Pretty soon you will be receiving your Form W-2, which is one of the most important tax documents you'll need when preparing your tax return. The W-2 reports wages you earned, along with income taxes that were withheld and contributions you made to your employer's retirement plan. Employers are required by law to mail or hand-deliver Form W-2 by January 31st. If you have not received your W-2 by mid-February, contact your employer's payroll or accounting department to obtain a re-issued copy.
There's a lot of numbers and codes on your W-2, and each of them means something. Knowing how to read a Form W2 can help you understand your salary, and also help you get a head-start when preparing your taxes. So here's everything you ever wanted to know about your W-2 but were afraid to ask your tax accountant:
- Form W-2 Essentials (including what to do if your employer refuses to give you a W-2)
- Where to send copies of your W-2 (copies for you, for the IRS, for your state)
- Form W-2 boxes 1 through 10 (this is where your salary and federal taxes are reported)
- Form W-2 boxes 11 through 20 (this is where retirement contributions, employee benefits, and state and local taxes are reported)
- Form W-2 box 12 codes (all those letter codes refer to different types of retirement plans and other types of compensation)
If your employeer fails to give you any written document of your total year earnings what should you do?
I have updated the instructions on what to do if your employer refuses to give you a W-2. You can find the updated information here.
Hi,
I am a regular subscriber of your newsletter, and find it very useful! Thanks!
I have a question regarding amended-W2. I joined my current company in Nov 2004, at which time I got relocation benefits. By the time I filed my ’04 taxes in April 05, they sent me an email saying that they had overstated my income in 04 on my W2, and that I should be receiving an “amended W2″ and should do as it says. My questions
1. I have so far not done anything abt it. Should I file it differently? Or can I club it with this year’s returns? Does it “expire” because its been more than a year now?
2. Can you point me to some literature on how I can understand that form?
Thanks!
Sam
Great info and useful as I prep for 2011 taxes. The new 2011 W2 is out now as well…..any major changes there?