W2 forms are sent to employees by their employers at the end of the year. This is an important document that is used to report the wages and taxes of an employee that are paid throughout the year. It is important to understand when employers send W2 forms in order to be prepared for filing taxes.
What is a W2 Form?
A W2 form is a specific type of tax form that is used to report income to the Internal Revenue Service (IRS). It is also used by employers to report wages and other compensation paid to employees. W2 forms are issued by employers and must be sent to their employees by the end of January each year.
What Information Does a W2 Form Contain?
The W2 form contains important information about the employee’s wages and taxes. This information includes the amount of money the employee earned, their federal income tax withholding, Social Security and Medicare taxes, and any other taxes that were withheld. The form also includes the name, address, and employer identification number of the employer.
When Do Employers Send W2 Forms?
Employers must send W2 forms to their employees by the end of January each year. The forms must be sent to the employee’s last known address, and if the employee has moved, the employer must provide the form to the new address. Employees should make sure to keep their contact information up to date with their employers to ensure they receive their W2 on time.
What Does an Employee Need to Do with a W2 Form?
Once an employee has received their W2 form, they should review it to make sure all the information is correct. If any information is incorrect, they should reach out to their employer to correct the form. The employee then needs to use the information on the form when filing their taxes. The employee should keep their W2 form in a safe place with their other important tax documents.
What is the Penalty for Not Sending a W2 Form?
The penalty for not sending a W2 form to an employee is a fine of up to $30 per form. However, if the employer does not send the W2 forms to the IRS, the penalty is much higher. The penalty for not sending W2 forms to the IRS is $50 per form and can increase up to a maximum of $530 per form.
What Happens if an Employee Does Not Receive a W2 Form?
If an employee does not receive a W2 form from their employer, they should reach out to the employer to request the form. If the employer does not provide the form, the employee should contact the IRS to report the issue. The IRS will then contact the employer to request the form and will provide the employee with a substitute form.
When Do Employers Send W2 Summary Reports?
In addition to sending W2 forms to their employees, employers must also send W2 summary reports to the IRS. This report is used to provide a summary of all the W2 forms that the employer has issued. The summary report must be sent to the IRS by the end of February each year.
Conclusion
Employers must send W2 forms to their employees by the end of January each year. The form includes important information about the employee’s wages and taxes, and the employee should review the form to make sure all the information is correct. Employers must also send a W2 summary report to the IRS by the end of February each year. If an employee does not receive a W2 form from their employer, they should contact the employer and the IRS to report the issue.
