Employers are required to report income paid to employees and total taxes withheld from their paychecks on Form W-2. Without this IRS tax form, the employee cannot file their federal income tax return properly. So it is a very important tax form that all employers must complete for every employee they have.
That is why there is a deadline to file Forms W-2. All employers must complete Form W-2 before January 31st. If the Form W-2 remains incomplete before this deadline, the IRS will impose monetary penalties.
Learn how to complete Forms W-2 for employees online.
On the employee’s end, this is a problem that they will need to sort out to complete their federal income tax returns. In this case, as an employee, you can fill out Form 4852 which works as a substitute to Form W-2. Same as Form W-2, it will include the following so you can file your federal income tax return in 2021.
- Wages, tips and/or other compensation
- Federal income tax withheld
- Social Security wages
- Social Security tax withheld
- Medicare tax withheld
- Medicare wages and tips
- Social Security tips
- Allocated tips
- Dependent care benefits
- Nonqualified plans
- State wages, tips and/or other compensation
- State income tax
- Local wages, tips and/or other compensation
- Local income tax
- Locality name
As you can see above, the Form W-2 2021 content is the same as the previous years. If you’re going to fill out a Form 4852 because you’re not going to get your Form W-2 in 2021, use your last pay stub to complete it properly. However, we always recommend contacting your employer or the payroll department of the company you’re working at.
Also, let the IRS know that you’re not getting your Form W-2 on time so all the responsibility is going to be on your employer, not you.