The IRS W-2 form is a document that employers in the United States are required to send to their employees and the Internal Revenue Service (IRS) at the end of each tax year. It reports an employee’s annual wages and the amount of taxes withheld from their paycheck. This essential document plays a key role in preparing one's tax return, ensuring accuracy in reporting income and calculating taxes owed or refunds due.
Every year, as the tax season approaches, both employers and employees gear up to navigate the complexities of tax filings, with the IRS W-2 form playing a pivotal role in this annual process. This crucial document, mandated by the Internal Revenue Service, serves as a report detailing the salary paid to employees and the taxes withheld from those earnings throughout the year. It is not just a formality but a vital piece of the tax puzzle, ensuring that individuals can accurately report their income and the government can verify the correctness of tax payments. For employers, the W-2 form is a legal obligation that requires meticulous attention to detail and timeliness, as failure to comply with filing deadlines can lead to penalties. On the other hand, employees rely on this document to file their personal income taxes, claim refunds, and determine their tax obligations. The W-2 form contains essential information, including wages earned, federal and state taxes withheld, social security earnings, and Medicare contributions, serving a dual purpose of payroll reporting and tax compliance. Understanding the nuances of this form can seem daunting, yet it is imperative for smooth financial operations and compliance with tax regulations.
Attention:
You may file Forms W-2 and W-3 electronically on the SSA’s Employer W-2 Filing Instructions and Information web page, which is also accessible at www.socialsecurity.gov/employer. You can create fill-in versions of Forms W-2 and W-3 for filing with SSA. You may also print out copies for filing with state or local governments, distribution to your employees, and for your records.
The maximum amount of dependent care assistance benefits excludable from income may be increased for 2021. The American Rescue Plan Act of 2021 permits employers to increase the amount of dependent care benefits under their plans that can be excluded from an employee’s income from $5,000 ($2,500 for married filing separately) to up to $10,500 ($5,250 for married filing separately). See section C of Notice 2021-26 in
Internal Revenue Bulletin: 2021-21 | Internal Revenue Service (irs.gov) for more information.
Note: Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file Copy A downloaded from this website with the SSA; a penalty may be imposed for filing forms that can’t be scanned. See the penalties section in the current General Instructions for Forms W-2 and W-3, available at www.irs.gov/w2, for more information.
Please note that Copy B and other copies of this form, which appear in black, may be downloaded, filled in, and printed and used to satisfy the requirement to provide the information to the recipient.
To order official IRS information returns such as Forms W-2 and W-3, which include a scannable Copy A for filing, go to IRS’ Online Ordering for Information Returns and Employer Returns page, or visit www.irs.gov/orderforms and click on Employer and Information returns. We’ll mail you the scannable forms and any other products you order.
See IRS Publications 1141, 1167, and 1179 for more information about printing these tax forms.
22222
VOID
a
Employee’s social security number
For Official Use Only ▶
OMB No. 1545-0008
b Employer identification number (EIN)
1 Wages, tips, other compensation
2 Federal income tax withheld
c Employer’s name, address, and ZIP code
3
Social security wages
4 Social security tax withheld
5 Medicare wages and tips
6
Medicare tax withheld
7
Social security tips
8
Allocated tips
d Control number
9
10
Dependent care benefits
e Employee’s first name and initial
Last name
Suff.
11
Nonqualified plans
12a See instructions for box 12
C
o
d
e
13
Statutory
Retirement
Third-party
12b
employee
plan
sick pay
14 Other
12c
12d
f Employee’s address and ZIP code
15 State Employer’s state ID number
16 State wages, tips, etc.
17 State income tax
18 Local wages, tips, etc.
19 Local income tax
20 Locality name
Form W-2 Wage and Tax Statement
2022
Department of the Treasury—Internal Revenue Service
For Privacy Act and Paperwork Reduction
Copy A—For Social Security Administration. Send this entire page with
Act Notice, see the separate instructions.
Form W-3 to the Social Security Administration; photocopies are not acceptable.
Cat. No. 10134D
Do Not Cut, Fold, or Staple Forms on This Page
a Employee’s social security number
12a
Copy 1—For State, City, or Local Tax Department
Safe, accurate,
Visit the IRS website at
FAST! Use
www.irs.gov/efile
Copy B—To Be Filed With Employee’s FEDERAL Tax Return.
This information is being furnished to the Internal Revenue Service.
