Everything you need to know
about Form W-2
for 2024
Find out about all the filing requirements for Form W-2.
Complete Guide on Form W-2 Filing for 2024 Tax Year
Updated on November 08, 2024 - 10:30 AM by Admin, ExpressEfile Team
Employers in the United States who have regular employees working for them must know about
Form W-2. Form W-2 is an annual return filed with the Social Security Administration (SSA) by the employers for each employee.
Read on to learn more about Form W-2. Following are the topics covered in this article:
This article covers the following topics:
- What is Form W-2?
- Who must file Form W-2?
- What information should be reported in Form W-2?
- What is Form W-3 and when it is required?
- What are the copies available in Form W-2?
- Deadline to file Form W-2
- Penalty for late filing of Form W-2
- Form W-2 filing methods
- E-File Form W-2 with ExpressEfile easily and quickly
1. What is Form W-2?
Form W-2, Wage and Tax Statement, is used to report the annual wages paid to employees and taxes withheld from their paychecks in a calendar year. It is an annual return that needs to be filed with the Social Security Administration (SSA) and a copy of the return must also be sent to employees without fail. Employees use their copy of Form W2 to file their income tax returns.
Form W-2 is not only required to be filed with the SSA (federal agency) but also needs to be filed with the state agency where the business operates. Most states require that you
file Form W-2 separately, so make sure you check the state requirements whether it’s mandated in your state or not.
There are some changes in Form W-2 for 2024 Tax Year. Know the
Form W-2 changes here
2. Who must file Form W-2?
Employers with one or more employees to whom they have made payments for the services provided by the employees in a calendar year must
file Form W-2. The payments include non cash payments.
The IRS wants you to file Form W-2 if you have:
- Withheld income tax or FICA (social security and Medicare) tax from the employee paychecks
- Would have to had to withhold income tax if the employee had claimed no more than one withholding allowance (for 2019 or earlier Forms W-4) or had not claimed exemption from withholding on Form W-4
- Paid $600 or more in wages even if you didn’t withhold any federal income tax and
FICA taxes.
Get to know the step by step instructions to file Form W-2 for the 2024 tax year.
3. What information should be reported on Form W-2?
Below are the details required to file W2 Form:
- Employer Info: Name, EIN, Employer Type, and Address
- Employee Info: Name, SSN, Address, and Contact Information
- Federal Info: Federal wages and federal income tax withheld
- FICA Info: Social security and Medicare taxes withheld
- State Info: State wages and state income tax withheld
- Local Tax Info: Local, city, or other income tax withheld
Make sure you have all these details before you start filing Form W-2 for
your employees.
4. What are the copies available in Form W-2?
Form W2 consists of six copies. Below are the copies and its purpose:
| Employer Copy | Employee Copy |
|---|---|
|
Copy A - Submitted by the employer to the Social Security Administration |
Copy B - To be sent to the employee and filed by the employee with the employee's federal income tax returns |
|
Copy D - To be maintained by the employer, for the employer's records |
Copy C - To be retained by the employee for the employee's records |
|
Copy 1 - To be filed with the employer's state or local income tax returns |
Copy 2 - To be filed with the employee's state or local income tax returns |
Opt to mail copies of Form W-2 to your employees while you
e-file Form W-2 through ExpressEfile, and we’ll send your recipient copies on your behalf before the deadline.
5. When is the deadline to file Form W-2 for 2024
tax year?
The IRS has set a deadline for both filing Form W2 and issuing copies of the form to recipients.
Below is the Form W-2 deadline for the 2024 tax year:
| Send recipient copies of Form W-2 on or before | File Form W-2 electronically on or before | File Form W-2 by paper on or before |
|---|---|---|
|
January 31, 2025 Have us mail your recipient copies when you e-file with us |
January 31, 2025 E-File Now |
January 31, 2025 |
6. What is the penalty for late filing of
Form W-2?
The IRS will impose a penalties for late filing of Form W2, and the penalties may vary based on how late you file the return. Below are the penalty rates based on the filing date of the form:
| If you file Form W-2 after the deadline | You’ll have to pay a minimum penalty of | You’ll have to pay a maximum penalty of |
|---|---|---|
Within 30 days |
$60/form |
$664,500 per year ($232,500 for small businesses) |
More than 30 days, but before August 1 |
$130/form |
$1,993,500 per year ($664,500 for small businesses) |
After August 1 |
$330/form |
$3,987,000 per year ($ 1,329,000 for small businesses) |
If you have not filed the form intentionally or reported incorrect payee statements - $660 |
||
For fraudulent filings - $5,000 or more. |
||
7. What is Form W-3 and when it is required?
Form W-3, Transmittal of Wage and Tax Statements, summarizes the total wages, tips, and compensation paid to all employees and the taxes withheld from their wages in a calendar year. In total, it summarizes the number of Form W2 filed for each employee.
If you are paper filing Form W-2, you must file Form W-3.
If you e-file Form W-2, you are not required to file Form W-3. However, ExpressEfile will generate Form W-3 for your record-keeping purposes.
E-file Form W-2 Now8. Form W2 filing methods
Form W-2 can be filed with the SSA electronically. The e-filing method not only makes the filing process accurate but also transmits your return securely. The employers find it simpler to file their W2 Form electronically.
Also, the SSA recommends employers to file Form W-2 electronically for a quick processing.
Note: If you’re filing more than 250 returns, you must e-file the forms. Failure to do so may incur a penalty.
9. E-File Form W-2 with ExpressEfile Easily
and Quickly
With ExpressEfile, you can e-file Form W-2 for as low as $1.49/form (very less compared to paper filing). Our in-built audit check ensures error-free filing and you'll also get filing status instantly. ExpressEfile lets you choose to opt for postal mailing of recipient
Follow the steps below to e-file Form W-2 online with ExpressEfile:
- Enter Form W-2 information
- Review the form
- Transmit Form W-2 directly to the SSA
