What is W-2 form is used for?

What is W2 Form is used for?

The Wage and Tax Statement Form or known as W-2 is a form that must be used by all employers in the United States to report wage, salary, or any other compensation that employees receive. So if you’re a worker, you need your complete W-2 form in order to file your taxes properly. If your employer is late by the due date of filing W-2, which is January 31st of each year.

If you don’t receive your W-2 by April 15, the IRS will be on your side and you won’t pay any late fees or penalties. Any potential penalty or fee will be eliminated on your behalf.

So the W-2 Wage and Tax Statement Form’s importance is critical for the IRS and employers should not wait to complete their employee’s W-2.

W-2 Form in 2020

Each year, the Internal Revenue Service makes minor adjustments to the form and releases a new version of it. The agency is expected to release the new version of W-2 soon. You can expect to have it by the end of 2019 and once it is updated, we will share it with you. In the meantime, you can learn how W-2 is filed by viewing this year’s W-2 Form.

W-2 Form for 2019

As mentioned above, our links will be updated as soon as the IRS issues the 2020’s W-2.

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