W2 Deadline

Form W-2 or known as the Wage and Tax Statement is a simple IRS tax form that reports wage, salary, and tips paid to an employee. This tax form is filed by employers and used by the employees to prepare their federal income tax returns. Form W-2 also reports the federal, state, and local income taxes withheld so the employee can adequately calculate his or her tax liability.

Since Form W-2 is needed by employees to file their tax returns, employers have a deadline to file and furnish employees. If an employer doesn’t file Form W-2 on time, the employee may run out of time to file a tax return which can result in failure-to-file penalties.

W2 Form 2023 PDF

Form W-2 penalty for late-filing

Luckily, the IRS sets the deadline for when employers need to file the W-2. All employers, regardless of how many employees working for them, are required to file Form W-2 by January 31st. If Forms W-2 are filed after the deadline, the employer will incur late-filing penalties which is $50 per violation. The penalty is increased to $110 per W-2 filed late if it wasn’t filed within 30 days after the initial deadline. The penalty is increased to $110 for every Form W-2 that’s filed after March 2 due to this. If an employer intentionally ignores to file Forms W-2, the penalty is $540.

W2 Due Date for Employees

There is no W2 deadline for employees as they aren’t the ones that supposed to file it. Only employers are required to file Form W-2, Wage and Tax Statement. After an employee receives the W-2, they must file their tax returns by April 15 or file a 2024 tax extension to get more time from the IRS to file a tax return.

With a tax extension, you’ll get six more months to file your tax return, pushing the deadline to file a federal income tax return to October 15. While a tax extension will give you more time to file your return, you are still required to pay the IRS by April 15.

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