W-2’s and Paystubs
Radio Host / Mortgage Educator / Loan Originator
Debbie Marcoux Radio Host / Mortgage Educator / Loan Originator
Published on January 24, 2022

W-2’s and Paystubs

It’s that time again!! You should be receiving your W-2’s in the mail any day! I found a funny meme the other day that was quite true for many. It said, you can easily find a picture from 10 years ago to participate in the then and now photos on Facebook but you can’t find last years W-2 when your loan officer requests it…lol

W-2’s are very important. If you are not self employed or own investment properties, then the Federal and State tax returns that you file are not necessary when completing your home loan application. What is important are your W-2’s. If you are self employed and issue yourself a W-2, both the tax returns and the W-2’s are required. Please make sure that you scan them and save them to your computer or in the cloud where you will easily be able to access them.

Furthermore, your final pay stubs from each year are very important as well. Who would think that the final pay stub received each year should be kept with the copy of your W-2? Most wouldn’t even think to do that. Why do we need them, why are they important? If you receive Bonus income, Overtime, Commission, shift differential, or any other variable payments as part of your annual salary, we need to be able to see the breakdown. We need a two year history, and we need to calculate the average. If we need to order this information from your employer, it can take days sometimes week to receive what we need. If you keep those pay stubs somewhere safe and easy to get to, when we ask for them, you can send them over and we can quickly calculate your income and give you the approval that you are looking for.

Next week, Wednesday, January 26th, 2022, we will have Denise Taylor our Tax Grandma back on the show. It’s 2022 and tax season opens up on January 24th for filing. Are you ready? Do you own a home? Is your CPA telling you that you need deductions? Don’t miss next weeks episode where she will provide us any updates that we need to be aware of tips and tricks for a successful filing year.

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Debbie Marcoux is licensed by the Department of Financial Protection and Innovations under the California Residential Mortgage Lending Act, NMLS ID 237926, also licensed in AZ-0941504, FL-LO76508, GA-69178, ID-167867, IL-031.0058339, NV-57237, OR, TN-184373, TX, WA-MLO-237926