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A W-2 tax form shows important information about the income you’ve earned from your employer, amount of taxes withheld from your paycheck, benefits provided and other information for the year. You use this form to file your federal and state taxes.
What is Form W-2? The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports important details about the amount of federal, state and other taxes withheld from your paycheck as well as other employer fringe benefits like health insurance, adoption and dependent care assistance, health savings account contributions and more. As an employee, the information on your W-2 is extremely important when preparing your tax return. In general, if you worked as an employee in a given year, you should receive a W-2 from your employer near the beginning of the following year. You will also receive a W-2 if your employer withheld any taxes from your paycheck. Click here to access the free Paystub Analysis Spreadsheet Key Takeaways
When are W-2s due in 2022? To ensure you have it in time, the IRS requires your employer to send you a W-2 no later than January 31st following the close of the tax year. Generally, this means W-2s are mailed by January 31st, but not necessarily received by employees by this date. As an employer, you must file W-2 forms with the Social Security Administration (SSA) and the IRS by January 31st but may file for a 30-day extension by submitting Form 8809, Application for Extension of Time to File Information Returns. You will need to indicate that at least one of the criteria for granting an extension applies. Even if you request and receive an extension to file W-2s with the Social Security Administration and IRS, you must still provide your employees copies of their W-2s by January 31st unless you also apply for an extension to provide W-2s to your employees after the due date. You can request an extension of 15 days to provide W-2s to your employees unless you show a need for a 30-day extension by faxing a letter to the IRS. What to do if you haven’t received your W-2 If you haven’t received your W-2 by early February, contact your employer. They might be able to provide you with an electronic version for use until you receive the paper version in the mail. What to do if you find an error on your W-2 If you receive your W-2 and notice an error on your form, whether your name is misspelled, has an incorrect social security number, wrong dollar amount, or some other issue, let your employer know and ask for a corrected W-2. Who receives a Form W-2? You should only receive a W-2 if you are an employee. You may also receive multiple W-2s if you:
How do you use a W-2? Form W-2 is completed by an employer and contains important information that you need to complete your tax return. It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck. It may also contain information about:
Source: TurboTax Follow this link to learn how to read form W-2
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AuthorElizia Meskill is licensed as an Enrolled Agent (EA). As an EA, Elizia specializes in taxation, with unlimited rights to represent taxpayers before the IRS. She currently runs her own firm with over 1,200 clients, she specializes in small businesses taxes and business entity planning & structure. ArchivesCategories
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