Many taxpayers are unsure of the papers they must submit with their tax returns as tax season draws near. Whether or not to include a W-2 form with a Form 540 is one frequent concern. Depending on the kind of tax form being filed, the answer to this question will vary.
Generally speaking, taxpayers filing a California Form 540 do not need to include a W-2 form. This is so that the California Employment Development Department (EDD) can send W-2 information to the California Franchise Tax Board (FTB) directly from the Social Security Administration (SSA). The W-2 form should still be retained by taxpayers for record-keeping purposes.
Taxpayers should record all of their income and deductions on Form 540 rather than attaching a W-2 form. This covers all pay received throughout the tax year, such as wages, salaries, tips, and other remuneration. Taxpayers should also take into account any deductions they are entitled to, such as those for state and local taxes, mortgage interest, and charitable contributions.
Taxpayers should include their W-2 form with their Form 1040 when submitting their federal taxes. This is so that the Internal Revenue Service (IRS) does not obtain W-2 data from the SSA directly. In order to confirm the income stated on their tax return, the IRS needs people to attach their W-2 form.
In terms of the tax filing deadline, the IRS has extended it from April 15, 2021, to May 17, 2021, for individual taxpayers to file their federal income tax returns and pay any tax that is owed. However, state tax filing deadlines may differ and this extension solely applies to federal taxes.
As of the time of writing, the Louisiana tax filing deadline has not been extended until May 17, 2021. Therefore, Louisiana residents have until May 17, 2021 to file their state income tax forms and pay any taxes owed.
In conclusion, taxpayers should put all of their income and deductions on their California Form 540 rather than attaching a W-2 form. Taxpayers should include their W-2 form with their Form 1040 when submitting their federal taxes. Federal tax filing deadlines have been extended until May 17, 2021, although state tax filing dates may differ. It is advised to speak with a tax expert if you have particular inquiries regarding your tax status.