Form W-2 Changes for the 2024 Tax Year
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Changes in Form W-2 for the 2024 Tax Year
Updated on December 24, 2024 - 10:30 AM by Admin, ExpressEfile Team
Form W-2 is filed by employers in the United States every year for their employees. Employers have to keep an eye out for the updates to the form every time before they file the return as incorrect filing may lead to penalties.
Read on to learn more about Form W-2 changes made by the SSA for the 2024 tax year.
1. What is Form W-2?
Form W-2 is filed to report wages paid to employees and taxes withheld from employee paychecks. Employers will send the copies of Form W-2 to employees.
2. Changes in Form W-2 for 2024 tax year
Before filing Form W-2 for your employees, there are a few changes that you should be aware of. Below are the changes in Form W-2 for 2024 tax year:
Boxes A through II: Use the lettered boxes on Form W-2 to enter both employer and employee information.
- For the 2024 Tax Year, the IRS Adds Box 12 Code II for Income from the Exclusion of Medicaid Waiver Payments (IEMWP-II).
- For 2024, the social security wage base is $168,600, and the social security tax withheld amount should not exceed $10,453.20 ($168,600 × 6.2%).
- The penalty rates for failure to file or furnish penalties and intentional disregard of filing and payee statements have increased.
With ExpressEfile, you can e-file Form W-2 with new changes easily and securely. It’ll take only a few minutes to complete the whole process.
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3. Deadline to file Form W-2
Form W-2 must be filed every year on or before January 31st. The deadline to furnish employee copies is also January 31st. If the W-2 deadline falls on a weekend or a federal holiday, the form can be filed on the next business day.
4. E-File Form W-2 for the 2024 tax year
ExpressEfile supports the most up-to-date Form W-2 with the changes mentioned above. Choose to e-file Form W-2 and avail the best benefits like error-free filing at the lowest price, $1.49/form. Also, you can mail your employee copies using our postal mailing option. It just costs $2.99/form to e-file W2 online and mail employee copies.
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