Understanding the W-2 form is an essential part of the tax season. As an employee, you have to fill out this Form yourself and complete it by January 31 each year. By verifying the information and using the data provided, you can file your personal tax return. The Form serves as an official report of your annual earnings and the various taxes, like federal, state, and local, already withheld from your paychecks.

By learning how to fill out a W2 form as an employee, you can ensure your Social Security number is correct and confirm you're getting every credit you deserve when you finally start filing.

How to Fill Out a W2 Form as an Employee? Easy Steps

Before starting the filing process, it's essential to ensure the basic requirements of e-filing the W-2 form are met efficiently.

Look at the requirements below for the seamless filing process:

Basic Requirements for E-filing the W-2 Form

1. To e-file the forms W-2, W-2AS, W-2GU, and W-2VI, but not Form W-2CM, if you are filing at least 10 information returns, you must file Forms W-2 electronically.

2. Now, add together the number of information returns and the number of Forms W-2 you must file in a calendar year. In case you have 10 or more returns at such times, you need to e-file the W-2 form.

3. If you need to issue an additional Form W-2 to report more than four coded items in box 12, the additional Form W-2 is included in the number of information returns for the purpose of defining whether you must e-file.

4. The given information return forms added together for the purpose like: Form 1042-S, the Form 1094 series, Form 1095-B, Form 1095-C, Form 1097-BTC, Form 1098, Form 1098-C, Form 1098-E, Form 1098-Q, Form 1098-T, the Form 1099 series, Form 3921, Form 3922, the Form 5498 series, Form 8027, Form W-2G, and Form 499R-2/W-2PR.

5. If you fill in accurate information in the Form, then it will not be included in calculating the number of information returns described above.

When to Fill Out the W-2 Form?

1. You have to submit a copy A of the W-2 form via mail or electronically to the SSA with the transmittal Form W-3 by January 31. The deadline will apply if you have terminated your business.

2. By January 31, you need to furnish the official Copies B, C, and 2 of Form W-2 to your employees.

3. By doing that, you will meet the filing requirement if the Form is accurately filled out and mailed on or before the deadline.

4. Before the end of the year, if an employee stops working for you, at such times, you may give your former employee Form W-2 any time prior to, but no later than January 31.

5. If an employee asks for the Form W-2, you must provide them copies B, C, and 2 within 30 days of the request or within 30 days of the final wage payment, whichever is later.

Steps To File the W-2 Form Seamlessly

To file W-2 forms, you must use the Social Security Administration (SSA). Because the IRS now requires all employers filing 10 or more information returns to file electronically, this is the mandatory method for most businesses.

Follow the steps below to successfully file the W-2 Form:

1. You will get the official W-2 Form as a multi-copy form packet.

2. For each W-2 Form, the form packet provides all six copies, like Copy A, Copy 1, Copy B, Copy C, Copy 2, and Copy D.

3. You can get the mailing address from the general instructions for mailing the copy A of the Form W-2 and Form W-3 for the Forms W-2 and W-3 PDF.

4. The Form W-3 and Copy A of each Form W-2 that you send to the SSA must be on official red-ink versions and can be ordered online or by calling the 800-TAX-FORM number.

5. For more information, you can refer to the general instructions for Forms W-2 and W-3.

6. You can make a copy of the W-3 form and a copy of every W-2 form to keep your records for at least 4 years.

7. Now, you need to send a copy 1, if needed, to the local or state, city tax department. Contact that state, city, or local tax department for requirements and transmittal information.

What are the General Instructions for the W-2 Form?

1. Following the e-file process is best when you have one or more employees to make payments, so in that case, you must e-file the W-2 form.

2. Next, you need to complete and file the W-2 form for every employee. Look at the points given below to understand:

1. You withheld income tax, Social Security tax, or Medicare tax from wages, no matter the total amount of those wages.

2. If the employee did not claim exemption on Form W-4, you were required to withhold income tax.

3. For any employee paid $600 or more, a W-2 is required, even if no tax was withheld.

1. These are the only situations when you don't have to file a W-2 Form with the IRS. It may happen when you don't want to withhold any income tax or Medicare tax, and you paid the employee less than $600. This is for certain election workers and foreign agricultural workers.

In a Nutshell!

By understanding how to fill out a W2 form as an employee, you can ensure a smooth financial year. The W-2 Form is one of the most essential documents you will receive every year. By carefully reviewing the details from your Social Security number to the total federal tax withheld, you can protect yourself from filing errors and potential IRS delays.

Keep your forms organized, solve conflicts instantly with your payroll department, and use your data to complete the tax return form. With an accurate W-2 form, you can easily claim your refund and start the new financial year efficiently.