When Are W-2s Due? Deadlines for Employees and Employers
Uncover the definitive W-2 deadlines. Essential insights on when these crucial wage and tax statements are due for compliance.
A Form W-2, also known as the Wage and Tax Statement, summarizes an employee’s annual wages and taxes withheld from their paychecks. This statement is essential for employees to file their individual income tax returns and for employers to report wages and withholdings to the government. It serves as a record of earnings and taxes paid throughout the year.
When Employees Receive Their W-2s
Employers are required to furnish Form W-2 to their employees by January 31st of each year for the previous calendar year. For instance, a W-2 for the 2024 tax year must be provided by January 31, 2025. Employees use the W-2 to prepare and submit their personal income tax returns.
If the January 31st deadline falls on a Saturday, Sunday, or a legal holiday, the due date is automatically extended to the next business day. While employers are expected to send these forms by the deadline, mail delivery times mean an employee might receive their W-2 a few days into February. Employees who do not receive their W-2 by early February should first contact their employer.
When Employers File W-2s with the Government
Employers must also file copies of W-2 forms with the Social Security Administration (SSA) by January 31st. This filing includes Form W-3, a Transmittal of Wage and Tax Statements, which summarizes total wages and taxes withheld for all employees and accompanies the W-2 forms sent to the SSA.
The SSA uses this information for accurate record-keeping of employee earnings, which is important for Social Security benefits and for the Internal Revenue Service (IRS) to cross-reference with individual tax returns. If January 31st falls on a weekend or holiday, the SSA filing deadline shifts to the next business day.
Penalties for Missed Deadlines
Employers who fail to meet W-2 deadlines for providing forms to employees or filing with the government can face financial penalties. The IRS imposes these penalties, which vary based on how late the forms are provided or filed. Business size can also influence the penalty amount, with different tiers for small businesses.
Penalties are assessed per W-2 form, meaning total fines can quickly accumulate for businesses with multiple employees. Employers should prioritize timely and accurate W-2 reporting to avoid these consequences and maintain tax compliance.