W2 Tax Form: Due Dates, Box-by-Box Tax Filing Instructions

Preparing for tax returns is a hassle in itself and then comes the W2 Form; sometimes multiple ones if you work more than one job or change jobs. With more than 10 boxes in the form, you have to make sure you’re filling out all the information correctly.

If you’re overwhelmed by the whole process, you’ve landed in the right place. This article will walk you through the basics of the W2 form, including its purpose and who it is applicable for, while breaking down all its components.

What is a W2 form?

Form W-2 is a tax form by the Internal Revenue Service (IRS) in the United States. It contains information about total wages paid to employees with taxes withheld. It is also known as the “Wage and Tax Statement” and is given to employees by the employer by January 31st every year.

The W2 contains income and tax information from the previous year including social security tax, medicare tax, tips, other taxes, and compensation. It helps employees file federal and state tax returns along with the employer.

What is the purpose of form W2?

Form W2 is crucial for submitting your income and tax information to the federal government. It facilitates deciding whether you’ll get tax returns or owe the IRS.

Here are some more reasons why W2 is so important:

• Filing your taxes: Your W-2 is used to report your income and the taxes withheld when filing your federal and state tax returns.
• Verifying your income: You must show proof of your earnings and taxes paid, which is helpful when applying for loans or mortgages.
• Claiming refunds or paying taxes: You must determine whether you qualify for a tax refund or need to pay more taxes.
• Staying compliant: W2 helps the IRS track your income and confirm that you’re following tax laws.

Who needs to submit a W2?

Employers are required to submit Form W-2 for each employee who meet these specific criteria:

1. Employers must file Form W-2 if they withhold any income, Social Security, or Medicare tax from an employee’s wages, regardless of the amount of wages.
2. Even if no taxes were withheld, a W-2 must be filed if the employee would have had taxes withheld had they not claimed exemption from withholding on Form W-4.
3. Employers must file a W-2 if they paid $600 or more in wages to an employee, even if no taxes were withheld

Note: In rare cases, a W-2 might not be required if no taxes were withheld and the payment was less than $600, such as for certain election workers or foreign agricultural workers

How and when are W2 tax forms issued?

Employers must provide W-2 forms to their employees on or before January 31 of each year. This gives employees enough time to file their income tax returns accurately and on time (typically by mid-April).

W-2s can be issued either:

• Electronically: With the employee’s consent, employers can provide the W-2 form electronically.
• Via Mail: If not provided electronically, the W-2 is typically mailed to the employee’s last known address.

What if you don’t receive the W2 by January 31st?

If you haven’t received your W2 form by January 31st, ask your employer when it was sent. You can request a reprint if you don’t get it by mid-February (some employers may charge a small fee).

If your employer fails to issue the W2, you have to contact the IRS. Call 800-829-1040 and have some basic details ready including your employer’s name, address, and phone number. They may also ask for your employer’s identification number (EIN), your estimated wages, withheld taxes, and employment dates (from pay stubs).

If you can’t get your W-2, the IRS may ask you to submit Form 4852 as a substitute when filing your tax return.

Why are multiple copies of W2 issued?

W2 may have upto five copies: A, 1, B, C, 2, and D. Here’s what they represent:

• Copy A: Sent by your employer to the Social Security Administration.
• Copy 1: Sent to your state, city, or local tax department.
• Copy B: Attach to your federal tax return. Keep it for at least four years.
• Copy C: Your official copy. Keep it with your records for at least four years.
• Copy 2: Attach to your state tax return. Keep the hard copy for four years.
• Copy D: For your employer’s records.

Breaking down W-2 forms: Box-by-box

There are a total of 20 main boxes in the W2 form. Box 12 is further divided into four sub-boxes (12a, 12b, 12c, and 12d), each with its own code and amount. Here’s what each box represents and what information you should be filling in on each:

