Form W-2 Due Date for 2024 Tax Year

Employers use Form W-2 to report wages paid to employees and the taxes withheld from employee paychecks. This annual form is filed with the Social Security Administration (SSA) and the state. Employers also need to provide Form W-2 copies to employees to be used for their
income tax returns.

Employers are required to file Form W-2 if they pay one or more employees for their services in business or trade. If you’ve withheld any amount from employee paychecks for Social Security, Medicare, or income taxes or paid an employee $600 or more in wages, you need to file Form W-2.

It is essential to know the Form W2 due date before filing to stay away from the penalties. Employers need to file Form W-2 for their employees and send copies of the forms to employees before the due date. Below is the deadline to
file Form W2 for 2024 tax year :

The IRS will impose penalties for not filing Form W-2 within the deadline. Late filing Form W-2 results in a $60 penalty for each form that is late. That fine increases to $130 per W-2 30 days after
the deadline.

Form W-2 can be filed either electronically or by paper.

• Paper filing: Paper filing of Form W-2 requires filling out form manually and sending it to the Form W-2 mailing address. The main disadvantages of paper filing are that there are chances of errors as the form is filled manually, and you’ll never get the status of your filed return. It also includes hidden
  filing costs.
• Electronic filing: To file Form W2 online easily and securely, you may choose to
  file W-2 electronically. The SSA also recommends the filing of Form W-2 for a quicker processing and accuracy. To file returns electronically, first you will need to choose an
  IRS-authorized e-file provider like ExpressEfile and complete the form in the application.

Checkout the below infographics to know the advantages of e-filing Form W-2 over paper filing.