When you prepare your tax returns and calculate your tax for the year, the amount of withholding tax that your employer claims on the W-2 must be deducted from your tax bill. Once this calculation is done, you will know if you are expecting a refund or if you can make an additional tax payment. When you have filed your tax returns and are preparing to file them, remember that you will need to attach a copy of your W-2s. When you file your electronic return with TurboTax, your W-2 information is sent electronically with your tax return. However, if you file your tax return by mail, you will need to attach a copy to the front of your tax return. You should only get a W-2 form if you are an employee. According to Intuit, the company behind the popular Turbotax tax preparation program, independent contractors or self-employed individuals instead receive a profit and loss account on a Form 1099 instead of a Form W-2. If you received other types of compensation or reduction in your taxable income, these are shown in series 12. You`ll each receive a one- or two-letter code, including items such as 401(k) contributions, your employer`s contributions to the health savings account, or the taxable cost of a $50,000 group life insurance policy.

The official W-2 form is available as a form package in several copies. The forms package contains the six copies that the user needs for each Form W-2 (copy A, copy 1, copy B, copy C, copy 2 and copy D). You must mail or electronically a copy A of Form W-2 along with Form W-3, Submitting Payroll and Income Tax Returns to the SSA by the last day of January. Special due dates apply if you have ended your business. Form W-3 and copy A of each Form W-2 you submit to the SSA must be on a scanned version and can be ordered online or by calling 800-TAX-FORM (800-829-3676). For more information, see the general instructions for Forms W-2 and W-3. Send copy 1, if applicable, to your state, city, or local tax department. Contact the tax department of that state, city, or region for information about requirements and submission information.

You must keep the employer`s copy, copy D, for 4 years. If you`re in February without your W-2, it`s time to get the IRS involved. If your efforts to obtain a copy from your employer were unsuccessful, call the IRS toll-free at 800-829-1040. During this call, you will need: Field 13: This field indicates whether your income is subject to Social Security and Medicare taxes, but not federal income taxes, whether you participated in certain types of pension plans, or whether you received certain types of sickness benefits. You should consider reviewing your tax deduction every year to make sure you`re withholding the right amount of money from your paycheques. If you prefer to get a large refund each year and want a larger paycheck each payment period, you can use the W-4 to ask your employer to change your withholding tax. If your W-2 does not appear in the mail for the current year before Valentine`s Day, first ask your employer for a copy and make sure they have the correct address. Your employer can also tell you how to get your W-2 online from human resources or payroll. If that doesn`t fix things, call the IRS (here`s a list of helpful IRS phone numbers). You will need to provide information about when you worked and an estimate of what you paid. If you haven`t received your W2 by mid-February, call the IRS toll-free at 800-829-1949. Box 7: Shows the amount of tip income you reported to your employer (these tips are included in Box 1) that was subject to social security tax.

A W-2 tax form displays important information about the income you earned from your employer, the amount of taxes withheld from your paycheck, the benefits provided, and other information for the year. You use this form to file your federal and state taxes. Form W-2 is completed by an employer and contains the important information you need to file your tax return. It shows your total salary for the year and the amount of federal, state, and other taxes withheld from your paycheck. It may also include information about: You must provide your employees with copies B, C and 2 of Form W-2 by January 31, 2022. You will respond to the funding request if the form is correctly addressed and shipped by the due date. If an employee stops working for you before the end of the year, you can submit Form W-2 to your former employee at any time before, but no later than January 31, 2022. If your employee requests Form W-2, you must provide copies B, C and 2 within 30 days of the request or within 30 days of final pay payment, whichever is later. An estimate of your salary and federal income tax withheld last year. Your last salary stub of the tax year should contain these amounts.

Remember, with TurboTax, we ask you simple questions about your life and help you fill out the right tax forms. With TurboTax, you can be sure that your taxes are done right, from simple to the most complex tax returns, no matter your situation. If you plan for electronic access to your tax returns, be sure to check your emails carefully. If the expected message doesn`t appear in your inbox, check your spam folder. Federal law requires employers to send W-2s to workers by January 31 each year, or a few days later if the end of the month falls on a weekend. If you`re still waiting for your income statement, here are six steps you can take. If you want to wait for your official W2 form, you may need to apply for an extension to file your tax return. Box 11: In general, this field shows how much money was distributed to you during the year from your employer`s deferred compensation plan. When do employers send W2s? Technically, your employer still meets the 31 deadline.

January, provided he receives your W2 before the end of the day on January 31st. This can be very frustrating because you want to file your tax return and claim the tax refunds you are eligible for. If you notice an error on your W-2 — such as a false name, Social Security number, incorrect salary, or incorrect taxes withheld — notify your employer as soon as possible. Depending on the error, your employer may need to provide you with a Form W-2 corrected Form W-2c, which you can use to amend your tax returns if necessary. Box 2: Shows the amount of federal income tax deducted from your salary. You won`t get away with it if you just put your W-2 in a drawer and decide not to include the information on your tax return. Employers are required by law to send copies of your W-2 to the Social Security Administration and IRS (“Copy A”) and your state and local tax authorities (“Copy 1”). You`ll likely receive a terse letter and a few months of headaches from the IRS — and the state if your state has income taxes — after comparing the income you reported on your tax return to the information your employer sent to the government. Many companies now give their employees electronic access to company documents, including tax returns. While most won`t email your W-2 for security reasons, they`ll send you an email notification that you can access the company`s employee portal and download your income statement.

If you haven`t seen this message in your inbox, check your spam folder. If you want to wait for your official W-2, you may need to ask for more time to file your tax return. Application Form 4868 gives you an automatic six-month extension to submit your Form 1040. While your W-2 is basically about how much money you`ve made and what taxes you`ve paid, it`s also a detailed document. For example, it shows your pension contributions, the amount your employer paid for your health insurance, and the tax-free income you received from your employer. You must be an employee to get a W-2. If you are an independent contractor, you should get a Form 1099-MISC (not a W-2) from each of your clients who paid you at least $600 for the year. Each January, your employer must issue you and IRS W2 forms. Form W2 contains the amount of money you earned in the previous year. It also shows how much your employer has withheld for income taxes, Social Security, and Medicare.

You must submit Form W2 with your tax return. You use the W-2 to file your tax return. Form W-2 shows more than you paid. It also details how much you contributed to your retirement savings during the year, how much your employer paid for your health insurance, or even what you received in terms of long-term care benefits. All of this has an impact on your tax situation – your pension contributions, for example, may not be taxable. With this information, the IRS will contact your workplace about the missing tax document. You can request a 15-day extension to provide W-2s to your employees, unless you need a 30-day extension by sending a letter by fax to the IRS.

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