Can You Use Your Last Pay Stub to File Taxes? What You Should Know
Are you wondering: can you use your last pay stub to file taxes? If yes, you should click here for the important things to know.
We’re a little into the new year, and that means one thing: it’s time to do your taxes once again.
No matter if you dread this time of year or look forward to it, it’s a task you’ll have to work through. That means navigating the same complications once again.
You may want your refund right away, but haven’t yet received your W2 from your employer. So you may be wondering: can you use your last pay stub to file taxes? The information on a paystub is similar, but is it everything you need to file properly?
Read on and we’ll walk you through what you need to know.
Can You Use Your Last Pay Stub to File Taxes?
January has rolled around, and you either have a feeling or know for a fact that the government owes you a good amount of money.
This is money you might need to pay upcoming bills, or cover unexpected costs that hit you over the holidays.
If you want the money right away, you might not be willing to wait until your employer gets your W-2 in your hand. After all, they aren’t required to give you that paperwork to the very end of January.
Many people realize their pay stub has similar information to that of their W-2. This is likely true no matter what kind of paystub generator your employer uses. Can you use this info to do your taxes?
The short answer, unfortunately, is no.
Your latest pay stub is not necessarily an accurate reflection of your annual earnings. There is a chance that it is missing information that will be required on your tax return. There’s a chance it could be correct, of course, but it’s a risk you might not want to take on.
If you submit a tax return with an inaccurate listing of your annual income, you could find yourself in hot water with the IRS.
Filing Your Taxes Properly
If you want to avoid potential fees and penalties, the best thing to do is wait until you get your W-2 delivered to you.
Pulling the annual income you have from this paperwork will ensure you’re reporting the proper number to the IRS.
If you’re impatient for this important document to arrive, reach out to your employer. With a little pushing and prodding, you might be able to get them to give you it earlier than they were initially intending.
Many employers provide a digital version of the W-2 to their employees. This technological innovation allows many employers to provide this information a bit earlier in the month.
If you’re still waiting for a paper copy of your W-2, ask and see if there is a digital version you can access ahead of time.
Filing Your Taxes Early
If you’re hoping to file your taxes early, you might not have time to wait for your W-2 to arrive.
Can you use your last pay stub to file taxes? Unfortunately not, or at least not if you want to be safe.
Need more financial advice, tips, and tricks? Check out our blog for more.