Notice to Employee
Do you have to file? Refer to the Form 1040 instructions to determine if you are required to file a tax return. Even if you don’t have to file a tax return, you may be eligible for a refund if box 2 shows an amount or if you are eligible for any credit.
Earned income credit (EIC). You may be able to take the EIC for 2022 if your adjusted gross income (AGI) is less than a certain amount. The amount of the credit is based on income and family size. Workers without children could qualify for a smaller credit. You and any qualifying children must have valid social security numbers (SSNs). You can’t take the EIC if your investment income is more than the specified amount for 2022 or if income is earned for services provided while you were an inmate at a penal institution. For 2022 income limits and more information, visit www.irs.gov/EITC. See also Pub. 596, Earned Income Credit. Any EIC that is more than your tax liability is refunded to you, but only if you file a tax return.
Employee’s social security number (SSN). For your protection, this form may show only the last four digits of your SSN. However, your employer has reported your complete SSN to the IRS and the Social Security Administration (SSA).
Clergy and religious workers. If you aren’t subject to social security and Medicare taxes, see Pub. 517, Social Security and Other Information for Members of the Clergy and Religious Workers.
Corrections. If your name, SSN, or address is incorrect, correct Copies B, C, and 2 and ask your employer to correct your employment record. Be sure to ask the employer to file Form W-2c, Corrected Wage and Tax Statement, with the SSA to correct any name, SSN, or money amount error reported to the SSA on Form W-2. Be sure to get your copies of Form W-2c from your employer for all corrections made so you may file them with your tax return. If your name and SSN are correct but aren’t the same as shown on your social security card, you should ask for a new card that displays your correct name at any SSA office or by calling 800-772-1213. You may also visit the SSA website at www.SSA.gov.
Cost of employer-sponsored health coverage (if such cost is provided by the employer). The reporting in box 12, using code DD, of the cost of employer-sponsored health coverage is for your information only. The amount reported with code DD is not taxable.
Credit for excess taxes. If you had more than one employer in 2022 and more than $9,114 in social security and/or Tier 1 railroad retirement (RRTA) taxes were withheld, you may be able to claim a credit for the excess against your federal income tax. See the Form 1040 instructions. If you had more than one railroad employer and more than $5,350.80 in Tier 2 RRTA tax was withheld, you may be able to claim a refund on Form 843. See the Instructions for Form 843.
(See also Instructions for Employee on the back of Copy C.)
aEmployee’s social security number
This information is being furnished to the Internal Revenue Service. If you
are required to file a tax return, a negligence penalty or other sanction
may be imposed on you if this income is taxable and you fail to report it.
Copy C—For EMPLOYEE’S RECORDS
(See Notice to Employee on the back of Copy B.)
Instructions for Employee
(See also Notice to Employee on the back of Copy B.)
Box 1. Enter this amount on the wages line of your tax return.
Box 2. Enter this amount on the federal income tax withheld line of your tax return.
Box 5. You may be required to report this amount on Form 8959, Additional Medicare Tax. See the Form 1040 instructions to determine if you are required to complete Form 8959.
Box 6. This amount includes the 1.45% Medicare Tax withheld on all Medicare wages and tips shown in box 5, as well as the 0.9% Additional Medicare Tax on any of those Medicare wages and tips above $200,000.
Box 8. This amount is not included in box 1, 3, 5, or 7. For information on how to report tips on your tax return, see the Form 1040 instructions.
You must file Form 4137, Social Security and Medicare Tax on Unreported Tip Income, with your income tax return to report at least the allocated tip amount unless you can prove with adequate records that you received a smaller amount. If you have records that show the actual amount of tips you received, report that amount even if it is more or less than the allocated tips. Use Form 4137 to figure the social security and Medicare tax owed on tips you didn’t report to your employer. Enter this amount on the wages line of your tax return. By filing Form 4137, your social security tips will be credited to your social security record (used to figure your benefits).
Box 10. This amount includes the total dependent care benefits that your employer paid to you or incurred on your behalf (including amounts from a section 125 (cafeteria) plan). Any amount over your employer’s plan limit is also included in box 1. See Form 2441.
