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The Story On W-2’s and 1099’s

w-2 photoPhoto by frankieleon

If you worked in 2015 then you should be receiving your W-2(s) and 1099(s) by today, February 1st. You may notice some differences so we want to help you understand what is what and why!  Here are some guidelines to understanding what exactly you are looking at.

The Affordable Care Act

You might notice your employee insurance coverage is reported on your W-2. Don’t worry, this is not taxable. If it appears on your W-2, it will be located in Box 12, Code DD. This will be there for the purpose of everyone understanding that you are covered, and also so you see the cost of your coverage. Just something to note, so you are not alarmed.

Social Security Number

This is very important. Be sure that you actually check all forms as you receive them. A very easy error has always been the social security number. If you see that your social is incorrect, have your place of employment send you a form with the corrections. It must go through your employer, as they send it to the government as well. This is not something you can do yourself.

Actual Wages

Just like your social security number, be sure to check your entire W-2. I would cross reference with your ending pay stub in 2015. Typically this is where all of the final numbers are tallied. Innocent mistakes can and do happen, so make sure all of the boxes regarding your wages and taxes withheld match up!

Moving Costs

Did you move for your job and the company paid some or all of the moving costs? If so, make sure you see this reflected in Box 1 of your W-2 from that company. You want to be sure it is noted so you can claim the expense.

Where’s My W-2 Form??

Uh oh! If you are missing any W-2 or 1099 forms by next week, then you must reach out to your employer. Most likely it is on the way, but if there is a problem or if they are refusing to issue one that you will have to handle the problem. Sometimes there are simple mail issues or for some reason it was sent to the wrong address. These are simple fixes. On the other hand if your employer is refusing to send it to you, then you have an IRS issue. If something like this occurs, contact the IRS as soon as you know (1- 800-829-1040).

Need help,
https://www.checkissuing.com

 

 

By |2016-02-01T00:00:00+00:00February 1st, 2016|Blog, Business, Employees, Personal Finance, Taxes|0 Comments

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