Hello, I have been self employed for 8 years and at the end of 2023, I started a job with the county here in California. I don't have a W2 yet for less than $600 and I have self employment income. Can I file taxes before I receive my W2? I would like to get my refund in the works and I'm not used to waiting on an employer to do that. They have over 1000 employees and said they will get the W2s out by the end of January. I have this week off and would like to do it NOW. Do I have to wait for the W2? Or can I proceed just using my pay stubs? My self-employment income was also unusually low for me, so with my exemption for my daughter, I definitely won't have taxes due (and I never do anyway).
Q. Do I have to wait on a W2 to file self-employment for tax refund?
A. YES!
Without a actual W-2, mistakes are more likely, than not. The IRS will not begin accepting returns until January 23. Furthermore, the IRS cannot issue a refund that includes the Earned Income Tax Credit or Additional Child Tax Credit (ACTC) before mid-February. There is nothing to gain by trying to file early and you risk a big delay for an erroneous return.
You cannot use your pay stubs to report income that is reported on a W-2. The IRS receives a copy of the W-2 from your employer and the pay stub in almost all cases will not match the W-2. You should wait for the W-2 since as stated the employer has until January 31. 2024 to provide the 2023 W-2.
If you did file now with the information you have your e-filed return may be rejected by the IRS. If not and it was accepted then in a few months the IRS will be sending you a letter questioning the status of your W-2 income. Then you would have to file an amended return using the wage data from the W-2 you received in January. It can take the IRS 20 weeks or longer to process an amended tax return.
Q. Do I have to wait on a W2 to file self-employment for tax refund?
A. YES!
Without a actual W-2, mistakes are more likely, than not. The IRS will not begin accepting returns until January 23. Furthermore, the IRS cannot issue a refund that includes the Earned Income Tax Credit or Additional Child Tax Credit (ACTC) before mid-February. There is nothing to gain by trying to file early and you risk a big delay for an erroneous return.