The W-2 assertion is without doubt one of the most recognizable IRS tax types for employees within the US. It is also one of the vital vital — because it exhibits your whole 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 corporations are required to furnish them to staff by Jan. 31, which has come and gone.
We have damaged down the whole lot it’s essential to know in regards to the W-2 type: what it’s, what’s included in your type, when you must count on to obtain it and what to do if you aren’t getting 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 type?
The Form W-2 Wage and Tax Assertion is the official document of your wages and withheld taxes from the earlier 12 months.
This IRS type may embody details about:
- Ideas 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 will want to make use of info from Type W-2 to finish your return.
What info 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 containers and information on the W-2:
Containers A via F: The lettered containers on the highest and left facet of the shape comprise figuring out info for each you and your employer, together with authorized title, handle, 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.)
Containers 1 and a pair of: These two containers have a very powerful info for many taxpayers: your whole wages, ideas and different compensation and the entire federal revenue tax that was withheld for the 12 months.
Containers 3 via 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.
Containers 7 and eight: In the event you obtain compensation by ideas, these two 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 Revenue Credit score. That tax perk led to 2010, but the field stays.
Containers 10 and 11: Field 10 exhibits any dependent care advantages you’ll have acquired, whereas Field 11 accommodates any deferred compensation.
Field 12: This field accommodates further compensation or reductions to taxable revenue, and 28 doable objects could be included right here, every designated by a single or double-letter code. A few of these codes should 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(ok) account), third-party sick pay (equivalent to non-public insurance coverage), or cash earned as a statutory employee.
Field 14: This field acts as a catch-all in your employer to report any further tax info, equivalent to tuition help or union dues. Employers may embody sure state and native taxes right here.
One frequent Field 14 entry is cost for state incapacity insurance coverage, which could be deductible for some taxpayers.
Containers 15 via 20: The containers on the backside of your W-2 type present your revenue and withholding information for the tax 12 months 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 have acquired your Type W-2 by Jan. 31, 2024. That is when employers are required by legislation to offer W-2s to all staff and the IRS.
Whereas many firms nonetheless ship W-2 types via the mail, many additionally make them out there on-line. Your W-2 type would possibly come from a 3rd get together that handles your organization’s payroll, equivalent to ADP or Gusto.
What ought to I do if I do not get my W-2?
In the event you nonetheless have not gotten your type by the top of January, first ensure that your employer hasn’t emailed you directions on methods to entry your W-2 type on-line. In accordance with IRS Publication 15A, employers can present digital variations of W-2 types 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 type and weren’t despatched directions, contact your human sources or payroll division to ask in regards to the standing of your W-2. You too can 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 straight 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 must have some info able to confirm your id:
- Your authorized title, handle, Social Safety quantity and telephone quantity.
- Your employer’s title, handle and telephone quantity.
- The dates you labored for the employer.
- Estimates of wages and revenue tax withheld. (You will discover this in your final paycheck of the 12 months.)
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 by utilizing Form 4852, an alternative to the W-2 that allows 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 will must file an amended return.
You too can file Form 4868 and ask for a six-month submitting extension that offers 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 will must pay an estimated quantity if you file your extension or danger a penalty later.
For extra tax ideas, study when you’ll get your 2024 tax refund and the fastest way to get your refund this year.
