When Are W-2s Due? Deadlines for Employers and Employees

Form W-2, also known as the Wage and Tax Statement, is a tax document employers issue to report an employee’s annual wages and the amount of taxes withheld from their paychecks. This form is essential for employees to prepare and file their individual income tax returns, and for tax authorities like the Internal Revenue Service (IRS) and the Social Security Administration (SSA) to verify reported income and tax liabilities.

Employer Filing Obligations

Employers must submit Form W-2 for each employee to the Social Security Administration (SSA). The federal deadline for employers to file W-2 forms with the SSA is January 31st of the year following the tax year. This deadline applies to both paper and electronic filing methods. If this date falls on a weekend or legal holiday, the deadline shifts to the next business day.

Employers must also submit Form W-3, a summary document consolidating total wages and withholding amounts for all employees reported on individual W-2 forms. This form ensures the aggregated information matches the sum of the individual W-2s, providing reconciliation for the SSA and IRS.

While the federal deadline is uniform, some states may have different or additional deadlines for state-specific wage reporting. Businesses should check their state’s requirements to ensure full compliance. Employers are generally required to file W-2s for employees paid $600 or more in a year.

Employee Receipt Timeline

Employees should receive their Form W-2 from their employer by January 31st of the year following the tax year. This deadline ensures individuals have ample time to prepare their income tax returns before the typical April tax filing deadline. The W-2 contains information regarding wages, tips, other compensation, and federal, state, and local taxes withheld, which is used to complete tax filings.

If an employee’s employment ends before the calendar year concludes, the employer must still provide a W-2. The employer must furnish the W-2 by January 31st of the following year, or within 30 days of the final wage payment, whichever date is later. Employees typically receive multiple copies of their W-2, including copies for federal and state tax returns, and a copy for their personal records.

Consequences of Non-Compliance

Failing to meet W-2 deadlines or providing incorrect information can lead to penalties for employers. The IRS assesses fines based on how late the forms are filed or furnished, and the severity of the error. Penalties can range from approximately $60 to $660 per form, depending on the delay and whether the failure was due to intentional disregard of filing requirements. These penalties apply per form, meaning businesses with numerous employees can face substantial fines if not compliant.

If an employee does not receive their W-2 by the January 31st deadline, the first step is to contact the employer to request it. If the employer does not provide the W-2 after a reasonable amount of time, typically by the end of February, the employee can then contact the IRS for assistance. The IRS may then contact the employer to request the missing form.

If the W-2 remains unobtainable, an employee may use Form 4852, Substitute for Form W-2, to file their tax return. This form allows employees to estimate their wages and tax withholdings using information from pay stubs or other records. However, it is always advisable to obtain the actual W-2 or a corrected version from the employer if possible, as using Form 4852 may lead to delays in processing refunds if discrepancies exist.

Extensions and Corrections

Employers may request an extension to file W-2 forms with the SSA by using Form 8809. Filing this form generally grants an automatic 30-day extension for submitting the W-2s to the SSA. However, this extension typically does not apply to the deadline for furnishing W-2s to employees, unless specific, proven hardship circumstances exist.

If errors are discovered on W-2 forms already filed with the SSA or furnished to employees, employers must issue corrections. This process involves using Form W-2c. The W-2c rectifies inaccuracies in wage amounts, tax withholdings, or employee identification information.

When submitting W-2c forms to the SSA, employers must also file Form W-3c. The W-3c acts as a summary for all corrected W-2c forms being submitted, similar to how Form W-3 accompanies original W-2s. It is advisable to file these correction forms as soon as an error is identified to ensure accurate tax reporting and avoid potential issues for both the employer and employee.