Box 11. This amount is (a) reported in box 1 if it is a distribution made to you from a nonqualified deferred compensation or nongovernmental section 457(b) plan, or (b) included in box 3 and/or box 5 if it is a prior year deferral under a nonqualified or section 457(b) plan that became taxable for social security and Medicare taxes this year because there is no longer a substantial risk of forfeiture of your right to the deferred amount. This box shouldn’t be used if you had a deferral and a distribution in the same calendar year. If you made a deferral and
received a distribution in the same calendar year, and you are or will be age 62 by the end of the calendar year, your employer should file Form SSA-131, Employer Report of Special Wage Payments, with the Social Security Administration and give you a copy.
Box 12. The following list explains the codes shown in box 12. You may need this information to complete your tax return. Elective deferrals (codes D, E, F, and S) and designated Roth contributions (codes AA, BB, and EE) under all plans are generally limited to a total of $20,500 ($14,000 if you only have SIMPLE plans; $23,500 for section 403(b) plans if you qualify for the 15-year rule explained in Pub. 571). Deferrals under code G are limited to $20,500. Deferrals under code H are limited to $7,000.
However, if you were at least age 50 in 2022, your employer may have allowed an additional deferral of up to $6,500 ($3,000 for section 401(k)(11) and 408(p) SIMPLE plans). This additional deferral amount is not subject to the overall limit on elective deferrals. For code G, the limit on elective deferrals may be higher for the last 3 years before you reach retirement age. Contact your plan administrator for more information. Amounts in excess of the overall elective deferral limit must be included in income. See the Form 1040 instructions.
Note: If a year follows code D through H, S, Y, AA, BB, or EE, you made a make-up pension contribution for a prior year(s) when you were in military service. To figure whether you made excess deferrals, consider these amounts for the year shown, not the current year. If no year is shown, the contributions are for the current year.
A—Uncollected social security or RRTA tax on tips. Include this tax on Form 1040 or 1040-SR. See the Form 1040 instructions.
B—Uncollected Medicare tax on tips. Include this tax on Form 1040 or 1040-SR. See the Form 1040 instructions.
C—Taxable cost of group-term life insurance over $50,000 (included in boxes 1, 3 (up to the social security wage base), and 5)
D—Elective deferrals to a section 401(k) cash or deferred arrangement. Also includes deferrals under a SIMPLE retirement account that is part of a section 401(k) arrangement.
E—Elective deferrals under a section 403(b) salary reduction agreement
(continued on back of Copy 2)
Copy 2—To Be Filed With Employee’s State, City, or Local
Income Tax Return
Instructions for Employee (continued from back of
Copy C)
Box 12 (continued)
F—Elective deferrals under a section 408(k)(6) salary reduction SEP
G—Elective deferrals and employer contributions (including nonelective deferrals) to a section 457(b) deferred compensation plan
H—Elective deferrals to a section 501(c)(18)(D) tax-exempt organization plan. See the Form 1040 instructions for how to deduct.
J—Nontaxable sick pay (information only, not included in box 1, 3, or 5)
K—20% excise tax on excess golden parachute payments. See the Form 1040 instructions.
L—Substantiated employee business expense reimbursements (nontaxable)
M—Uncollected social security or RRTA tax on taxable cost of group- term life insurance over $50,000 (former employees only). See the Form 1040 instructions.
N—Uncollected Medicare tax on taxable cost of group-term life insurance over $50,000 (former employees only). See the Form 1040 instructions.
P—Excludable moving expense reimbursements paid directly to a member of the U.S. Armed Forces (not included in box 1, 3, or 5)
Q—Nontaxable combat pay. See the Form 1040 instructions for details on reporting this amount.
R—Employer contributions to your Archer MSA. Report on Form 8853, Archer MSAs and Long-Term Care Insurance Contracts.
S—Employee salary reduction contributions under a section 408(p) SIMPLE plan (not included in box 1)
T—Adoption benefits (not included in box 1). Complete Form 8839, Qualified Adoption Expenses, to figure any taxable and nontaxable amounts.
V—Income from exercise of nonstatutory stock option(s) (included in boxes 1, 3 (up to the social security wage base), and 5). See Pub. 525, Taxable and Nontaxable Income, for reporting requirements.
W—Employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan) to your health savings account. Report on Form 8889, Health Savings Accounts (HSAs).
Y—Deferrals under a section 409A nonqualified deferred compensation plan
Z—Income under a nonqualified deferred compensation plan that fails to satisfy section 409A. This amount is also included in box 1. It is subject to an additional 20% tax plus interest. See the Form 1040 instructions.
AA—Designated Roth contributions under a section 401(k) plan BB—Designated Roth contributions under a section 403(b) plan
DD—Cost of employer-sponsored health coverage. The amount reported with code DD is not taxable.
