Employers must report income paid to their employees and taxes withheld from their income on Form W-2, Wage and Tax Statement. For the 2020 tax year, employers must file this tax form and furnish their employees by January 31st, 2021.
Since employees will count on their employers to receive this tax form to file their federal income tax returns, late-filing will bring penalties. For Forms W-2 filed 30 days after the January 31st deadline, the IRS issues a $50 penalty to the employer. If filed at a later date after 30 days has passed, the penalty will be increased to $100 per W-2.
We suggest employers file this tax form as soon as possible after January 1st. Given the employer will have everything necessary to file Form W-2 after January 1st, it shouldn’t be a challenging task.
Filing Form W-2 – Employers
Form W-2 can be filed both on paper or online through the Social Security’s Business Services Online. Filing Forms W-2 online on BSO is fast and free. On top of this, you will be able to verify employees’ Social Security Numbers and compare it with the other forms such as Form I-9 to see if matches.
Click here to get on BSO.
Register on Business Services Online if you don’t have an account. You can register within minutes. After you’re done, you can start filing Forms W-2.
Although you can file Wage and Tax Statement online, it is a must if you have 250 or more Forms W-2 to file.
As for filing Form W-2 2020 on paper, you must make your calculations beforehand. There isn’t enough space on Form W-2 to make calculations, besides, you only enter the required information. Use previous tax forms you filed such as Form 941 to determine the total amount of taxes withheld. Then, enter the amounts needed.
Using Form W-2 to File a Tax Return – Employees
Use Form W-2 to report the income you earned during the course of the tax year on your federal income tax return. You will also know the federal tax withheld so you can figure out whether or not you will receive a tax refund or owe to the IRS.
If filing a paper tax return, staple Forms W-2 along with the other tax documents on the upper right or left corner of your tax return. The key points on your Form W-2 will be about income and taxes withheld. The taxes withheld can be seen in Box 2, 4, 6, 17, and 19.
Form W-2 2021 Printable
2020 Form W-2 printable (PDF) can be obtained below. Use the buttons on the upper right corner to download and print out Form W-2 off of your browser. Keep in mind that you can only print out Form W-2, so you cannot fill out online and print out. You must enter the information on paper.