Americans will need to have all of their paperwork ready for the next 2025 tax season so they can submit it on time. Although the precise date has not yet been disclosed, the Internal Revenue Service (IRS) is anticipated to start processing 2024 tax returns later this month.
The W-2 form is one document that employers must provide to employees by the end of January and submit to the IRS and the Social Security Administration.
Employers must submit this essential paperwork by Friday, January 31, 2025, to give employees enough time to file their tax returns before the deadline of Tuesday, April 15, 2025.
The Internal Revenue Service (IRS) has confirmed the Form W-2 deadline for all taxpayers
Each employee’s income for the previous year, including the amount of taxes deducted from their paychecks and any perks they received, is listed on the W-2 tax form. A W-2 tax form provides crucial information about your employer’s income, withheld taxes, and benefits provided for the year, used to file federal and state taxes. The employee can use this form to assist with filing federal and state taxes. Below you will find the information you need to know to file the Form W-2 as an employer or as an employee.
W-2 form conditions for the employer
During tax filing season, one of the most important tasks for businesses is to file a W-2 form on behalf of each employee. The completed forms must be sent to the IRS and the Social Security Administration (SSA) by January 31 at the latest. If necessary, businesses that satisfy at least one of the requirements for exceptional circumstances may submit a Form 8809 application for a 30-day extension.
Employers have the option of filing electronically or by mail with the IRS and SSA. However, unless the IRS waives this requirement, employers who file 10 or more information returns, including Forms W-2, must do so electronically, according to the tax agency. See the IRS’s Where and When to File page for additional instructions on how to submit the form.
W-2 form conditions for the employee
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You should have a completed W-2 by the end of January, so you should get in touch with your employer by early February if you haven’t received one yet. To assist with your filing, your employer might be able to provide you with an electronic copy if you are still awaiting the paper version to arrive in the mail. Inform your employers right away and request that any errors you see on your W-2 be fixed, such as a misspelled name or an inaccurate income number.
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Not doing so could lead to problems if you use inaccurate information as the basis for your tax return. According to the IRS’s guidelines for W-2 form filers, it is crucial to accurately and promptly prepare Form W-2 since it contains information that is used to calculate employees’ Social Security and Medicare benefits.
How should taxpayers use the Form W-2?
Important information required to complete your tax return is contained on Form W-2, which is filled out by your employer. The amount of federal, state, and other taxes deducted from your paycheck is shown, along with your overall earnings for the year. It could additionally include details regarding:
- tips
- contributions to a 401(k) account
- subsidies to a health savings account
- premiums for health coverage
What is the difference between Form W-2 and W-2G?
In most cases, gains from gambling must be reported as taxable income. You may receive a Form W-2G from the casino or other gambling operator at the gaming establishment right away or by the end of January, which you can use to file your taxes.
Therefore, you must record all of your gains from gambling even if you don’t always obtain a W-2G for them. When filing your tax return, you must include the wins from each W-2G form if you get more than one.