EE—Designated Roth contributions under a governmental section 457(b) plan. This amount does not apply to contributions under a tax- exempt organization section 457(b) plan.
FF—Permitted benefits under a qualified small employer health reimbursement arrangement
GG—Income from qualified equity grants under section 83(i)
HH—Aggregate deferrals under section 83(i) elections as of the close of the calendar year
Box 13. If the “Retirement plan” box is checked, special limits may apply to the amount of traditional IRA contributions you may deduct. See Pub. 590-A, Contributions to Individual Retirement Arrangements (IRAs).
Box 14. Employers may use this box to report information such as state disability insurance taxes withheld, union dues, uniform payments, health insurance premiums deducted, nontaxable income, educational assistance payments, or a member of the clergy’s parsonage allowance and utilities. Railroad employers use this box to report railroad retirement (RRTA) compensation, Tier 1 tax, Tier 2 tax, Medicare tax, and Additional Medicare Tax. Include tips reported by the employee to the employer in railroad retirement (RRTA) compensation.
Note: Keep Copy C of Form W-2 for at least 3 years after the due date for filing your income tax return. However, to help protect your social security benefits, keep Copy C until you begin receiving social security benefits, just in case there is a question about your work record and/or earnings in a particular year.
Copy D—For Employer
Act Notice, see separate instructions.
Completing the IRS W-2 form is a critical annual task for employers, as it reports an employee's year-end earnings and the taxes withheld from their paycheck. Employers must prepare and deliver a W-2 form to each of their employees and the Social Security Administration. This form is essential for employees to prepare their tax returns. The process of filling out the W-2 can seem daunting, but by breaking it down into a series of steps, you can complete the form accurately and efficiently.
Once you've distributed the W-2 forms to your employees and filed them with the Social Security Administration by the due date, the immediate task is complete. Employers should keep a copy of all W-2 forms filed for at least four years for future reference or in case of audits. For employees, the information on the W-2 form is crucial for completing their annual tax returns, as it affects their tax liability and potential refund or payment to the IRS. Timely and accurate completion of the W-2 form helps ensure the smooth processing of tax returns for both employees and employers.
What is a W-2 form?
The W-2 form, also known as the Wage and Tax Statement, is a document that employers must send to each of their employees and the Internal Revenue Service (IRS) at the end of the year. It reports the employee's annual wages and the amount of taxes withheld from their paycheck.
When should I receive my W-2 form?
Employers are required to send out the W-2 forms to their employees by January 31st of the year following the reported earnings. For example, for the earnings of the year 2022, the W-2 form should be sent to employees by January 31, 2023.
What should I do if I haven’t received my W-2 by the deadline?
First, contact your employer to ensure they have the correct mailing address and inquire if and when the W-2 was mailed. If by February 14th you still haven't received your W-2, contact the IRS at 800-829-1040. Be prepared to provide your name, address, Social Security number and phone number, as well as your employer’s contact details, the dates you were employed, and an estimate of your earnings and withheld federal income tax.
Can I file my taxes without a W-2?
While it is advised to wait for your W-2 to file your taxes accurately, if you do not receive your W-2 in time, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. On it, you will estimate your income and withholding taxes as accurately as possible. The IRS may need to delay processing your return while it verifies your information.
What happens if I receive a W-2 with incorrect information?
If your W-2 contains incorrect information, such as wrong name, social security number, or wages, you should contact your employer immediately to issue a corrected W-2. Your employer is required to correct any errors and send the corrected W-2 to both you and the IRS.
Are there different types of W-2 forms?
Yes, although the standard W-2 form is used by most employers, there are variations such as W-2AS, W-2CM, W-2GU, and W-2VI for American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, and the U.S. Virgin Islands, respectively. Additionally, there's a W-2C form used to correct information on a previously filed W-2.
What if I worked for multiple employers during the year?
If you worked for multiple employers during the year, you should receive a separate W-2 form from each employer. It is important to include all W-2 forms when filing your taxes, as they provide the cumulative earnings and tax information needed by the IRS.
Is a W-2 form the same as a Form 1099?
No, a W-2 form is not the same as a Form 1099. A W-2 form is provided by employers to employees with information about the salary paid and taxes withheld. On the other hand, a Form 1099 is typically used to report payments made to independent contractors or for other income payments, and taxes are not typically withheld from those earnings.
