![]() ![]() If you received other types of compensation or reductions to your taxable income, these will be reported in the Box 12 series. If you received certain deferred compensation income from your employer from a non-qualified plan, this information is reported in Box 11. If your employer provided or paid for dependent care benefits, Box 10 reports this amount. The box once reported an employer benefit which no longer exists. If you earned money through tips, Box 7 shows how much has been reported in tips while Box 8 shows how much money your employer allocated to you in tips. This often happens in situations where you defer income as with contributing to a 401(k) or other similar plan. The amounts in boxes 3 and 5 might be different from the amount in box 1. Boxes 4 and 6 show the amount of Social Security and Medicare taxes withheld. Box 2 shows the total amount of federal income tax withheld by your employer on your behalf.īoxes 3 and 5 show the amount of your earnings subject to Social Security and Medicare taxes, respectively. You’ll see your social security number (Box A), name (Box E) and address (Box F) appear here, while your employer’s employer identification number (EIN) (Box B), name and address (Box C) and control number (Box D), if any, appear here as well.īox 1 shows your total taxable income paid by your employer including any wages, salary, tips, bonuses and other taxable compensation. These boxes on the W-2 provide all the identifying information related to you and your employer. Premiums your employer pays for health coverage.Contributions to a health savings account.It reports your total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck. the company you worked for was acquired by another companyįorm W-2 is completed by an employer and contains important information that you need to complete your tax return.work more than one job where you’re considered an employee, or.changed jobs within the calendar year, or.TurboTax Tip: If you are an independent contractor or work for yourself, the work you do may be similar to what an employee does, but you should receive an earnings statement on a Form 1099-NEC rather than a W-2. You should only receive a W-2 if you are an employee. 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. What to do if you find an error on your W-2 TurboTax Tip: You can also use online tax software like TurboTax to import your W-2 even if you haven’t received it in the mail yet. ![]() They might be able to provide you with an electronic version for use until you receive the paper version in the mail. If you haven’t received your W-2 by early February, contact your employer. What to do if you haven’t received your W-2 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. You will need to indicate that at least one of the criteria for granting an extension applies.Įven if you request and receive an extension to file W-2s, 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. ![]() Generally, this means W-2s are mailed by January 31st, but not necessarily received by employees by this date.Īs 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. 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 calendar year. 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. As an employee, the information on your W-2 is extremely important when preparing your tax return. ![]() 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. The IRS requires employers to report wage and salary information for employees using Form W-2. The IRS uses W-2s to track employment income you’ve earned during the prior year.Your Form W-2 should be sent by January 31st of each year and be used to prepare your tax return.Form W-2 provides important tax information from your employer related to earnings, tax withholding, benefits and more. ![]()
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