• Box a: Employee’s Social Security Number: Your Social Security number (SSN).
• Box b: Employer Identification Number (EIN): The employer’s (University’s) EIN.
• Box c: Employer’s Name, Address, and ZIP Code: The employer’s official business information.
• Box d: Control Number: An internal number used by the employer for their record-keeping. This is optional.
• Box e: Employee’s First Name and Initial, Last Name, Suff.: Your full legal name.
• Box f: Employee’s Address and ZIP Code: Your mailing address.
• Box 1: Wages, Tips, Other Compensation: Total taxable wages, tips, and other compensation paid during the year.
• Box 2: Federal Income Tax Withheld: The total amount of federal income tax withheld from your pay during the year.
• Box 3: Social Security Wages: The amount of wages subject to Social Security tax.
• Box 4: Social Security Tax Withheld: The total amount of Social Security tax withheld.
• Box 5: Medicare Wages and Tips: The amount of wages and tips subject to Medicare tax.
• Box 6: Medicare Tax Withheld: The total amount of Medicare tax withheld.
• Box 7: Social Security Tips: The amount of tips is subject to Social Security tax.
• Box 8: Allocated Tips: Tips allocated to you by your employer (usually in the food and beverage industry). These tips are not included in boxes 1, 3, 5, or 7.
• Box 9: (Blank): This box is currently unused on the form.
• Box 10: Dependent Care Benefits: The total amount of dependent care benefits your employer paid to you. This includes amounts from a section 125 (cafeteria) plan.
• Box 11: Nonqualified Plans: Distributions from nonqualified deferred compensation or non-governmental section 457(b) plans. Also, prior-year deferrals under these plans became taxable for Social Security and Medicare taxes this year.
• Box 12a, 12b, 12c, 12d: See instructions for box 12: These boxes are used to report a variety of compensation or benefit payments, each identified by a specific code. See below for a description of common codes.
• Box 13: Checkboxes:
  • Statutory Employee: Checked if you are a statutory employee.
  • Retirement Plan: Checked if you were an active participant in a retirement plan.
  • Third-Party Sick Pay: Checked if you received sick pay from a third party.
• Box 14: Other: Used to report any other information that might be relevant to your taxes, such as state disability insurance taxes withheld, or after-tax contributions.
• Box 15: State & Employer’s State ID Number: The state that issued the W-2, and the employer’s state identification number.
• Box 16: State Wages, Tips, Etc.: The amount of wages, tips, and other compensation subject to state income tax.
• Box 17: State Income Tax: The total amount of state income tax withheld.
• Box 18: Local Wages, Tips, Etc.: The amount of wages, tips, and other compensation subject to local income tax.
• Box 19: Local Income Tax: The total amount of local income tax withheld.
• Box 20: Locality Name: The name of the locality imposing the local income tax.

Specific instructions for Box 12

Box 12 uses codes to identify specific types of deferred compensation and other items. Here are some of the common codes:

• A: Uncollected social security or RRTA tax on tips.
• B: Uncollected Medicare tax on tips.
• C: Taxable cost of group-term life insurance over $50,000 (included in boxes 1, 3, and 5)
• D: Elective deferrals to a section 401(k) cash or deferred arrangement. Also includes deferrals under a SIMPLE retirement account that is part of a section 401(k) arrangement.
• E: Elective deferrals under a section 403(b) salary reduction agreement
• F: Elective deferrals under a section 408(k)(6) salary reduction SEP (this includes elective deferrals made to a Roth SEP IRA)
• G: Elective deferrals and employer contributions (including nonelective deferrals) to a section 457(b) deferred compensation plan
• H: Elective deferrals to a section 501(c)(18)(D) tax-exempt organization plan.
• AA: Designated Roth contributions under a section 401(k) plan
• BB: Designated Roth contributions under a section 403(b) plan
• DD: Cost of employer-sponsored health coverage. The amount reported with code DD is not taxable.
• EE: Designated Roth contributions under a governmental section 457(b) plan.

How do you file tax using form W2?

Filing your W-2 is pretty straightforward. Most of the details you need, like your wages and taxes withheld, are already on your payroll and employee records. You’ll just need a bit of extra information about your employer, such as their Employer Identification Number (EIN) and, in most cases, their State ID Number.

To make this process easier for you, here are the detailed steps for filing your tax with the W2 form:

Step 1: Gather all your documents

The main document obviously includes the W2. If you work in multiple jobs, you’ll have to fill out multiple W2 forms.

If you have income from sources other than employment (e.g., self-employment, investments, rental property), you’ll need those documents as well (e.g., 1099 forms).

Furthermore, gather any records that will help you claim deductions, such as receipts for charitable donations, student loan interest statements, medical expense records, etc.

