Form W2 is the Wage and Tax Statement of employees, filed at the end of the tax year for federal income tax purposes. It reports the income received by the employee and tax withheld from their earnings during the tax year, including income taxes and FICA taxes.
Since these hold valuable information that’s needed to file a federal income tax return, the Internal Revenue Service mandates that every employer files this tax form by the following January 31, after the tax year ends. Employers that don’t comply with this law are subject to a late-filing penalty for every W2 unfiled that can add up to a significant amount.
Here is everything you need to know about filing Form W2 online and furnishing a copy to your employees.
Filing Form W2 to report taxes
Two ways to file Form W2 include electronic filing and paper filing. By using the form above, you’ll be able to print out paper copies to mail to the Social Security Administration; State, City, and Local tax departments. If you’re using a tax preparation software that’s integrated with the payroll system, you can automatically generate Forms W2, which is a lot more convenient than figuring out money amounts to enter on the form. If you have that option, we highly suggest taking advantage of it, as it can save you hours.
Our TaxUni PDF filer is easy to use and works efficiently. However, it’s only for paper filing. If you’re looking for a way to submit Forms W2 filed electronically, you’ll have to pay for tax preparation software.
How many copies of Form W2 are required?
There are three copies of Form W2 that need to be filed. You’ll file Form W2 for:
- Social Security Administration
- State, City, and Local Tax Department
You don’t need to file Form W2 with the Internal Revenue Service as the federal agencies work together, and the IRS can pull up information when necessary.
If it’s your first time filing Form W2, we strongly recommend taking a look at the instructions to file Form W2 for the 2022 tax season.
For every tax season, Form W2 is pretty much the same and there are no changes from the last year. You’ll report the same information, the same way as it was in 2021. The only thing that changes on Form W2, Wage and Tax Statement, is the year label located on the top right corner of the form.
Social Security Administration Mailing Address
Social Security Administration
Data Operations Center
Wilkes-Barre, PA 18769-0001
Mail Form W2 to the SSA and state, city, or local tax departments using only USPS as private delivery services cannot deliver to P.O. boxes.
What exactly is Form W2?
Form W2 is the tax form (three pages in total) that report employee earnings and the tax withheld from income. Employees need this tax form to file their federal income tax returns, so employers must file it timely, preferably before the tax season starts.
When is Form W2 issued?
Forms W2 are generally rolled out from the payroll department of companies in the first or the second week of January, following the end of the tax year. Employees that are receiving their W2 late should get a heads up from their employers/managers. It’s a simple form that contains basic yet important information, so most businesses don’t have a problem with timely filing it.
Am I required to file Form W2?
The Internal Revenue Service requires employers to file Form W2 for every employee that worked and received at least $600 in a total of wages, salaries, and tips. Although it’s not mandatory, employers can file Form W2 for employees that received less than $600 during the tax year. Employers that file Form W2 for employees that received less than the limit generally do it so that the employee can report the income on a tax return.
How to get your Form W2?
Employers have until January 31 to file Form W2 and furnish a copy to their employees. Before this date arrives, there isn’t much you can complain to your employer, but a day past this day, your employer isn’t finishing something that’s supposed to be finished by now. The easiest and the obvious way to get your Form W2 is to talk about this with your employer, as the management is business is responsible for these information returns.