Income Tax??

Question

Does it do a difference if you use your last pay stub or is it better to wait for your W-2???

Answer 1

Wait for your W-2. Not because the numbers you need aren't on the paystub, but because to get the total federal taxable wages means you take your gross wages, add group term life or other intangible fringe benefit you may receive, subtract out health and dental insurance and 401(k) [or 403(b), if you contribute) and any amount your contributed to a flexible spending plan, and take into account any other deduction or earning or benefit that affects even one of your taxes. What's tax-deductible and how much depends on the state as far as state tax is concerned. If you know how all of those deductions and earnings you received are taxed, use your final pay stub of the year. Otherwise, wait for your W-2 since they already did the math for you.

Answer 2

Wait for your W-2. The H&R Block commercial is very misleading unless you listen really close, or read the fine print. They aren't really filing your taxes until you bring in your W-2 - it would be illegal if they did. They prepare and calculate your taxes from your paystub, and use the numbers to give you a very high-fee, high-interest loan for some of the amount of your expected refund.

The numbers on your W-2 are not always exactly what your last paystub shows. It can be different if you had any pre-tax deductions.

Answer 3

Wait for W-2. Often, the last paystub includes money earned for the current year (last week of old year is often tacked onto first paycheck of new year). Wait for the W-2. It's the most accurate way.

Answer 4

Not according to H&R blocks commercial. They say you can take in your last paycheck stub and they will file your taxes.

Answer 5

You have to have your W2 form. Last pay stub is unacceptable.