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Does paying taxes bother you? Is it the most challenging part of the year? But it should not. Whenever you are concerned about taxes, the W-2 form can help you. The W-2 form has all the information required for tax filing. Sometimes, you cannot fetch your W-2, or your employer fails to provide it; it may be worrying.
But we have a solution for you. If you have a paycheck stub, you will have no trouble filing your taxes independently. Follow a few easy steps to learn how to file taxes using your most recent pay stub.
A pay stub includes the employee’s name, pay period dates, hours worked, hourly or salaried rate, gross earnings, deductions (such as taxes, insurance, and retirement contributions), and net pay. This information helps calculate the amount of tax you are supposed to pay and the amount you are owed as a refund.
Filing taxes using your most recent pay stub is entirely legal and not too tricky as long as you do it electronically, often known as e-filing. This blog will provide insight into filing taxes with your last pay stub.
Requirements to File Your Taxes Online
Now, you must be wondering how it is possible to file your taxes online with the help of your last pay stub. By reading further, you will find the answers to all your questions.
Using a pay stub to file taxes the conventional way is possible, but you’ll need to let the IRS know you’re doing it and complete a 4852 form.
Specific criteria must be met to file your taxes online with your last pay stub. These are:
- The Internal Revenue Service (IRS) has said that the highest gross income requirement for anyone desiring to use the IRS FreeFile service for free electronic filing is $57,000. If your earnings exceed this amount, you are not eligible.
- Additionally, if you are under 16 and have never filed a tax return, you cannot e-file.
- You won’t be able to e-file if you currently reside in Guam, the US Virgin Islands, the Commonwealth of the Northern Mariana Islands, or American Samoa. If any of the situations above apply to you, you can still complete your return online, but you must print and mail it.
So, if you fit the criteria of e-filing and use a pay stub, you can file your taxes online with your last pay stub.
Appropriate Way to File Taxes with Last Pay Stub
You must follow quick and straightforward steps while e-filing your taxes with your last pay stub.
A pay stub provides all the information you need to e-file your taxes. It may not be available with the W-2 form. A pay stub has a monthly or bi-weekly record of your income, which is essential information for the IRS. A pay stub also has data such as tax deductions. It is mainly required for any case where you must file for a refund. Put the taxable amount under Federal Income Tax (withheld by IRS).
Similarly, put the amount of state income tax due. There is also an entry for Medicare taxes.
Sum up these deductions and multiply them by 12 if it’s a monthly pay stub. Multiply by 24 if the pay stub is for every two weeks, and so forth. Once you have all the required details, you must put them on the tax calculator.
Additional Information Required
The above information is good enough to file your taxes online from your last pay stub. Now it is essential to use a tax calculator. There are multiple options available online for a tax calculator.
Additionally, provide the calculator with more details. Be careful to factor in any dependents or similar expenses. Try to include any additional costs or advice that might be pertinent.
Ensure your tax calculator is updated and appropriate for the current tax year.
If you run all of this data through a calculator, you should be able to figure out whether the IRS owes you a hefty refund. To ensure your result is accurate, run the data numerous times.
Final Thoughts
There can be no replacement for tax filing. So it’s better to enjoy the process. You can file the taxes with the help of a good paystub generator. Stub Creator is your answer if you are looking for the same. It is one of the most convenient and quick tools to generate pay stubs.
FAQ's
Can I file my taxes with just my last pay stub?
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No, your last pay stub provides important information, but you'll need a W-2 or 1099 form to accurately file your taxes.
What information from my pay stub is needed for filing taxes?
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You'll need details like your total earnings, taxes withheld (federal, state, and local), and any deductions or contributions.
How can I obtain a W-2 or 1099 form if I don't have one?
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Contact your employer or the company you worked for to request a copy of your W-2 or 1099 form. They are legally required to provide it.
What if there are errors on my pay stub?
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If you notice any discrepancies or errors on your pay stub, reach out to your employer immediately to get them corrected before filing your taxes.
