W2 Form handed to me?

Question

So, my employer just handed me my W2 form. Ive never done taxes before. What do I do with it?

Simply put, how do I file my taxes? and how does the W2 help?

Answer 1

Go to the library or post office and pick up the federal and state (and, depending on your local, your town/city/locality) income tax booklets and half a dozen or so of each tax form. Presuming you are single and have no spouse or kiddies, get the EZ forms. The IRS has a website that's fairly good. Do your federal income taxes first, as the information on them - at least in VA - generatees the information you will need to do your state income taxes. They are not difficult, although the forms require that you fill them in ink, so lightly do them in pencil first, finalizing the information in ink.

The W2 contains all the information necessary to file your income taxes, and it - if you noticed - has duplicate copies of itself. Those have to be sent in with your paperwork in order for the IRS (and state) to double check your figures. It is also proof of your witheld tax deductions throughout 2006.

If you have to, corral a working friend or older relatives into giving you an assist in walking through the forms. Do NOT wait until the last minute to do them, knock the taxes out as soon as possible. Presuming you do not owe taxes (doubtful if this is your first time filing), any tax refunds will come fairly quickly this early in the year.

Answer 2

The W-2 form is a record of your earnings with that employer. it shows the amount you made (gross) and the amount you paid in taxes. It even shows how much you have put into your social security.
This form is used on your taxes when you do your Federal 1040A form and State forms. You use that amount, add any interest received from banks, etc, subtract some standard deductions, and come up with your gross earnings. Then you go toa tax table with those earnings to find out how much Federal and State tax you should pay. If your taxes were already more than that, you get refund of the difference. If the taxes were less, you might need to pay more.

Answer 3

You can do a couple of things:
1. Go to H & R block or another tax preparer, you will need your W-2, soc. sec. cards for you and any children, driver's license, take any other tax forms you get..example...mortgage (1099), gambling winnings (1099G), bank interest (1099-INT) (banks will send this if you have more than $10 in interest for the year)--any 401k statements, pensions, social security payments, etc...The list goes on, call and ask them what else you may need.

2. go get the forms from your local post office and fill them out yourself--Don't forget the Instruction book

3. Buy Turbo Tax at the store and do them yourself---These programs will walk you through filing step by step, asking all the questions a preparer will ask.

4. go to www.irs.gov and download the forms and print them and fill em out (they have step by step process of what forms you will need also.

Hope this all helps. BUT whatever you do Make sure you file by 4/15/07, or you will be penalized and if you end up owing you can file for an extension that will give you until 08/15/07 to pay it. Make sure you file though

Answer 4

There are a number of ways to file your taxes. If this is your first time, I strongly suggest that you have a professional do it for you. If you are fairly savvy, you can learn to do it yourself in the future years.

H&R Block and J-H are okay for simple tax returns. If you are going to a Block office, make sure you print out a $25 off coupon from their web site (www.hrblock.com) before you go.

My experience of using these store front tax offices is that evening workers are more experienced than day time.

Try to do as soon as you can when it is not real busy yet. Tax professionals are more likely to take time to answer your questions and help you prepare for next year.

Best wishes.

Answer 5

Go to the IRS website and download the forms and print them out and then read the instructions. If you understand it, you can try to do your taxes on your own. If you dont understand it, then go to H&R Block or some similar company with your W2 and have them do your taxes for you.

http://www.irs.gov/

Answer 6

If you want to pay someone to do them for you, take the W2 to any tax prep place like H&R Block or Jackson Heweitt. They'll take care of it from there. If you want to try and do them yourself, in my area at least, you can pick up tax forms and instruction booklets at your library.

Answer 7

Take that and go to a tax company like H&R BLOCK and get your taxes done.

Answer 8

The W-2 will tell you how much wages (Box 1) you have to report on your tax return (on line 7), and how much withholding you have to report (on page 2).

Answer 9

go to www.shaydzofluv.com for a free estimate they can help you out with this.