Step 2: Choose your tax filing method

There are many tax filing software available such as Keka, TurboTax, H&R Block, etc. These programs guide you through the filing process and often offer features like error checking and deduction finders.

Alternatively, you can hire a tax professional or a certified public accountant (CPA). This can be especially helpful if you have a complex tax situation.

The least convenient method for filing taxes is doing it manually. You have to download the necessary tax forms from the IRS website (irs.gov), fill them out, and mail them in.

Step 3: Fillout your W2 form and double-check

Whether you use tax software, a tax professional, or paper forms, you will need to transfer the information from your W-2 to the appropriate places on your tax return. The easiest way to do this is just following the instructions provided by your tax software, tax professional, or the IRS forms.

Make sure you’re reporting all sources of income. Claim all eligible deductions and credits and double-check all entries for accuracy.

Step 4: File your taxes 

Once you’ve filled out your tax return, it’s time to file it. The fastest and most secure way is to e-file using tax software, but you can also mail a paper return to the IRS using the address listed on the form’s instructions.

After filing, either pay any taxes you owe by the deadline (usually April 15), or wait for your refund if you’re due one. You can make payments online, by mail, or through electronic funds withdrawal. Refunds typically arrive by direct deposit or check.

What are the differences between Form W-2 and Form 1099?

The primary differences between Form W-2 and Form 1099 are that a W-2 is used for employees, reporting wages and taxes withheld, while a 1099 is used for independent contractors, reporting income without tax withholding, and the recipient is responsible for their own tax payments.

Here are the differences in a table:

How is the W2 form 2023 different from the 2024 one?

There are minor differences in the form W2 every year. The IRS makes periodic updates to the form which can include changes to box labels, tax rate updates, filing requirements or deadlines, etc.

Here are the major differences between the W2 forms for 2023 and 2024:

Wrapping up

More than 130 million people in the United States of America use the W2 form. Hence, knowing how to read and use this form helps you file your taxes accurately and claim any refunds you’re owed.

As already mentioned, if you spot issues with your W-2, start by contacting your employer. They can often correct mistakes quickly. If the problem isn’t resolved, you may need to file a complaint with the IRS.

Lastly, keep in mind that codes like AA (for designated Roth contributions under a 401(k) plan) and other Box 12 entries provide important details about your earnings and withholdings.

You need to review all information in your W2 correctly because the repercussions would be costly. Filing with accurate information ensures you stay compliant with tax laws, reduces the risk of audits, and prevents delays in receiving any refunds you’re owed.

Frequently asked questions

1. How do I correct errors on my W-2 form?

If you notice an error on your W-2 form, such as incorrect wages, tax withholdings, or a misspelled name, contact your employer immediately. They are responsible for correcting the mistake by filing a Form W-2c (Corrected Wage and Tax Statement) with the Social Security Administration (SSA). If your employer is uncooperative or refuses to make the correction, you can contact the IRS at 800-829-1040 for assistance.

2. What should I do if I lose or misplace my W-2?

If you lose your W-2, start by asking your employer for a replacement copy. Many companies also offer online access to W-2s through payroll software providers like Keka, ADP or Paychex, which allows you to download and print a copy. If you cannot get a replacement from your employer, you can contact the IRS.

3. Is it possible to get my W-2 online?

Yes, many employers provide online access to W-2 forms through their payroll systems. You can log into your employer’s HR or payroll portal (e.g., ADP, Paychex, or Workday) to download a digital copy. If your employer uses a third-party service, they should provide you with instructions on how to access your W-2 online.

4. Can I file my taxes without a W-2?

Yes, you can still file your taxes without a W-2, but you’ll need to provide accurate information. If you don’t receive your W-2 by mid-February, contact your employer or the IRS. The IRS may instruct you to file using Form 4852 (Substitute for Form W-2), which requires you to estimate your earnings and taxes withheld based on your pay stubs or other records.

5. How can I get a copy of my W-2 online?

To get a copy of your W-2 online, check if your employer provides digital access through their payroll provider. Platforms like ADP, Paychex, or Gusto often allow employees to log in and download W-2 forms. If you cannot access it through your employer, you can request a wage and income transcript from the IRS through their Get Transcript tool.