Stupid tax question

[Anonymous 1]

my Paycheck that I’ll get on the 1st is for the hours I’m working this week and through the end of the year.

When it comes to taxes I won’t count that paycheck for this years taxes, correct?

Just trying to get a jumpstart on taxes. I think I’m going to owe this year so I’m trying to figure out just how much I’m going to have to cough up.

[Deleted User 670]

You will get a W-2 from the company that will include all wages earned and taxes paid for 2019. And yes the paycheck that you get on the 1st will count as 2019 earnings.

[Anonymous 1]

You will get a W-2 from the company that will include all wages earned and taxes paid for 2019. And yes the paycheck that you get on the 1st will count as 2019 earnings.

I know I’ll get a w-2 that will have the info but my pay stubs also have all the info so I was hoping to get a jumpstart on it all. I guess I’ll wait until after the first to input all my info.

[Anonymous 2]

Any money earned thru December 31 is considered 2019 income. Just wait for your W-2.

Why didn't you adjust your W-4 to cover your taxes?

[Anonymous 3]

my Paycheck that I’ll get on the 1st is for the hours I’m working this week and through the end of the year.

When it comes to taxes I won’t count that paycheck for this years taxes, correct?

Just trying to get a jumpstart on taxes. I think I’m going to owe this year so I’m trying to figure out just how much I’m going to have to cough up.

Anything earned by 12/31 will count as income for 2019

[Anonymous 1]

Any money earned thru December 31 is considered 2019 income. Just wait for your W-2.

Why didn't you adjust your W-4 to cover your taxes?

Honestly there was so much shit going on and I forgot. I went from married to widowed and my boss gave me a new w-2 to fill out and I just didn’t do it.

[Traci_Momof2]

These others are wrong. Most taxpayers are on what is called 'cash basis', which means you report your earnings in the year they are received. So whatever is paid to you in 2019 is 2019 income. Whatever is paid to you in 2020 is 2020 income. That's how we do our W-2's for our clients. I'll have a client who will get paychecks dated 01/02/2020 for hours worked in Dec 2019. That is considered 2020 earnings and will be reported a year later on the 2020 Form W-2.

From the IRS Form W-2 instructions:
Calendar year basis. The entries on Form W-2 must be
based on wages paid during the calendar year. Use Form
W-2 for the correct tax year. For example, if the employee
worked from December 22, 2019, through January 4,
2020, and the wages for that period were paid on January
7, 2020, include those wages on the 2020 Form W-2.

[Anonymous 4]

https://www.irs.gov/publications/p54#en ... k100047502

[Anonymous 1]

These others are wrong. Most taxpayers are on what is called 'cash basis', which means you report your earnings in the year they are received. So whatever is paid to you in 2019 is 2019 income. Whatever is paid to you in 2020 is 2020 income. That's how we do our W-2's for our clients. I'll have a client who will get paychecks dated 01/02/2020 for hours worked in Dec 2019. That is considered 2020 earnings and will be reported a year later on the 2020 Form W-2.

From the IRS Form W-2 instructions:
Calendar year basis. The entries on Form W-2 must be
based on wages paid during the calendar year. Use Form
W-2 for the correct tax year. For example, if the employee
worked from December 22, 2019, through January 4,
2020, and the wages for that period were paid on January
7, 2020, include those wages on the 2020 Form W-2.

Awe I thought that was correct but then everyone else was telling me I was wrong.

[Anonymous 1]

https://www.irs.gov/publications/p54#en ... k100047502

Thank you!