When to File W-2s: Deadlines for Employers and Employees
Understand the essential timing for W-2 forms that impacts both employers and employees, ensuring smooth tax reporting and avoiding compliance issues.
Form W-2, the Wage and Tax Statement, details an employee’s annual wages and the amount of taxes withheld from their paychecks. This document is used for reporting income to the Internal Revenue Service (IRS) and state tax agencies.
Employer Deadlines for Submitting W-2s
Employers must submit Form W-2 to the Social Security Administration (SSA) for the preceding calendar year’s wages by January 31st. For example, W-2s covering wages paid in 2024 must be filed by January 31, 2025. Employers also have a similar deadline to file copies of W-2s with state tax agencies.
The IRS encourages electronic filing for employers submitting 10 or more W-2 forms. Electronic submission through the SSA’s Business Services Online (BSO) portal is the preferred method. Paper filing is available using Form W-3, Transmittal of Wage and Tax Statements, but is reserved for employers filing fewer forms.
Employee Deadlines for Receiving W-2s
Employers must furnish Form W-2 to their employees by January 31st following the calendar year in which wages were paid. This ensures employees have information to file their income tax returns. Employees may receive their W-2s via mail or, with consent, electronically through a secure online portal.
If an employee does not receive their W-2 by mid-February, they should first contact their employer. If the employer cannot resolve the issue, the employee can then contact the IRS for assistance. The IRS may help by contacting the employer or providing a substitute.
Consequences of Missed Deadlines
Failing to meet W-2 filing or furnishing deadlines can result in penalties for employers. Penalties vary based on how late the forms are filed and the employer’s size, ranging from $60 to $310 per form for late submissions or incorrect information, with higher penalties for intentional disregard. Similar penalties may apply at the state level.
Employees affected by missing W-2s may experience delays in filing their income tax returns. This delay can postpone receiving any tax refund they are owed. While employees can estimate their income and withholdings to file on time, not having the official W-2 can lead to errors that might require amended returns later.
Citations
1. IRS. “General Instructions for Forms W-2 and W-3.”
2. IRS. “Information Return Penalties.”