w-2

[Nishu]

I'm comparing our 2007 w-2 to our year end les and I dont see anything that's not listed on the year end w-2 with the exception of box 12. Is there any reason I can't use it to do our taxes?

[dcompton]

I would think you would be able to use the figures just to calculate what your tax/refund will be if the amounts are the same, but, of course, can't submit it. But double check when the real one comes. If you electronic file so that you don't have to actually send it in - for my part, I would wait. W-2s can have mistakes, and it would take a heap of explaining why what you sent in doesn't match what your workplace sent in. One of my firm life rules is Don't Do Anything That Could Possibly Rattle the IRS's Cage. If there is an error, unlikely I'll admit, you could have them send an amended form so the IRS doesn't land on you for the discrepancy.

However, we have accountants and tax savvy people here that may have better answers.

Last night I was called in to work so I got the dummy check - I have direct deposit - for December. It has all the year to date info so I hit the tax calculators. It looks like I may do better than I expected. But I won't believe it until the actual filing is zipping through computer space.

[Greebo]

The IRS might raise an eyebrow or two at getting your tax return before they get your W-2 copies...

[FrugalMomof3]

I would say you would have to wait, just because you made the same as last year, without a W-2 I wouldnt want to risk being audited by the IRS. Better to wait and be safe.

[Whr2nxt]

Yep I've thought they same thing. MyPay says that w-2's should be out Jan 23...I think that is what I read. That seems awfully late compared to previous years doesn't it? I just looked and reserves are already done...darn!

[Nishu]

I didn't make the same last year. I'm using the numbers for my year end LES so I'm not using the same numbers. I've checked and rechecked the numbers and I'm 99% sure that it's done right. The only thing that is different is box 12 and that does not apply to us this year.

I didn't get any forms yet but I filled out my numbers using all my year end statements. The only thing I'm missing are my tuition payments and one grant payment. Since I can take the lifetime ed credit it doesn't matter.

I doubt the IRS would care when I submit it. I've had no big changes in income, no outrageous deductions, no round numbers... it's pretty much the same as last year with the exception of our new bundle of tax deductions. Besides, some of the w2's are already up.

I've done it on turbo tax so all I have to do is check the numbers against the forms that start rolling in. I'm pretty sure I did it right though!

[Nishu]

Yep I've thought they same thing. MyPay says that w-2's should be out Jan 23...I think that is what I read. That seems awfully late compared to previous years doesn't it? I just looked and reserves are already done...darn!

It is later than last year but I think that we had ours about a week before the NLT date. They were all like that if I remember correctly... popping up about a week early each time. I had my taxes done THAT NIGHT.

[Nishu]

The IRS might raise an eyebrow or two at getting your tax return before they get your W-2 copies...

Ok I misread this the first time. I thought you said before I get it. Sorry.

The irs doesn't get your w2 until much later and even then they get it from the ssa, not the employer. Employers send the w2s to the SSA.

Preparing and Filing Form W-2

At the end of the year, the employer must complete Form W-2, Wage and Tax Statement(PDF) to report wages, tips and other compensation paid to an employee. A copy of this form must be given to the employee by January 31st after the end of the year. You must also send a copy of the W-2 to the Social Security Administration (SSA). Employers can prepare and file up to 20 W-2s at a time at the Social Security Administration’s Web site. Using SSA’s online W-2 filing, employers can also print out all the necessary copies of the W-2 for their employees, state taxing agencies, etc

[Greebo]

Well you know you could always file, and then if you find out later that some numbers were wrong, file an amended return. That would either get you more of a refund, or mean you send money back.

[Whr2nxt]

Yep your probably right about them coming in alittle early last year...I waited until the March to do ours because I knew we were gonna pay since I was working. This year I'll do them as soon as I can since I wasn't working most of the year! LOL

[Nishu]

Well you know you could always file, and then if you find out later that some numbers were wrong, file an amended return. That would either get you more of a refund, or mean you send money back.

I don't really know how to do an amended return. I'm sure it can't be that hard right? The thought had occurred to me but... our w2s are set to come in one day after the deadline for the first round of return deposits. If I'm right about them coming in a little bit early then I'll get my return as soon as possible anyway. If they come on the 23rd and I wait until they come in it will only be a week later for my refund. So no biggie either way. Really I just want to know if I"m right. Bragging rights I guess.

[Nishu]

Yep your probably right about them coming in alittle early last year...I waited until the March to do ours because I knew we were gonna pay since I was working. This year I'll do them as soon as I can since I wasn't working most of the year! LOL

I worked for a short time in 2003 and when we did our taxes it dropped our refund by so much that it wasn't even worth it. My little part time job probably cost us more than it made us. Bummer deal

ETA I just realized how stupid that sounds. I mean when you take into account all the little cost and inconveniences of work it really wasn't worth what little pay I actual kept...