The W-2 assertion is without doubt one of the most recognizable IRS tax kinds for employees within the US. It is also one of the crucial important — because it exhibits your complete employment revenue for the earlier 12 months, in addition to the quantity of taxes that have been withheld, and this info is essential for submitting your return.
Most full-time and part-time staff might want to obtain a W-2 from their employers earlier than they’ll full their revenue tax return every tax season, and firms are required to furnish them to staff by Jan. 31, which has come and gone.
We have damaged down every part it’s essential know in regards to the W-2 kind: what it’s, what’s included in your kind, when you need to anticipate to obtain it and what to do if you do not get your W-2 out of your employer.
For extra, right here is the greatest tax software program for 2024 submitting, tips on how to use your cellphone to scan necessary tax paperwork and every part to know in regards to the little one tax credit score in 2024.
What’s a W-2 kind?
The Kind W-2 Wage and Tax Assertion is the official report of your wages and withheld taxes from the earlier 12 months.
This IRS kind also can embody details about:
- Ideas and different types of compensation.
- Contributions to a retirement plan, like a 401(okay).
- 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 may want to make use of info from Kind W-2 to finish your return.
What info is included in my W-2 kind?
Although it nonetheless seems on the W-2 kind, Field 9 is now not utilized by the IRS.
Here is a fast breakdown of the entire packing containers and knowledge on the W-2:
Packing containers A via F: The lettered packing containers on the highest and left aspect of the shape include figuring out info for each you and your employer, together with authorized identify, deal with, 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.)
Packing containers 1 and a couple of: These two packing containers have an important info for many taxpayers: your complete wages, ideas and different compensation and the overall federal revenue tax that was withheld for the 12 months.
Packing containers 3 via 6: These packing containers present how a lot of your revenue is topic to Social Safety and Medicare taxes, in addition to how a lot in taxes you paid for each.
Packing containers 7 and eight: If you happen to obtain compensation by ideas, these two packing containers present how a lot tip revenue you reported, and the way a lot your employer reported in ideas paid to you.
Field 9: Don’t fret in regards to the mysteriously grayed-out Field 9. It was previously used for reporting advance funds for the Earned Earnings Credit score. That tax perk resulted in 2010, but the field stays.
Packing containers 10 and 11: Field 10 exhibits any dependent care advantages you might have acquired, whereas Field 11 incorporates any deferred compensation.
Field 12: This field incorporates extra compensation or reductions to taxable revenue, and 28 potential objects could 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 in your info.
Field 13: Three choices right here present revenue that is not topic to federal tax: employer-sponsored retirement plan (like a 401(okay) account), third-party sick pay (resembling personal insurance coverage), or cash earned as a statutory worker.
Field 14: This field acts as a catch-all in your employer to report any extra tax info, resembling tuition help or union dues. Employers also can embody sure state and native taxes right here.
One frequent Field 14 entry is fee for state incapacity insurance coverage, which could be deductible for some taxpayers.
Packing containers 15 via 20: The packing containers on the backside of your W-2 kind present your revenue and withholding knowledge for the tax 12 months as they relate to your state taxes. That part additionally contains your employer’s state ID quantity.
When will I obtain my Kind W-2?
It is best to have acquired your Kind W-2 by Jan. 31, 2024. That is when employers are required by regulation to offer W-2s to all staff and the IRS.
Whereas many firms nonetheless ship W-2 kinds via the mail, many additionally make them obtainable on-line. Your W-2 kind would possibly come from a 3rd occasion that handles your organization’s payroll, resembling ADP or Gusto.
What ought to I do if I do not get my W-2?
If you happen to nonetheless have not gotten your kind by the top of January, 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 kinds if staff decide in. (Remember to test 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 in regards to 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’ll be able to contact the IRS immediately 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 info able to confirm your id:
- Your authorized identify, deal with, Social Safety quantity and cellphone quantity.
- Your employer’s identify, deal with and cellphone quantity.
- The dates you labored for the employer.
- Estimates of wages and revenue tax withheld. (You could find this in your final paycheck of the 12 months.)
If you happen to nonetheless do not obtain or cannot entry your W-2 kind by Tax Day, April 15, you’ll be able to file your tax return through the use of Kind 4852, an alternative to the W-2 that allows you to estimate your revenue and withholding tax. If you happen to discover out later that the knowledge in your return is completely different out of your W-2, you may have to file an amended return.
You can even file Kind 4868 and ask for a six-month submitting extension that gives you extra time to trace down your W-2. If you happen to do not suppose you owe any taxes, you do not have to pay something. If you happen to do owe taxes, you may have to pay an estimated quantity whenever you file your extension or threat a penalty later.
For extra tax ideas, find out about whenever you’ll get your 2024 tax refund and the quickest method to get your refund this 12 months.
