The shape W-2 might be some of the acquainted IRS tax kinds for folks working within the US. It is also one essentially the most important, as a result of it reveals your complete employment revenue for the earlier yr, in addition to the quantity of taxes that have been withheld.
Most full-time and part-time workers 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 workers by Jan. 31 annually.
We have gone forward and damaged down every little thing it is advisable to know concerning the type W-2: What it’s, what’s included in your type W-2, whenever you’ll obtain your W-2, and what to do if you aren’t getting your W-2 out of your employer.
For extra, here is the best tax software for 2024 filing and whether you need to file if you receive Social Security.
What’s a W-2 type?
The Form W-2 Wage and Tax Assertion is the official document of your wages and withheld taxes from the earlier yr.
The shape may embody details about:
- Suggestions 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 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 type?
Here is a fast breakdown of all the containers and knowledge on the W-2:
Packing containers A by way of F: The lettered containers on the highest and left facet of the shape include figuring out data for each you and your employer, together with authorized identify, 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.)
Packing containers 1 and a couple of: These two containers have crucial data for many taxpayers — your complete wages, suggestions and different compensation, and the full federal revenue tax that was withheld for the yr.
Packing containers 3 by way of 6: These 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: In the event you obtain compensation by suggestions, these two containers present how a lot tip revenue you reported, and the way a lot your employer reported in suggestions paid to you.
Field 9: Don’t fret concerning 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 reveals any dependent care advantages you’ll have acquired, whereas Field 11 accommodates any deferred compensation.
Field 12: This field accommodates extra compensation or reductions to taxable revenue, and 28 attainable gadgets may 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 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(ok) account), third-party sick pay (similar to 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 extra tax data, similar to tuition help or union dues. Employers may embody sure state and native taxes right here.
One widespread Field 14 entry is fee for state incapacity insurance coverage, which may be deductible for some taxpayers.
Packing containers 15 by way of 20: The containers on the backside of your W-2 type present your revenue and withholding knowledge for the tax yr 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 Jan. 31, 2024. That is when employers are required by regulation to offer W-2s to all workers and the IRS.
Whereas many corporations nonetheless ship W-2 kinds by way of the mail, many additionally make them out there on-line. Your W-2 type would possibly come from a 3rd social gathering that handles your organization’s payroll, similar to ADP or Gusto.
What ought to I do if I do not get my W-2?
If it is the tip of January and you do not have your type, first be certain that your employer hasn’t emailed you directions on find out how to entry your W-2 type on-line. In line with IRS Publication 15A, employers can present digital variations of W-2 kinds if workers opt-in. (You should definitely test your spam and junk folders in case the e-mail wound up there.)
If you do not have your type and weren’t despatched directions, contact your human sources or payroll division to ask concerning the standing of your W-2. You can too contact them in case you 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 type 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 will must have some data able to confirm your id:
- Your authorized identify, tackle, Social Safety quantity and telephone quantity
- Your employer’s identify, tackle and telephone quantity
- The dates you labored for the employer
- Estimates of wages and revenue tax withheld. (You’ll find this in your final paycheck of the yr.)
In the event you nonetheless do not obtain or cannot entry your W-2 type 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. In the event 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 gives you extra time to trace down your W-2. In the event you do not suppose you owe any taxes, you do not have to pay something. In the event you do owe taxes, you may must pay an estimated quantity whenever you file your extension or danger a penalty later.
For extra tax suggestions, find out about EV tax credits and essential tax credits for homeowners.