How can I get a copy of my W-2 form?
If you need a copy of your W-2 form, your first step should be to contact your employer, as they may be able to provide you with one quickly. If you can't obtain your W-2 from your employer or if it's for a previous year, you may request a copy from the IRS by filing Form 4506-T, Request for Transcript of Tax Return.
Do non-resident aliens receive a W-2 form?
Yes, non-resident aliens who work in the United States as employees will receive a W-2 form from their employers. This form will include details of the wages earned and taxes withheld, similar to those for U.S. citizens and resident aliens.
Filling out the IRS W-2 form is a crucial task that employers undertake every year, but mistakes can often slip through, leading to headaches for both the employer and the employee. One common error is incorrect social security numbers. This critical piece of information must match the employee's social security card exactly. Typos or transposed numbers can cause significant issues down the line, including problems with tax returns and benefits.
Another frequent mistake is failing to use the correct name. Employees sometimes change their names due to marriage, divorce, or other reasons and fail to update their records with their employer. When the name on the W-2 doesn't match the name on the social security card, it can lead to processing delays or mismatches in the social security system.
Incorrect wage and tax statements also top the list of errors. It's essential to double-check that the amounts reported on the W-2 form for wages paid and taxes withheld match the company's records and the employee's pay stubs. Inaccuracies in these figures can affect an employee's tax liabilities and refunds.
Not using the correct W-2 form version is another pitfall. The IRS updates tax forms regularly, and using an outdated version can mean omitted updates or changes in how information should be reported. This can result in rejected filings and the need to resubmit with the correct form.
Some employers mistakenly enter state information incorrectly or omit it altogether. Since many states have their own tax filing requirements, it's crucial to include accurate state tax withholding and wage information. Failing to do so can cause problems for employees when they file their state income tax returns.
The mistake of submitting forms with missing information is more common than one might think. Every box on the W-2 form serves a purpose, and neglecting to fill out one can lead to incomplete filings. This can result in the need for amended returns, causing additional work and possible delays for employees.
Some employers also struggle with filing W-2 forms late. The IRS sets strict deadlines for when these forms must be distributed to employees and filed. Late filings can result in penalties for the employer and delays for employees waiting to file their income tax returns.
Last but not least, a significant mistake is not reporting all forms of compensation. Employers must report all forms of payment to an employee on the W-2 form, including non-cash benefits. Overlooking items like personal use of a company car can lead to incorrect income reporting.
Avoiding these common mistakes can streamline the process of filing W-2 forms, ensuring accuracy and compliance with tax regulations. It saves time and money while helping maintain the trust and confidence of employees.
When filing taxes, the IRS W-2 form often takes center stage. It's a critical document that reports an employee's annual wages and the amount of taxes withheld from their paycheck. However, to accurately file your taxes, you might need additional forms and documents alongside the W-2. These forms help paint a complete financial picture for the year, ensuring you meet your tax obligations and take advantage of potential deductions and credits. Let's explore a few of these essential documents.
While the W-2 may be the starting point for many taxpayers, these additional forms and documents ensure compliance and optimize tax outcomes. Understanding each document's purpose and how it fits into your overall tax situation can make the filing process smoother and potentially more beneficial financially. It's always advisable to consult with a tax professional or use reliable tax preparation software to guide you through the process, ensuring all necessary paperwork is completed accurately and efficiently.
The IRS Form 1099 is similar to the W-2 form in that it reports income. However, it is used for individuals who are self-employed or work as independent contractors. While the W-2 form is for employees and reports wages and taxes withheld, the 1099 form captures income received but not necessarily subject to withholding. Both forms are crucial for reporting individual income during tax season.
The IRS Form 1040 is the standard federal income tax form that individuals use to report their annual income. It is similar to the W-2 in the way that it is used for tax purposes. The W-2 form provides the income information that is necessary for filling out a Form 1040, including wages earned and taxes paid throughout the year. Both documents are integral to the tax filing process.
The IRS Schedule C is a tax form used by sole proprietors to report their business income and expenses. It is related to the W-2 form in its function of reporting income, though it focuses on income from business operations. Unlike the W-2, which is prepared by employers, the Schedule C is filled out by the business owner themselves, reflecting their business’s financial activity over the tax year.
The IRS Form W-4 is another document closely tied to the W-2. The W-4 is filled out by employees to indicate their tax situation to their employer, including allowances and dependant information, which determines how much federal income tax to withhold from their paychecks. The information from the W-4 directly influences the amounts reported on the W-2 at the end of the year.
