When You’ll Get Your W-2 Form for Income Taxes, and What to Do if You Don’t

The 2023 tax season is barely per week away. The IRS has introduced the first date on which it would begin accepting 2022 tax returns — Jan. 23, 2023. 

For many full-time staff, nevertheless, you’ll be able to’t begin submitting your taxes till you obtain your W-2 type out of your employer. It accommodates vital data to your tax return that can also be required to calculate your potential tax refund.

What’s the W-2 type, what vital info does it include and when it’s best to anticipate to obtain it? We have got all the things it’s essential to learn about W-2 kinds and your 2022 earnings taxes.

For extra tax ideas, study all the things about when your 2022 taxes are due, all of the tax breaks you will get when you personal a house and our recommendation on the very best tax software program

What’s a W-2 type?

A W-2 type — extra formally known as Kind W-2, or “Wage and Tax Assertion” — is the official tax doc that your employer sends you and the IRS on the finish of each tax yr. Most vital, your W-2 type exhibits your wages and wage for the previous yr plus the quantity of taxes that you’ve got already paid on that earnings.

Your W-2 type consists of different vital data like Social Safety and Medicare taxes and compensation info you would possibly want for sure credit or deductions. It additionally breaks out your state-specific earnings and tax information in a piece alongside the underside.

Whether or not you do your taxes with pen and paper, in your pc or telephone, or with a skilled tax preparer, you will want to make use of info from a number of of the packing containers on Kind W-2 to finish your earnings tax return for 2022.

What info is included in my W-2 type?

Kind W-2 features a strictly outlined set of earnings and tax info for each American taxpayer. This is a fast breakdown of the entire packing containers and information on the W-2 type:

Containers A-F: The lettered packing containers on the highest and left aspect of the doc include figuring out info for each you and your employer, together with authorized title, tackle, your Social Safety quantity and the tax identification variety of your employer. (The “management quantity” is only a distinctive ID for figuring out your W-2 in your employer’s system.)

Containers 1 and a couple of: These two packing containers have crucial info for many taxpayers — your complete wages, ideas and different compensation for 2022, and the full federal earnings tax that was withheld for the yr.

Containers 3 by way of 6: These packing containers present how a lot of your earnings is topic to Social Safety and Medicare taxes, in addition to how a lot taxes you paid for each in 2022.

Containers 7 and eight: Should you obtain compensation by ideas, these two packing containers present how a lot tip earnings you reported, and the way a lot your employer reported in ideas paid to you. 

Field 9: Don’t fret in regards to the mysteriously grayed-out Field 9. It was previously used for reporting advance funds for the Earned Earnings Credit score. That tax perk led to 2010, but the field stays.

Containers 10 and 11: Field 10 exhibits any dependent care advantages you might have obtained in 2022, whereas Field 11 accommodates any deferred compensation. 

Field 12: This field accommodates extra compensation or reductions to taxable earnings, and there are 28 attainable objects that may be included right here, every designated by a single or double letter code. A few of these codes should be included in your tax return, whereas others are solely to your info.

Field 13: Three choices right here present earnings that is not topic to federal tax: employer-sponsored retirement plan (like a 401(okay) account), third-party sick pay (corresponding to personal insurance coverage) or cash earned as a statutory worker.

Field 14: This field acts as a catch-all to your employer to report any extra tax info, corresponding to tuition help or union dues. Employers may embrace sure state and native taxes right here. 

One frequent Field 14 entry is cost for state incapacity insurance coverage (SDI), which could be deductible for some taxpayers.

Containers 15 by way of 20: The packing containers on the backside of your W-2 type present your earnings and withholding information for 2022 as they relate to your state taxes. That part additionally consists of your employer’s state ID quantity.

When will I obtain my Kind W-2?

It is best to obtain your Kind W-2 by Jan. 31, 2023, on the newest. Employers are required by regulation to ship W-2 kinds to all staff and the IRS by the top of January. 

You’ll seemingly obtain your W-2 type within the mail, though many corporations now make them additionally out there to staff by way of on-line portals. Your W-2 type would possibly come from a third-party like ADP or Gusto that handles your organization’s payroll, so be looking out.

What ought to I do if I do not get my W-2 type by Jan. 31?

First, ensure that your employer hasn’t emailed you directions on the right way to entry your W-2 type on-line. In accordance with IRS Publication 15A, employers can present digital variations of W-2 kinds if staff choose in. There is likely to be an e-mail with directions that is been filtered to your spam or junk folders.

Subsequent, contact your human assets or payroll division to ask in case your W-2 type has been despatched and, if that’s the case, to request that they ship you one other.

In case your employer can’t or doesn’t assist you to, you can even contact the IRS instantly to your W-2 info. You may name the company at 800-829-1040, and the IRS will contact your employer or payer and request your lacking W-2 type for you.

While you name the IRS for assist with a lacking W-2 type, you will must have a number of items of data to confirm your id:

• Authorized title, tackle, Social Safety quantity and telephone quantity
• Employer title, tackle and telephone quantity
• Dates you labored for the employer
• Estimates of your wages and earnings tax withheld in 2022

For the final merchandise within the record, your final paycheck of the yr is an effective method to discover an estimate of your complete wages and taxes paid.

Should you nonetheless do not obtain or cannot entry your W-2 type by April 18 — when taxes are due this yr — you could have a number of choices for submitting your 2022 tax return.

First, you’ll be able to file your tax return through the use of Kind 4852, an alternative choice to the W-2 type that allows you to estimate your earnings and withholding tax. Nevertheless, when you discover out later that the knowledge in your return is totally different out of your W-2, you will must file an amended return.

Alternatively, you’ll be able to file Kind 4868 and ask for a six-month submitting extension that gives you extra time to trace down your W-2. Should you do not assume you owe any taxes, you do not have to pay something. Should you do owe taxes, you will must pay an estimated quantity if you file your extension or threat a penalty later.

For extra tax ideas, find out about tax modifications in 2022 to keep away from refund shock.