What information appears on a W-2 form?

Form W-2 shows an employee’s gross wages and withheld taxes. It can also include other information such as deferred compensation, dependent care benefits, contributions to a health savings account, and tip income. If you paid an employee during the year, you must complete a Form W-2.

How do I correct wages on w2?

To correct a Form W-2 with an incorrect SSN (and/or employee name), simply complete boxes d – i on Form W-2c. These boxes show what you previously reported for the employee’s name and SSN as well as the corrections. You do not need to touch the federal, state, or local wage and tax boxes.

What are the codes for Box 14 on w2?

Box 14 — Employers can use this W-2 box to report information like:

  • A member of the clergy’s parsonage allowance and utilities.
  • Charitable contributions made through payroll deduction.
  • Educational assistance payments.
  • Health insurance premiums deducted.
  • Nontaxable income.
  • State disability insurance taxes withheld.

Who should expect to receive a W-2 from their employer?

In general, you will receive a W-2 from an employer if you earned at least $600 in a given year. You will also receive a W-2 if you had taxes withheld earning any amount from your employer. Note that if you were a contracted individual and not an employee, you will likely receive a 1099 instead of a W-2.

How do I fix w/2 errors?

Call the IRS toll free at 800-829-1040 or make an appointment to visit an IRS Taxpayer Assistance Center (TAC). The IRS will send your employer a letter requesting that they furnish you a corrected Form W-2 within ten days.

What copies of w2 do employees get?

Copy 1 is issued to any applicable state, city or local tax department. Copy D is retained by the employer. As an employee, you get three copies of your form W-2.

What is Box 14 on W-2 used for?

Box 14: Your employer may report additional tax information here. If any amounts are reported in Box 14, they should include a brief description of what they’re for. For example, union dues, employer-paid tuition assistance or after-tax contributions to a retirement plan may be reported here.

Do you have to report Box 14 on W-2?

In most cases, the information that your employer lists in Box 14 of your W-2 does not affect your income tax return. In fact, for many Box 14 entries, the IRS does not even provide a place for it to get reported on your return forms.

What happens if you don’t get a W-2 from your employer?

If you don’t receive your W-2 by Feb. 15, 2021, contact the IRS at 800-829-1040. The IRS will contact your employer to issue W-2 Form that is missing. The IRS will also send you a Form 4852: Substitute for Form W-2 or a Form 1099-R.

What makes up other compensation on Form W-2?

Other compensation includes taxable amounts that you paid to your employee from which federal income tax was not withheld. You may show other compensation on a separate Form W-2. See Multiple forms.

How to calculate taxable wages on a W2?

Use your last pay stub for the year to calculate the taxable wages in boxes 1 and 16 in your W-2. Begin with the Gross Pay YTD (year-to-date) and make the following adjustments, if applicable: Add Employer Paid Benefits Taxable* for QDP Medical and Dental YTD

When do I need to fill out a W-2 form?

The entries on Form W-2 must be based on wages paid during the calendar year. Use Form W-2 for the correct tax year. For example, if the employee worked from December 23, 2018, through January 5, 2019, and the wages for that period were paid on January 8, 2019, include those wages on the 2019 Form W-2.

Are there discrepancies between Forms W-2 and W-3?

Discrepancies when reconciling Forms W-2 and W-3 with Forms 941, 941-SS, 943, 944, CT-1, and Schedule H (Form 1040) due to Coronavirus (COVID-19) related employment tax credits and other tax relief. Form W-2c reporting of employee social security tax and railroad retirement tax act (RRTA) deferred in 2020. Disaster tax relief.