The shape W-2 is maybe probably the most recognizable IRS tax varieties for these working within the US. And it is probably the most crucial with regards to submitting your taxes every year, because it exhibits your complete employment earnings for the earlier yr, and the quantity of taxes that had 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 earnings tax return every tax season, and firms are required to furnish them to workers by Jan. 31, which has come and gone.
We have gone forward damaged down the whole lot it is advisable know concerning the W-2 type: what it’s, what’s included in your type W-2, if you’ll obtain it and what to do if you aren’t getting your W-2 out of your employer.
For extra, right here is the finest tax software program for 2024 submitting, tips on how to use your telephone to scan essential tax paperwork and the whole lot to know concerning the little one tax credit score in 2024.
What’s a W-2 type?
The Kind W-2 Wage and Tax Assertion is the official document of your wages and withheld taxes from the earlier yr.
The shape also can embrace details about:
- Ideas and different types of compensation.
- Contributions to a retirement plan, like a 401(okay).
- 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 laptop or telephone or with a skilled tax preparer, you will 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 not utilized by the IRS.
This is a fast breakdown of the entire packing containers and knowledge on the W-2:
Bins A by F: The lettered packing containers on the highest and left aspect of the shape comprise 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.)
Bins 1 and a couple of: These two packing containers have a very powerful data for many taxpayers: your complete wages, suggestions and different compensation and the overall federal earnings tax that was withheld for the yr.
Bins 3 by 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.
Bins 7 and eight: If you happen to 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 concerning 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.
Bins 10 and 11: Field 10 exhibits any dependent care advantages you could have obtained, whereas Field 11 comprises any deferred compensation.
Field 12: This field comprises extra compensation or reductions to taxable earnings, and 28 potential objects may 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 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(okay) account), third-party sick pay (akin to 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, akin to tuition help or union dues. Employers also can embrace sure state and native taxes right here.
One frequent Field 14 entry is cost for state incapacity insurance coverage, which may be deductible for some taxpayers.
Bins 15 by 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 consists of your employer’s state ID quantity.
When will I obtain my Kind W-2?
You must obtain your Kind W-2 by immediately, Jan. 31, 2024. That is when employers are required by legislation to supply W-2s to all workers and the IRS.
Whereas many corporations nonetheless ship W-2 varieties by the mail, many additionally make them obtainable on-line. Your W-2 type may come from a 3rd get together that handles your organization’s payroll, akin to ADP or Gusto.
What ought to I do if I do not get my W-2?
If you happen to nonetheless have not gotten your type by immediately, first be certain that your employer hasn’t emailed you directions on tips on how to entry your W-2 type on-line. In line with IRS Publication 15A, employers can present digital variations of W-2 varieties if workers decide 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 assets or payroll division to ask concerning the standing of your W-2. You too can contact them should you misplaced a W-2 you had 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 tip of February to see in case your W-2 arrives earlier than contacting the company. You will have to have some data able to confirm your identification:
- 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 earnings tax withheld. (You will discover this in your final paycheck of the yr.)
If you happen to 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 Kind 4852, an alternative choice to the W-2 that permits you to estimate your earnings and withholding tax. If you happen to discover out later that the data in your return is completely different out of your W-2, you will have to file an amended return.
You too can file Kind 4868 and ask for a six-month submitting extension that offers you extra time to trace down your W-2. If you happen to do not suppose you owe any taxes, you do not have to pay something. If you happen to do owe taxes, you will have to pay an estimated quantity if you file your extension or danger a penalty later.
For extra tax suggestions, find out about if you’ll get your 2024 tax refund and the quickest strategy to get your refund this yr.