When do w2 forms come out

You should only receive a W-2 if you are an employee. If you are an independent contractor or self-employed, the work you do may be the same as an employee, but you will receive an earnings statement on a Form rather than a W The W-2 form is divided into boxes that report various items relating to your income. In box 1 of the W-2 you will find your annual wage and salary payments with the amount of federal tax withheld from it in box 2.

Since only a portion of your income is subject to the Social Security tax, you may find that box 3 reports an amount that is less than your total wages for the year. Other boxes on the W-2 form include your wages subject to Medicare tax, Social Security taxes that are withheld and information on your state income tax withholding, if applicable. When your employer withholds amounts from your paycheck for federal income taxes, those amounts are remitted to the IRS throughout the year.

You may not realize it, but in most cases, you cannot wait until the filing deadline to pay your entire tax bill. The IRS requires everyone to make periodic payments throughout the year; however, your employer takes care of this for you. When you prepare your federal return and calculate your tax for the year, the withholding amount your employer reports on the W-2 must be subtracted from your tax bill. Once you perform this calculation, you will know whether to expect a refund or make an additional tax payment.

If you file a state income tax return, the same calculation is necessary for the amount withheld to pay your state income taxes. The identifying information section of the W-2 is essentially a tracking feature. If the income you report on your taxes does not match the information on your W-2, the IRS will want to know why.

Similarly, the IRS will match the reported payment amounts with your employer's corporate tax return for accuracy. But most importantly, since the IRS receives a copy of your W-2, it already knows whether you owe tax and may contact you if you fail to file a tax return.

If the name or Social Security number on your W-2 is inaccurate, you should immediately report this to your employer to correct. When you finish your tax returns and get ready to file them, remember that a copy of your W-2 must always be attached. Tax refunds should also be released at a faster rate as well, although only time will tell as to how much faster.

You can import your W-2 info directly from your employer. The majority of businesses, and also the military services, now provide W-2s online. The forms are accessible for free download via online tax filing.

Your company will often let you know they have hired a payroll or W-2 delivery company that has the online W-2 import available to you. Check with your previous employer to see if your W2 has been sent out. More In News. Helping fraud detection The normal January filing date for wage statements means that the IRS can more easily detect refund fraud by verifying income that individuals report on their tax returns. Start early Good preparation now can help businesses avoid problems later.

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