W2 form. Additionally, some employers might want to secure a copy of this form just to obtain verified employees’ profile.

How To Get W-2 From Previous Employer

Ask it from your previous employer

Big companies usually have the HR department. Then, if you are from this kind of company, then you can ask the W2 from the in charge. Anyway, they should be aware that receiving the W2 is a right of every employee in a company. 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 you did your employer or the representative and there is no action in their part, then you can contact the IRS instead. However, you need to provide every related details about your employment and your employer.

File tax return by yourself

There are plenty of cases that the employer is not able to give the W2, but it does not mean that you will not file your tax. Form 4852 is the alternative allowed by IRS for individuals or employees who did not receive the W2 form from their employers and for employers who made inaccurate info on the form.

The Takeaway

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.

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