Are you waiting for your W-2 form from your employer to file your taxes? It’s an essential document that tells you how much money you earned last year and how much tax was withheld. Without it, your tax filing might be delayed this tax season.
If you work as a freelancer or independent contractor, you’ll get a 1099 form instead of a W-2.
W-2s are typically given out by employers by January 31st each year. But what if you haven’t received yours yet? We’ll break down everything you need to know about the
W-2 form, what’s on it, when to expect it, and what to do if you don’t get it on time.
What is FORM W-2?
Wondering what that W-2 form in your hand is all about? It’s your official record of everything you earned and the taxes paid on it from the previous year. Think of it like a report card for your income.
Here’s the breakdown in simple terms:
1. Wages: This shows how much money your employer paid you throughout the year.
2. Taxes withheld: This part tells you how much money your employer automatically took out of your paycheck for taxes like Social Security and Medicare.
3. More than just pay: The W-2 might also include information about things like:
- Tips you earned
- The money you put into retirement accounts
- The cost of your health insurance
4. Tax time helper: No matter how you file your taxes, you’ll need this information to make sure everything is accurate.
So, keep your W-2 safe and handy.
What will be included in your Form W-2?
Here’s a quick rundown of what each box means:
Top & Left Boxes: This section is all about identification, like your name, address, Social Security number, and your employer’s info.
Boxes 1 & 2: These are the biggies! Box 1 shows your total wages and other compensation, while Box 2 tells you how much federal income tax was withheld.
Boxes 3-6: Social Security and Medicare taxes are key for funding important programs. These boxes show how much of your income was subject to these taxes and how much you actually paid.
Boxes 7 & 8: If you earn tips, these boxes show how much you reported and how much your employer reported on your behalf.
Box 9: Ignore the grayed-out box – it’s no longer used.
Boxes 10 & 11: Box 10 covers any dependent care benefits you received, and Box 11 details any deferred compensation (like money you’ll get later).
Box 12: This box is like a grab bag for other income or reductions in your taxable income. There might be codes here you need to know for your tax return, but some are just for your information.
Box 13: This box highlights income that isn’t taxed federally, like contributions to your retirement plan or sick pay from a private insurer.
Box 14: Think of this as the “miscellaneous” box. Your employer can use it to report things like tuition assistance or union dues, and even some state and local taxes.
Boxes 15-20: This section dives into your state taxes, showing your income and withholding details for the specific state. You’ll also find your employer’s state ID number here.
When will you receive the W-2 Form?
The deadline for employers to send out Form W-2s to employees was January 31, 2024. However, there are a few things to keep in mind:
- Mailing delays: It’s possible your W-2 is still in the mail, so be patient for a few days.
- Online availability: Many companies now offer electronic W-2s. Check your employer’s website or payroll portal to see if yours is available online.
- Third-party payroll: If your company uses a payroll service like ADP or Gusto, your W-2 might come from them instead. Check their website or contact them directly.
If you haven’t received your W-2 by February 15, 2024, you can contact your employer to inquire about it. You can also request a substitute form from the IRS, but this process can take several weeks.
Here are some additional tips:
- Keep a copy of your W-2 for your records.
- You’ll need your W-2 to file your tax return.
- If you have any questions about your W-2, contact your employer or a tax professional.
What can you do if you haven’t received your FORM W-2 yet?
Here are some simple steps by which you can get your FORM W-2:
Step 1. Check for Electronic Options:
- Did your employer email instructions to access your W-2 online? Check your inbox, including spam and junk folders.
- If no email, contact your HR or payroll department directly.
Step 2. Contact Your Employer:
- If you haven’t received instructions or lost your W-2, reach out to your employer.
- Explain the situation and request a new copy.
Step 3. Involve the IRS (if necessary):
- If your employer isn’t helpful, contact the IRS at 800-829-1040.
- Have your details ready: name, address, SSN, employer info, work dates, and estimated wages/withholding (from your last paycheck).
- The IRS will contact your employer for you.
Step 4. File with an Estimated W-2 (if needed):
- By April 15th, you can file your taxes even without your W-2 using Form 4852. Estimate your income and withholding as accurately as possible.
- Be prepared to file an amended return later if your actual W-2 information differs.
Step 5. Get a Filing Extension (optional):
- If you need more time to track down your W-2, file Form 4868 for a six-month extension.
- Pay any estimated taxes owed to avoid penalties.
Remember, waiting until the end of February before contacting your employer or the IRS is usually recommended.
Keep calm and follow these steps to get your W-2 and file your taxes on time.
Editor’s Choice
Tax Season 2024: Claim Every Dollar You Deserve with Child Tax Credit & EITC
Tax Filing is Open – File Now for Potential Boost in 2024 Refunds