Tax Tip of the Week | No. 390 | What is a Verification Code?

Tax Tip of the Week | January 18, 2017 | No. 390 | What is a Verification Code?

Another attempt to reduce Identity Theft……..When you receive your Form W-2, you should review it to see if the “Verification Code” field has a 16-character combination of capital letters and/or numbers. This W-2 Verification Code is an initiative by the IRS that will appear on approximately 50 million Forms W-2. You (or your tax preparer) should enter this 16-digit code, if it is on your W-2, when asked by your tax software. Failure to enter the code will not result in the rejection of your tax return. However, the IRS uses the verification code to help verify the information on your Form W-2. If there is no 16-digit code on your Form W-2, leave the software entry blank.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt – the guy behind TTW...until next week.