Tax season is usually a busy season for all of the tax filers, whether self-employed, working for a company, or running their own businesses.
If we talk about self-employed individuals and business filers, they have to submit different forms to show their expenses, credits, contributions, etc. Filing tax returns on time is one struggle and ensuring accuracy is yet another struggle for the tax filers.
But what about people who are working for a company?
Form W-2 is one of the most sought-after documents by jobbers during the tax season every year. It reports all the income, bonuses, taxes, credits, contributions, etc., made by the employer on behalf of the employee. According to the business size, the employers ensure that every employee receives the W-2 well before time.
Target Corporation is a US-based company headquartered in Minnesota. There are around 1931 stores and more than 400,000 employees working at different stores. How does Target issues W-2 to their current and ex-employees?
In this guide, we will discuss how to get your form W-2 from Target, whether you’re currently working at the company or left Target in the last tax year. So let’s get into it.
What is Form W-2?
Form W-2 is the most popular form among employed taxpayers. IRS defines Form W-2 as a Wage and Tax Statement. Every employer involved in trade or business and paying remuneration(cash and non-cash) of $600 or more per year against the services of an employee is required to file Form W-2.
We can define Form W-2 as,
“The statement issued by an employer to the employee containing the information about the employee’s annual wages and withheld taxes from paychecks for the reporting year is called form W-2. Different parts of the form W-2 contain information like federal withholding tax, social security tax, medicare tax, state and local income taxes, and employee’s gross wages.”
It’s a mandatory requirement by IRS and requires accurate reporting of the withheld taxes and contributions as reported by the employers. Besides the information on wages and withheld taxes, the Form W-2 also contains information like deferred compensation, contributions, tip income, dependent care benefits, etc.
When Does Target Issues Form W-2?
As per the requirements of the IRS, every employer must mail out Form W-2 to the employees to be able to file tax returns on time. Every employer has time until January 31 to send out the W-2 forms to all employees. Similarly, Target also mails out the Form W-2 to the employees until the 31st of the first month.
If you have not received your Form W-2 by Target Corporation until February 14, it’s time to get active. Contact the payroll department or store manager to ask about your W-2 from the company.
Can You Get Your Target W-2 Online?
Yes, if you aren’t received your W-2 by Target in your mailbox, you can access the online portal by Target, where you can access your tax statements, including form W-2. We will discuss the online portal’s process and how you can access it to get your form W-2 in the coming sections.
How To Get Form W-2 As A Current Employee of Target?
As a current employee of Target, you have several options to access your W-2 form before the deadline by the IRS reaches. We will discuss each in the order you should use them.
First things first, you should wait for the company to send out your form W-2 to the mailing address provided by you. As mentioned earlier, Target Corporations sends the form W-2 to the employees until January 31.
Depending on the mailing service and speed, you should expect the mail to reach you within a week or two.
According to this timeline, you should receive your W-2 before February 14. If not, you have to contact the store manager to inquire about the status of your form W-2. It might be a wrong address from your side, a clerical mistake on their part, or any other problem.
Once you inform the store manager, he will be able to handle the problem by forwarding details to the concerned payroll department to check the reason.
If the problem doesn’t seem to resolve any sooner and you are afraid that the tax filing deadline might pass, you can access Target’s online portal.
You are supposed to create your account according to your company’s credentials and access your tax statements and forms.
Another way to file your tax return as a Target employee when your W-2 has not reached you is by requesting a transcript from the IRS. Tax transcripts also contain information that your employer has reported in form W-2 submitted to the Social Security Administration.
You can get your tax transcript from the online website of the IRS. You can make the request for a transcript by mail or online. The information generally required is your SSN, address, date of birth, etc., as a part of the verification process.
Another way for the users relying on tax software H & R block is to get early access to W-2 using the Early Access Program. You can submit the W-2 electronically using the tax software. You can take advantage of the program and get your form W-2 without worrying about deadlines.
How To Get Form W-2 As A Former Employee of Target?
What if Target was your prior employer? What if you want to file tax returns for last year and you are no longer working at Target?
As an ex-employee of Target, you can get access to your form W-2 by contacting the company’s payroll department. You can request them to mail you the form W-2 at your mailing address. Besides, you can offer them to pick up the form from the office.
Many people suggest you get access to your W-2 using the online service, but it’s quite hard to find a reliable source you can trust on.
Another way to request your W-2 from the previous tax years is by requesting one from the IRS. All you have to do is file form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return.
What To Do If Target Cannot Give Me My W-2?
If you’re not able to get your form W-2 from Target, there are three options for you. Two are the same as we have already discussed. Firstly you should request your W-2 form in a written application.
If not, inquire the payroll department to inquire about the form W-2. You can go for the third option if your form has not reached you until the closing date is near.
The third option is to file form 4852, an automatic extension to the time for filing a return. You will get another six months to file your tax return without a problem. Meanwhile, you can make sure that your form W-2 is with you.
FAQs
In what format does the target EIN appear?
EIN stands for Employer Identification Number, and it’s a 9-digit number. You can find it in box B of Form W-2.
What is a Pay Stub?
Pay Stub is a record of your wages, contributions, taxes, and deductions, but it’s not the form W-2. A pay stub is also called a check stub; unlike common belief, it’s not the whole paycheck.
It is part of an employee’s paycheck that shows wages earned by the employee during a pay period and year-to-date payroll information.
What to do if I don’t get my W2 before January 31?
There is nothing to worry about if you have not received your W-2 before January 31. The IRS allows employers to mail W2 until 31. You should wait until the second week of February before taking the next step.
Can you request W2 earlier than normal?
If you’re using tax software like TurboTax or H & R Block, they offer you an early access program to get your W2 earlier than normal.
How many hours do you have to work at Target to get benefits?
If you’re an employee at one of the Target stores, you can be eligible for health insurance and benefits if you work more than 30 hours in a week on average. The Target Corporation does not publicize other requirements.
Conclusion
We have discussed everything you need to know as a Target employee who wants to get their form W-2. Whether you’re a current employee or ex-employee of Target, you can get your form W-2 to file current or previous year tax returns.
