Submit Form W-2: Wage and Tax Statement Before the Deadline

Now, let’s look at the information included in the W-2 Form. At the top of the form, you will need to enter your social security number, employer identification number (EIN), then you will find the employer’s contact information and your name, address, and other pertinent personal details.

Along the right side of the form, you will find a breakdown of your wages, tips, and other compensation, along with the tax withheld. This will include your total earnings for the year, as well as the amount withheld for federal taxes, state income tax, and local taxes. Other figures on the right side might include Medicare wages and tips, Social Security tips, Dependent care benefits, etc.

This will be completed in multiple copies for the employer, employee, and the local tax office. The employer is legally required to send copies of the W-2 Form to the IRS and the Social Security Administration.

If you are ever confused when filling out any of your tax forms, consult a tax professional. They can provide helpful advice on filing your taxes and will make sure that your taxes are filed accurately. As always, the IRS website is a great resource for information related to tax filing, or you can contact the IRS directly with any questions you may have.

Further official instructions regarding filling up some of the fields are provided towards the end of the form:

• Box 1. Enter this amount on the wages line of your tax return.
• Box 2. Enter this amount on the federal income tax withholding line of your tax return.
• Box 5. You may be required to report this amount on Form 8959. See the Form 1040 instructions to determine if you are required to complete Form 8959.
• Box 6. This amount includes the 1.45% Medicare tax withheld on all Medicare wages and tips shown in box 5, as well as the 0.9% Additional Medicare Tax on any of those Medicare wages and tips above $200,000.
• Box 8. This amount is not included in box 1, 3, 5, or 7. For information on how to report tips on your tax return, see the Form 1040 instructions.
• Box 10. This amount includes the total dependent care benefits that your employer withheld from you or paid to you on your behalf (including amounts from a section 125 (cafeteria) plan).

When Income, Social Security or Medicare tax was withheld

Box 11. This amount is (a) reported in box 1 if it is a distribution made to you from a nonqualified deferred compensation or nongovernmental section 457(b) plan, or (b) included in box 3 and/or box 5 if it is a prior year deferral under a nonqualified or section 457(b) plan that became taxable for social security tax and Medicare taxes this year because there is no longer a substantial risk of forfeiture of your right to the deferred amount.

Elective deferrals and Roth contributions

Box 12. The following list explains the codes shown in box 12. You may need this information to complete your tax return. Elective deferrals (codes D, E, F, and S) and designated Roth contributions (codes AA, BB, and EE) under all plans are generally limited to a total of $22,500 ($15,500 if you only have SIMPLE plans; $25,500 for section 403(b) plans if you qualify for the 15-year rule explained in Pub. 571). Deferrals under code G are limited to $22,500. Deferrals under code H are limited to $7,000.

Retirement plan box

Box 13. If the “Retirement plan” box is checked, special limits may apply to the amount of traditional IRA contributions you may deduct. See Pub. 590-A.

Other health related taxes

Box 14. Employers may use this box to report information such as state disability insurance taxes withheld, union dues, uniform payments, health insurance premiums deducted, nontaxable income, educational assistance payments, or a member of the clergy’s parsonage allowance and utilities. Railroad employers use this box to report railroad retirement (RRTA) compensation, Tier 1 tax, Tier 2 tax, Medicare tax, and Additional Medicare Tax. Include tips reported by the employee to the employer in railroad retirement (RRTA) compensation.