The shape W-2 is probably probably the most recognizable IRS tax kinds for these working within the US. And it is probably the most crucial with regards to submitting your taxes every year, because it reveals your complete employment revenue for the earlier 12 months, and 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 revenue tax return every tax season, and corporations are required to furnish them to staff by Jan. 31, which has come and gone.
We have gone forward damaged down every part it’s worthwhile to know concerning the W-2 kind: what it’s, what’s included in your kind W-2, if you’ll obtain it and what to do if you do not get your W-2 out of your employer.
For extra, right here is the best tax software for 2024 filing, how to use your phone to scan important tax documents and everything to know about the child tax credit in 2024.
What’s a W-2 kind?
The Form W-2 Wage and Tax Assertion is the official report of your wages and withheld taxes from the earlier 12 months.
The shape 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 laptop or phone or with a professional tax preparer, you may 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 now not utilized by the IRS.
This is a fast breakdown of all the packing containers and knowledge on the W-2:
Packing containers A by F: The lettered packing containers on the highest and left aspect of the shape comprise figuring out data 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 data for many taxpayers: your complete wages, ideas and different compensation and the full federal revenue tax that was withheld for the 12 months.
Packing containers 3 by 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: When you 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 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 led to 2010, but the field stays.
Packing containers 10 and 11: Field 10 reveals any dependent care advantages you will have obtained, whereas Field 11 accommodates any deferred compensation.
Field 12: This field accommodates further compensation or reductions to taxable revenue, and 28 potential gadgets could be included right here, every designated by a single or double-letter code. A few of these codes must be included in your tax return, whereas others are solely on your data.
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 (reminiscent of non-public insurance coverage), or cash earned as a statutory employee.
Field 14: This field acts as a catch-all on your employer to report any further tax data, reminiscent of tuition help or union dues. Employers also can embody sure state and native taxes right here.
One widespread Field 14 entry is fee for state incapacity insurance coverage, which could be deductible for some taxpayers.
Packing containers 15 by 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 Type W-2?
It is best to obtain your Type W-2 by at the moment, 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 by the mail, many additionally make them obtainable 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?
When you nonetheless have not gotten your kind by at the moment, first be sure that your employer hasn’t emailed you directions on entry your W-2 kind on-line. In response to IRS Publication 15A, employers can present digital variations of W-2 kinds if staff choose in. (You’ll want 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 concerning the standing of your W-2. You can too contact them should you misplaced a W-2 you have been despatched.
In case your employer is not useful, you’ll be able to contact the IRS straight 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 tip of February to see in case your W-2 arrives earlier than contacting the company. You may must have some data 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. (Yow will discover this in your final paycheck of the 12 months.)
When you 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 Form 4852, an alternative to the W-2 that permits you to estimate your revenue and withholding tax. When you discover out later that the data in your return is completely different out of your W-2, you may must file an amended return.
You can too file Form 4868 and ask for a six-month submitting extension that offers you extra time to trace down your W-2. When you do not suppose you owe any taxes, you do not have to pay something. When you do owe taxes, you may must pay an estimated quantity if you file your extension or danger a penalty later.
For extra tax ideas, find out about when you’ll get your 2024 tax refund and the fastest way to get your refund this year.