Before you file your taxes, understand all the info available on your federal W-2 form and what it means. (2024)

FAQs

Why do you need a W-2 form before you can file your taxes? ›

A W-2 tax form shows important information about the income you've earned from your employer, amount of taxes withheld from your paycheck, benefits provided and other information for the year. You use this form to file your federal and state taxes. What is Form W-2? When are W-2s due in 2023?

Form W-2, also known as the Wage and Tax Statement, is a document an employer sends to each employee and the Internal Revenue Service (IRS) and shows income earned from an employer and the amount of taxes withheld from an employee's paycheck so taxpayers can file federal and state taxes.

You use the W-2 to help file your tax return. Form W-2 also shows more than just what you were paid. It details how much you contributed to your retirement plan during the year, how much your employer paid for your health insurance, or even what you received in dependent care benefits.

Line 1a: Includes all income from box 1 on your W2 forms, a form you receive at the start of the tax season if you were an employee of any company during the tax year. Lines 2 a/b — 6 a/b/c: Includes income from interest, dividends, IRA distributions, pensions, annuities or Social Security benefits.

You still must file your tax return on time even if you do not receive your Form W-2. If you cannot get a W-2 by your tax-filing deadline, you may use Form 4852, “Substitute for Form W-2, Wage and Tax Statement,” but it will delay any refund due while the information is verified.

If you cannot get a copy of your W-2 or 1099, you can still file taxes by filling out Form 4852, “Substitute for Form W-2, Wage and Tax Statement.” This form asks for information about your wages and taxes that were withheld.

What is the purpose of a W-2 form? A W-2 form reports vital information such as the income you've earned from your employer, how much your employer withheld in taxes, and information about certain benefits (such as employer-provided health insurance) for the previous year.

Taxable Fringe Benefits

The benefit's fair market value is added to the employee's gross income and reported on the employee's W-2 form, along with any applicable taxes withheld. Examples of taxable benefits include: Bonuses. Vacation, athletic club membership, or health resort expenses.

Call the IRS toll free at 800-829-1040 or make an appointment to visit an IRS taxpayer assistance center (TAC). The IRS will send your employer a letter requesting that they furnish you a corrected Form W-2 within ten days.

Why is it necessary to have a W-2 when using tax preparation? ›

Employers are required by the Internal Revenue Service (IRS) to report employees' wage and salary information on Form W-2. The amount of federal, state and other income taxes withheld from the employee's paycheck during the calendar year is reported on the Form W-2.

TurboTax Tip:

To file by the tax deadline without a W-2, fill out Form 4852. To verify that your Form 4852 agrees with the income and tax withholding your employer reported to the IRS, you can request a Wage and Income Transcript from the IRS.

After you mail your tax return

There may be a delay in processing your return if you did not attach your: Federal tax return. W-2.

E-file information returns

require filers to aggregate almost all information return types to determine whether a filer meets the 10-return threshold and is required to e-file their information returns. This includes Forms W-2, e-filed with the Social Security Administration.