What is Form W-2, what are the deadline for filling it and where can I get one?
You’ll need it to do your taxes, and you won’t be able to bury it in a drawer.
A W-2 form is more than just a piece of paper; it’s one of the most crucial documents you’ll need when it comes to filing your taxes. What is a W-2, how do I comprehend what’s on it, and how do I acquire my W-2?
What is the W-2 form?
The IRS Form W-2, commonly known as the “Wage and Tax Statement,” summarises an employee’s previous-year wages, as well as the amount of tax withheld by the employer and other information. If you are concern about where to find your w2 online form, then there is no need to panic. Employees receive a Form W-2 in January from their employers (a copy also goes to the IRS). Form W-2 is used by employees to prepare their tax returns.
Your Form W-2 shows how much money you made from your employer in the previous year and how much withholding tax you paid on that money. When it’s turned to pay taxes, the information on the W-2 decides whether they’ll get reimbursement or have to pay a check.
Every employer who paid you at least $600 during the year should send you a W-2. It’s possible that tip income will appear on your W-2. Client’s issue 1099s to freelancers and independent contract workers instead of W-2s.
What are the filing deadlines?
Here are some key dates to keep in mind so you can file your W-2 forms on time every time:
- Every year, the tax year spans from January 1 to December 31.
- January 31st is the cutoff for submitting an employee’s W-2 form for the previous tax year.
- The deadline for paper submission of the employer’s Copy A of Form W-2 is February 28/29.
- The deadline for electronically filing the employer’s Copy A of Form W-2 is March 31.
What happens if you don’t submit your paperwork on time?
W-2 forms are completed by employers, not employees, according to the IRS. It is your job as a business owner to guarantee that each employee’s form is completed and filed on time.
If you fail to file the forms on time, you may be fined. The greater the fine, the longer you wait to file.
The Best Online W-2 Finders for free
You can find your w2 online form easily from the below resources.
- You may import your W-2s into TurboTax using the W2 finder in TurboTax. This function is simple to use and enters your information in the appropriate areas on your tax return.
- Your W-2 information can be automatically collected and loaded into your tax return using the H&R Block W2 finder. If your company has specified that the form is available online, this is helpful.
- Both companies can check up the company for which you work, or they can look up your W2 using your Employer Identification Number.
- After that, you may either import Form W-2 into your tax return or download it to your computer.
Over 100 million W-2 forms freely available online, using the TurboTax or H&R Block W2 finder to locate yours may be a breeze. TurboTax and H&R Block are two online tax preparation services that offer a free W2 search and import feature, allowing you to locate your W2 fast online.