The shape W-2 is maybe one of the acquainted IRS tax varieties for these working within the US. It is also one essentially the most vital with regards to submitting your taxes every year, because it exhibits your whole employment earnings for the earlier yr, 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 corporations are required to furnish them to staff by Jan. 31 every year. Which implies firms have simply two days to get you your W-2.
We have gone forward and damaged down the whole lot you’ll want to know in regards to the type W-2: What it’s, what’s included in your type W-2, if you’ll obtain your W-2 and what to do if you do not get your W-2 out of your employer.
For extra, right here is the perfect tax software program for 2024 submitting, a cheat sheet for submitting your taxes this yr and the whole lot to know in regards to the baby tax credit score in 2024.
What’s a W-2 type?
The Kind W-2 Wage and Tax Assertion is the official report 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 cellphone or with a skilled tax preparer, you may want to make use of data from Kind W-2 to finish your return.
What data is included in my W-2 type?
Although it nonetheless seems on the W-2 type, 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 by means of F: The lettered packing containers on the highest and left facet 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 pair of: These two packing containers have a very powerful data for many taxpayers — your whole wages, suggestions and different compensation, and the entire federal earnings tax that was withheld for the yr.
Packing containers 3 by means of 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.
Packing containers 7 and eight: When 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 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 obtained, whereas Field 11 accommodates any deferred compensation.
Field 12: This field accommodates extra compensation or reductions to taxable earnings, and 28 attainable objects 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 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 (resembling 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, resembling tuition help or union dues. Employers may embody sure state and native taxes right here.
One widespread Field 14 entry is cost for state incapacity insurance coverage, which could be deductible for some taxpayers.
Packing containers 15 by means of 20: The packing containers on the backside of your W-2 type present your earnings and withholding knowledge for the tax yr 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’s best to obtain 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 varieties by means of the mail, many additionally make them obtainable on-line. Your W-2 type may 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 it is the top of January and you do not have your type, first make certain your employer hasn’t emailed you directions on the right way to entry your W-2 type on-line. In line with IRS Publication 15A, employers can present digital variations of W-2 varieties if staff opt-in. (Make sure you verify 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 assets or payroll division to ask in regards to the standing of your W-2. You may also contact them for those who misplaced a W-2 you have been despatched.
In case your employer is not useful, you may 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 top of February to see in case your W-2 arrives earlier than contacting the company. You may have to have some data able to confirm your identification:
- 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 earnings tax withheld. (You will discover this in your final paycheck of the yr.)
When you nonetheless do not obtain or cannot entry your W-2 type by Tax Day, April 15, you may file your tax return through the use of Kind 4852, an alternative choice to the W-2 that allows you to estimate your earnings and withholding tax. When you discover out later that the data in your return is completely different out of your W-2, you may have to file an amended return.
You may also file Kind 4868 and ask for a six-month submitting extension that gives 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 have to pay an estimated quantity if you file your extension or threat a penalty later.
For extra tax suggestions, study if you’ll get your 2024 tax refund and the quickest technique to get your refund this yr.
