As the 2025 tax season approaches Americans need to get their paperwork ready to ensure a smooth filing process. One critical document to keep in mind is the IRS W-2 form.
Employers are required to provide this form to employees and submit it to the IRS and Social Security Administration (SSA) by Friday, January 31, 2025. This gives employees ample time to meet the tax filing deadline of Tuesday, April 15, 2025.
What is IRS Form W-2?
IRS Form W-2 is a tax document that shows an employee’s earnings for the previous year. It includes information such as,
- Total income earned
- Federal, state and local taxes withheld
- Benefits like health insurance or retirement contributions
This form is essential for filing federal and state taxes accurately. Employers must provide W-2 forms to employees and employees rely on this document to calculate their tax returns correctly.
Responsibilities for Employers
For businesses filing Form W-2 on time is crucial. Here’s what employers need to know,
- The deadline to file W-2 forms with the IRS and SSA is January 31, 2025.
- Employers can file electronically or by mail. Those submitting 10 or more forms must file electronically unless the IRS grants a waiver.
- In exceptional cases businesses can request a 30 day extension using Form 8809.
- Ensure all information is correct to avoid delays or penalties.
Employers can find more details about filing methods on the IRS’s “Where and When to File” page.
Responsibilities for Employees
If you haven’t received your W-2 form by early February contact your employer immediately. Employers might provide an electronic version if the paper form is delayed. It is also important to,
- Check for errors such as incorrect income amounts or misspelled names. Report any issues promptly.
- Using incorrect information on your tax return can lead to processing delays or penalties.
Remember the W-2 form is not just for filing taxes. It also helps calculate Social Security and Medicare benefits making accuracy even more important.
How to Use Form W-2
Your employer fills out Form W-2 to provide key information for your tax return. This includes:
Information on W-2 | Description |
Total Earnings | Your total income for the year. |
Taxes Withheld | Federal, state, and local tax amounts. |
Retirement Contributions | Amounts contributed to 401(k) plans. |
Health Benefits | Details on health savings accounts and premiums. |
Tips and Bonuses | Any additional earnings. |
Make sure to cross check these details while filing your taxes.
Difference Between Form W-2 and Form W-2G
While Form W-2 is for income and taxes Form W-2G applies to gambling winnings. If you’ve won money at a casino or through other gambling activities the operator may issue a W-2G form. Key points include,
- Gambling winnings are taxable income.
- If you receive multiple W-2G forms you must report the total winnings from all forms.
- Even without a W-2G you must report all gambling income on your tax return.
Why Filing on Time Matters
Filing your W-2 on time ensures:
- Avoid mistakes that can delay refunds or lead to penalties.
- Late filings can result in fines for employers and issues for employees.
- Social Security and Medicare rely on W-2 information.
FAQs
1. What should I do if I don’t receive my W-2 form?
Contact your employer immediately. They might provide an electronic version or resend the paper form.
2. Can I file my taxes without a W-2?
While not recommended you can use Form 4852 (a substitute for W-2). However, this may delay your refund.
3. Is filing Form W-2 electronically mandatory for employers?
Yes, if you’re filing 10 or more forms electronic submission is required unless waived by the IRS.