The IRS Form 1098 is related to the W-2 form in the context of tax deductions. While the W-2 shows income earned from employment, the 1098 form details mortgage interest payments made that year, which can significantly impact the tax return. Both forms are essential for accurately calculating tax obligations and potential refunds.
The IRS Form 941 is an employer's quarterly federal tax return that reports wages paid and taxes withheld for employees. It aligns with the W-2 in that both are concerned with reporting employment taxes. However, the Form 941 is filed quarterly by employers, while W-2s are distributed annually to employees to summarize the year's tax withholding and earnings.
The Social Security Administration also uses the W-2 form information to calculate social security benefits. Although not a tax document per se, the similarity lies in the use of the data — wage and tax information — provided on the W-2 forms helps to determine an individual's eligibility and benefit amount for social security.
The IRS Form 4852 serves as a substitute for the Form W-2. If an employee doesn’t receive a W-2 or it contains incorrect information, they may use the Form 4852, providing estimates of income and withholding. Both forms are meant to ensure that income is accurately reported to the IRS for tax purposes, despite the difference in their use cases.
Filling out the IRS W-2 form is a critical process that requires attention to detail. It's about ensuring that employees have the accurate information they need for their tax returns, which also keeps you compliant with federal tax obligations. To help you navigate this responsibility, here are some essential dos and don'ts to keep in mind.
Do:
Don't:
Properly filling out and submitting W-2 forms is not just about tax compliance; it impacts the financial well-being of your employees. By adhering to these guidelines, you help ensure the accuracy of tax reporting and contribute to a smoother year-end process for everyone involved.
Understanding the IRS W-2 form is crucial for both employers and employees. However, several misconceptions cloud its understanding and usage. By dispelling these myths, individuals can handle their tax obligations more effectively and avoid common pitfalls.
Only full-time employees receive a W-2. Many people mistakenly believe that only full-time employees are issued a W-2 form. In reality, employers are required to issue a W-2 form to anyone who earned at least $600 during the tax year, regardless of their employment status as full-time, part-time, or temporary.
W-2 forms include health insurance information. Some individuals think their health insurance details are reported on the W-2. While employers may report the cost of health coverage, it does not detail the specifics of the insurance plan or contributions by the employee.
W-2 forms can be issued electronically only with the employee's consent. There's a common belief that employees must consent to receive their W-2 electronically. However, the IRS allows employers to provide electronic W-2s without specific consent, provided they meet certain requirements for accessibility and inform the employees about the electronic delivery.
All bonuses are taxed at a flat rate and shown separately on the W-2. The truth is that while bonuses are subject to federal income tax, they are often taxed at the employee's marginal tax rate. The total taxable income, including bonuses, is reported in the same boxes as regular wages, without differentiation.
You don’t need a hard copy of your W-2 to file taxes. It is a misconception that taxpayers must have a physical copy of their W-2 to file their tax return. Taxpayers can file their taxes with an electronic copy of their W-2, as long as it includes all required information.
If you don't receive your W-2, you can't file your taxes. Not receiving a W-2 by the tax deadline doesn't mean you can't file your taxes. The IRS recommends contacting the employer to request a copy and, if unsuccessful, using Form 4852 as a substitute for the W-2.
Corrections to a W-2 cannot be made after it is sent to the IRS. Employers can, and should, make corrections to a W-2 form if errors are identified after submission. They do this by filing a Form W-2c, Corrected Wage and Tax Statement, to amend the information previously reported.
The W-2 form must be mailed to employees by January 31. While it's true that employers must send out W-2 forms by January 31, they do not necessarily have to be mailed. As noted, electronic delivery is permissible and often more convenient for both parties.
Clearing up these misconceptions helps in understanding your rights and obligations regarding the W-2 form, potentially saving time and preventing stress during tax season.
The IRS W-2 form, a critical document reflecting annual wage and tax information for employees, must be approached with due diligence. This document not only serves a pivotal role for tax filing but also ensures accuracy in Social Security and Medicare contributions. Below are key takeaways designed to aid in its accurate completion and utilization:
Comprehending and applying these takeaways when dealing with the W-2 form enhances compliance with tax laws, aids in accurate reporting, and secures a smooth tax filing process. Employers and employees alike benefit from a proactive and informed approach to this fundamental tax document.
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