Form W-2

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Form W-2, the Wage and Tax Statement, is an IRS form that shows how much you earned from your job and how much tax was taken out. Employers must prepare a W-2 for every employee who earned wages or other compensation during the year. You should receive your W-2 by January 31 after the tax year. Employers also file copies with the Social Security Administration (SSA) using Form W-3 by the end of February; the SSA shares this data with the IRS.

Your W-2 lists your total wages and tips, plus the federal, state, and other taxes withheld (including Social Security and Medicare). You’ll use the W-2 when you file your individual tax return (Form 1040). If more tax was withheld than you owe, you may get a refund. If the amounts don’t match what you report, the IRS may flag or reject your return.

You usually receive several copies: B, C, 1, and 2 for your records and tax filing purposes, while Copy A goes to the SSA with Form W-3. When you file your return, you attach your W-2 to substantiate your withholding. You must report wage and tip income even if you didn’t get a W-2 for some money, and tips are subject to withholding (employees report tips to their employer, typically using Form 4070).

If a W-2 has an error, the employer issues a corrected form, Form W-2c. Note that Form W-2 is for employees; independent contractors usually receive Form 1099-NEC instead. In U.S. territories, the form may include a two-letter territory code (for example, W-2GU for Guam).

Filing deadlines and penalties: Employers must file W-2s with the SSA by January 31. Electronic filing is required if you file more than 250 W-2s. Penalties apply for late or incorrect filings, and can increase the longer the delay or the bigger the error.

Security note: In 2016 the IRS warned about W-2 phishing scams aimed at stealing employee data to file fraudulent tax returns. Be cautious of requests for W-2 information and verify identities before sharing.