In January of each year, all workers get their Wage and Tax Statements, Forms W-2, detailing all salary, wage, and other payments made through the payroll system over the previous calendar year. By the end of January, all current workers should have received their W-2s. As of January 1, the most up-to-date mailing address on file will receive the Form W-2 for inactive workers.

Who Needs to Submit a Wage and Tax Statement (Form W-2)?

Every worker who was paid by salary, wage, or other similar arrangement must receive a W-2 form from their company. Employees that are independent contractors who pay their own taxes will not be included. A W-2 form must be sent to each employee by their employer by January 31st of each year. This gives workers plenty of time to file their income taxes (which is April 15 in most years).

Federal Insurance Contributions Act (FICA) payments paid by employers on behalf of their employees must be reported on W-2 forms each year. The Social Security Administration (SSA) requires all businesses to submit Form W-2 and Form W-3 for each employee by the end of January, detailing the employee’s earnings and deductions for the prior calendar year. The SSA utilizes these forms to determine the amount of Social Security benefits to which each worker is eligible.

Form W-2, Wage and Tax Statement: Instructions for Filing

Every year, your employer will send you a Form W-2 to use when filing your taxes if you are an employee. Another copy of your W-2 will be filed with the IRS by your employer.

When you are employed, you will be asked to fill out a W-4 (or W-9) so that your employer can properly account for your wages, taxes withheld, employer-provided benefits, and pre-tax contributions to items like a 401(k) retirement plan. When an employee submits a W-4 form to their employer, they can specify how much tax should be withheld from their pay depending on their marital status, the number of allowances they claim, and the number of dependents they have.

The information on your W-2 must be entered into a paper or digital copy of Form 1040 when filing your income taxes. In many circumstances, W-2 data may be imported directly from your payroll service into online tax preparation software.

Read more: Tax Filing Tips for the Self-Employed

When are 2022 W-2 forms due?

Employers must provide you with a W-2 by January 31st after the closure of the calendar year to comply with IRS regulations. This implies that W-2s are often mailed out by January 31st, albeit employees may not receive them by this date.

You can get a 30-day extension from the Social Security Administration (SSA) and the Internal Revenue Service (IRS) to file your W-2 forms if you need it by filling out Form 8809, Application for Extension of Time to File Information Returns. A minimum of one of the extension requirements must be met on your part.

If you need more time to submit your W-2s and you get it, that doesn’t mean you don’t have to provide your employees their copies by January 31st unless you also get an extension to give them their copies. If you need more time to provide your workers their W-2s, you can fax the IRS a letter asking for an additional 15 days.