Here's the situation...Its my boyfriends first time buying a house, he just closed the deal and signed on it yesterday. He already got preapproved but in the final paperwork from his loan officer he needs to include his W-2 form from his past employer, a school district. He worked for them for the last 2 months of 2005 but he never filed his tax return for that year. He claims he never recieved the W-2 and didn't bother to track it down. That was his only employment that year. He has no records of anything!! I am trying to help him out but I have no idea where I could get copies of his past W-2's. I know you can get it directly from the IRS but he didn't even file, and has never filed before. I have never not filed so I dont know the consequences of not filing. Are there any? Any suggestions? Will that employer have a copy?
I know we should know all this but I am new to all of this and he is just completely out of it! thanks for any help
2006-08-18 06:48:54 · 19 answers · asked by sunshine 2 in Business & Finance ➔ Other - Business & Finance
He'll just have to call the place he worked for, he remembers that right?, and have them send out a copy of it, no worries.
BTW, if it was his only employment and it was only for two months, odds are he did not HAVE to file with the IRS. I forget the income amount but it is low. You are not always required to file for taxes as it seems everyone answering thinks.
2006-08-18 06:54:23 · answer #1 · answered by Marlene 5 · 1⤊ 0⤋
You get W-2's from your employer. He should contact the school district where he worked, and ask them for duplicates. The consequences of not filing a tax return depend on whether he was supposed to file one or not. If he only worked for two months and had no other income, he probably wasn't required to file. Check out the IRS website; it explains who has to file a return.
2006-08-18 06:56:00 · answer #2 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
I am a loan officer. He can get a copy from the employer. They are required to keep records for 7 years. The IRS only keeps copies of your returns. I would suggest taking him to a tax professional next tax season and have them do his taxes from last year. It will cost you however it is better now then later.
2006-08-18 06:55:12 · answer #3 · answered by Mike Hunt 5 · 0⤊ 0⤋
soc sec admin will send you a copy but they charge a hefty fee;
the IRS will send you a transcript of the federal info on your W2'ie
name of employer,wages, and withholding for tax,soc sec, medicaid. this IRS transcript is free and they will respond usually in 10-20 days.
if you want to prepare the old return the IRS can provide the forms. if you are going to have a third party preparer do the returns, I would suggest one of the national tax prep firms.
DO FILE THE RETURN ASAP as the IRS may not track this down for 2 or 3 years and by then the penalties and interest can be quite substantial.
contacting the employer will be easiest way to get the missing W2.
I only use IRS transcripts as last resort but this past tax season have used it to get W2 info for returns prepared for tax years as far back as 1999.
the IRS transcript should be sufficient proof of wages but it actually depends on your lender.
good luck and enjoy your new home
2006-08-18 15:16:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
W-2 is one of the very important paper for mortgage approval and also reqd for tax filing the next year! so get your boyfriend to talk to his former employer and get his W-2. you can get in touch with IRS which will help you in getting the W2 the toll free No is : 1–800–829–1040.
For more info click the site down below
2006-08-18 07:03:43 · answer #5 · answered by imhm2004 5 · 0⤊ 0⤋
Tell the loan officer that. Always tell them the truth they will help you. They want to give you this loan. They want there commission. I just went thru this with my husband. He's only been employed for the last 3 months and didn't file anything. I gave over my house to him to refinance. They did a non stated loan where my accountant wrote a letter stating that he was self employed for the last three years. Thats all they needed even though he didn't work. His percentage was higher but he got the loan.
2006-08-18 07:47:49 · answer #6 · answered by mackey208 2 · 0⤊ 0⤋
He should call the employer to get a copy. They have to keep in on file for several years.
2006-08-18 06:54:55 · answer #7 · answered by Kabu 5 · 1⤊ 0⤋
He needs to contact his former employer, They should be able to provide him with a copy of his W-2. Then he needs to file his tax return for that year.
2006-08-18 06:53:33 · answer #8 · answered by WendyD1999 5 · 1⤊ 1⤋
Yes, his employer will have a copy of his W-2. He should also hire a CPA and file taxes. He will probably have to pay late fees and penalties but it's better than going to jail.
2006-08-18 06:54:59 · answer #9 · answered by Anonymous · 1⤊ 1⤋
he needs to contact his former empoloyers for his W2's. Their required by law to provide them to him. I am not sure of any consequences but I would recommend he go to a tax place- like H& R Block and see what can be done to fix this matter- however he should of done this prior to buying a house because this will push back any immediate plans he had of buying one. Untill they get that paper work he wont be able to qualify for the loan.
2006-08-18 06:55:57 · answer #10 · answered by cats4ever2k1 5 · 0⤊ 1⤋