How to File a W2 for a Previous Tax Year

Erroneous submission or failure to file a W2 can complicate your tax situation, especially if the tax return for the previous year is no longer amendable. Whether you are a taxpayer or an employer, this article will guide you through the process of filing a W2 for a previous year and the related tax implications.

For Taxpayers

Have you received a W2 from a previous year but failed to file your tax returns? If so, you can take action to correct this oversight. If you did not file a tax return for the year the W2 pertains to, you have the opportunity to file a return now. However, keep in mind that you may be unable to claim a refund, depending on the year in question.

Steps to Follow

For most recent years, you can file a standard 1040 tax return and any related forms from the year of the W2. Here are the steps you should follow:

Go to the official IRS website and download a blank form 1040. Fill out the form with the correct information, including the amount reported on the W2. Mail the completed form to the IRS address provided on their website.

Note that if the W2 is from a year when the refund period has passed, such as 2017, your deadline to file to claim a refund is April 16, 2021. After this date, you may not be able to claim a refund even if you file your return.

For Employers

Did you fail to file a W2 for an employee in the previous year? As an employer, you have a responsibility to report employee income accurately. This action can help prevent future issues and ensure accurate tax withholding.

Steps to Follow

Collect the lost or misplaced W2 from the previous year. Provide the W2 to the employee so they can file their own return. If the employee has not yet filed, the IRS website provides a form to add a W2 to a previously filed tax return. If you are responsible for submitting the corrected W2, do so through the IRS website or by mail using Form 1099g.

It's important to act promptly and ensure accurate reporting. Incorrectly filed returns can result in penalties and interest on any unpaid taxes.

Amending a Previously Filed Tax Return

If the W2 information was not included in your original tax return and you have already filed, you will need to amend your return using Form 1040-X. Here's what you need to know:

Go to the IRS website and download a blank form 1040-X. Fill out the form with the additional information from the W2 and submit it by mail or electronically. Deadlines for filing an amended return are critical: For 2017 and earlier, you must postmark your return by April 16, 2021, to be eligible for a refund.

Amending your return in a timely manner can help avoid penalties and interest on any unpaid taxes. The IRS encourages honesty and compliance, which can result in more favorable outcomes.

Important Considerations

When you receive a W2 for a previous year, it's crucial to decide on the appropriate steps to take. If the W2 shows additional income that would result in tax owed, it's important to file a return or amended return as soon as possible. This prevents penalties and interest on late payments, and demonstrates your commitment to tax compliance.

If the W2 does not result in any additional tax owed, you may not need to file a return, but you should check if the W2 shows tax withheld that you can claim as a refund. In this case, it would be wise to file to receive your refund.

Conclusion

Correctly filing a W2 for a previous year can have significant financial implications. Whether you are a taxpayer or an employer, taking the necessary steps to report your W2 accurately can help you avoid penalties and interest, and ensure compliance with tax laws.

For detailed instructions and the latest information, refer to the official IRS website and the resources available there.