- Notify your employer if your social security number is wrong in Block A, and ask your employer to issue you a corrected form. Don’t try to change it yourself – your employer must send a correct copy to the government for the change to be effective.
- Compare the figures in Boxes 1 (federal wages), 2 (federal income tax withheld), 16 (state wages) and 17 (state income tax withheld) to the figures on your final paycheck. Don’t assume your W-2 is correct – employers can make mistakes.
- If your employer paid for your moving costs
during the year, review Box 1 to see if those payments are included there. If your employer included your moving expense reimbursement in income, be sure and claim your moving deduction on your tax return. Skip this step and you’ll be overpaying your income taxes by missing an important deduction. QuickBooks Expert will guide you through deducting these expenses.
- Check the figure in Box 4 if you made more than $106,800 in 2011. This is especially important if you had more than one employer in 2011. The maximum social security that should have been withheld from your paycheck in 2011 is $4,485.60 (4.2% times $106,800). If more than that was taken out for Social Security taxes from your combined employers, you may claim the excess withholding as a credit on your income tax return.
- Read Box 13 to see if “statutory employee” is checked. If it is, you must report your wages for this W-2 on Schedule C of your Form 1040.
- If you didn’t receive your W-2 form by mid-February, contact your employer. If the employer refuses to provide the W-2 to you, contact the IRS at 1-800-829-1040 with the employers name, address, telephone number and employer ID number, if you know it. If you still can’t get a W-2 form, file Substitute W-2 Form, based on your final pay stub from that employer for 2011.