W-2 or Pay Stub: Read this before you file
Nov. 10, 2009
With tough economic times afoot, you might already be thinking about that refund you may get when you file your 2009 Indiana individual income taxes. While you may be tempted to file your taxes first thing in January with your last pay stub for 2009 - don’t do it. It is worth the wait for your W-2 that has your tax information well organized, accurate and easy to find.
Here are three good reasons why you should just wait for your official W-2 before filing your 2009 taxes:
Returns can be held up if they are filed without a W-2. Your pay stub is not considered an official document by which to file your return. But a W2 document is. If you mail in your return and attach your pay stub instead of a W2, you can expect to get a letter from the Indiana Department of Revenue requesting the official W-2. By the time you finally get your W-2 and mail it to the Indiana Department of Revenue, you would have delayed any refund due to you, rather than speed up the process.
You must use your W-2 to file your taxes electronically. If you use I-File, the state’s fast, friendly and free electronic filing program (www.ifile.in.gov/), go to a paid preparer or buy the tax-preparation software and file yourself, you must information from your W-2. The information from your pay stub is not complete, not the same as on the W2, and will not be accepted.
Navigating a pay stub can be tricky. If the information on the pay stub is inaccurate or incomplete, compared with your W-2, that could result in a possible refund being reduced. Your pay stub may not have all your taxes and other tax-saving items accounted for, therefore causing your tax return to be inaccurate.
Waiting for your official W-2 shouldn’t take long. Your employer is required to make your W-2 available to you by the end of January at the latest, and most employees get their W-2s before then. That’s a short wait compared to the delays you could experience if you choose to use your pay stub to file your 2009 taxes.
However, if you wait to file your tax return with your official W-2, your tax return will be filed correctly the first time and if you do have a refund coming, you will get it quicker. This is especially true if you use I-File to file your state taxes. People who electronically file through I-File generally receive their refunds within seven to 12 days, some in as little as four days if they have their funds electronically deposited into their bank accounts.
To speak to a bilingual representative about the upcoming tax season, please call (317) 232-2240 (press 2 for Spanish) from 8 a.m. to 4:30 p.m., Monday through Friday. You can also e-mail your questions to jevans@dor.in.gov or visit the Department’s Web site at www.impuestos.in.gov/
To return to Señora Hinojosa’s tax blog, click here.
If you have any suggestions for this blog, please e-mail those suggestions to Señora Hinojosa at feedback@dor.in.gov
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