The shape W-2 is maybe one of the vital acquainted IRS tax types for these working within the US. It is also one probably the most essential on the subject of submitting your taxes annually because it exhibits your whole employment earnings for the earlier 12 months, in addition to the quantity of taxes that have been withheld.
Most full-time and part-time staff might want to obtain a W-2 from their employers earlier than they will full their earnings tax return every tax season, and firms are required to furnish them to staff by at this time, Jan. 31.
We have damaged down all the pieces you must know concerning the kind W-2; what it’s, what’s included in your kind W-2, while you’ll obtain your W-2 and what to do if you aren’t getting your W-2 out of your employer.
For extra, right here is the very best tax software program for 2024 submitting, a cheat sheet for submitting your taxes this 12 months and all the pieces to know concerning the little one tax credit score in 2024.
What’s a W-2 kind?
The Type W-2 Wage and Tax Assertion is the official file of your wages and withheld taxes from the earlier 12 months.
The shape can even embody details about:
- Ideas and different types of compensation
- Contributions to a retirement plan, like a 401(ok)
- Contributions to a well being financial savings account
- The price of your well being care advantages
Whether or not you do your taxes on paper, in your pc or cellphone or with a skilled tax preparer, you will want to make use of data from Type W-2 to finish your return.
What data is included in my W-2 kind?
Although it nonetheless seems on the W-2 kind, Field 9 is not utilized by the IRS.
Here is a fast breakdown of the entire packing containers and information on the W-2:
Containers A by F: The lettered packing containers on the highest and left aspect of the shape include figuring out data for each you and your employer, together with authorized title, tackle, your Social Safety quantity and the tax identification variety of your employer. (The “management quantity” is only a distinctive ID for figuring out your W-2 in your employer’s system.)
Containers 1 and a couple of: These two packing containers have crucial data for many taxpayers: your whole wages, suggestions and different compensation and the overall federal earnings tax that was withheld for the 12 months.
Containers 3 by 6: These packing containers present how a lot of your earnings is topic to Social Safety and Medicare taxes, in addition to how a lot in taxes you paid for each.
Containers 7 and eight: Should you obtain compensation by suggestions, these two packing containers present how a lot tip earnings you reported, and the way a lot your employer reported in suggestions paid to you.
Field 9: Don’t be concerned concerning the mysteriously grayed-out Field 9. It was previously used for reporting advance funds for the Earned Revenue Credit score. That tax perk resulted in 2010, but the field stays.
Containers 10 and 11: Field 10 exhibits any dependent care advantages you’ll have obtained, whereas Field 11 comprises any deferred compensation.
Field 12: This field comprises extra compensation or reductions to taxable earnings, and 28 potential gadgets will be included right here, every designated by a single or double-letter code. A few of these codes have to be included in your tax return, whereas others are solely to your data.
Field 13: Three choices right here present earnings that is not topic to federal tax: employer-sponsored retirement plan (like a 401(ok) account), third-party sick pay (reminiscent of non-public insurance coverage), or cash earned as a statutory worker.
Field 14: This field acts as a catch-all to your employer to report any extra tax data, reminiscent of tuition help or union dues. Employers can even embody sure state and native taxes right here.
One widespread Field 14 entry is fee for state incapacity insurance coverage, which will be deductible for some taxpayers.
Containers 15 by 20: The packing containers on the backside of your W-2 kind present your earnings and withholding information for the tax 12 months as they relate to your state taxes. That part additionally consists of your employer’s state ID quantity.
When will I obtain my Type W-2?
It is best to obtain your Type W-2 by at this time, Jan. 31, 2024. That is when employers are required by legislation to supply W-2s to all staff and the IRS.
Whereas many corporations nonetheless ship W-2 types by the mail, many additionally make them out there on-line. Your W-2 kind may come from a 3rd celebration that handles your organization’s payroll, reminiscent of ADP or Gusto.
What ought to I do if I do not get my W-2?
Should you nonetheless have not gotten your kind by at this time, first ensure that your employer hasn’t emailed you directions on tips on how to entry your W-2 kind on-line. In keeping with IRS Publication 15A, employers can present digital variations of W-2 types if staff choose in. (Be sure you verify your spam and junk folders in case the e-mail wound up there.)
If you do not have your kind and weren’t despatched directions, contact your human assets or payroll division to ask concerning the standing of your W-2. You can even contact them if you happen to misplaced a W-2 you have been despatched.
In case your employer is not useful, you possibly can contact the IRS instantly at 800-829-1040. The company will contact your employer and request your lacking W-2 kind for you.
The IRS recommends ready till the top of February to see in case your W-2 arrives earlier than contacting the company. You will have to have some data able to confirm your identification:
- Your authorized title, tackle, Social Safety quantity and cellphone quantity
- Your employer’s title, tackle and cellphone quantity
- The dates you labored for the employer
- Estimates of wages and earnings tax withheld. (You’ll find this in your final paycheck of the 12 months.)
Should you nonetheless do not obtain or cannot entry your W-2 kind by Tax Day, April 15, you possibly can file your tax return by utilizing Type 4852, an alternative to the W-2 that permits you to estimate your earnings and withholding tax. Should you discover out later that the data in your return is completely different out of your W-2, you will have to file an amended return.
You can even file Type 4868 and ask for a six-month submitting extension that offers you extra time to trace down your W-2. Should you do not assume you owe any taxes, you do not have to pay something. Should you do owe taxes, you will have to pay an estimated quantity while you file your extension or threat a penalty later.
For extra tax suggestions, find out about while you’ll get your 2024 tax refund and the quickest strategy to get your refund this 12 months.
