About Form W-2, Wage and Tax Statement
The Form W-2, also known as the Wage and Tax Statement, is a document that employers are required to file for each employee who receives remuneration of $600 or more for the year. This includes both cash and noncash payments. The purpose of the Form W-2 is to report the employee's income and the taxes withheld from their wages.
Who Must File Form W-2?
Every employer engaged in a trade or business who pays remuneration to an employee must file a Form W-2. This requirement applies even if the employee is related to the employer. The following conditions must be met for an employer to file a Form W-2:
- Income, Social Security, or Medicare tax was withheld from the employee's wages.
- Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee's Withholding Allowance Certificate.
Recent Developments
The Internal Revenue Service (IRS) has made some recent developments and changes related to the Form W-2. Here are some of the key updates:
- SECURE 2.0 Act changes affecting amounts reported on the 2023 Forms W-2, W-2AS, W-2GU, and W-2VI (January 29, 2024)
- Changes to the previously posted 2024 Forms W-2, W-2AS, W-2GU, and W-2VI (January 18, 2024)
- New electronic filing requirements for correction Form W-2c (July 7, 2023)
- New electronic filing requirements for Forms W-2 (July 7, 2023)
- 2021 Forms W-2 Reporting of Qualified Sick Leave & Family Leave Wages Paid Under the Families First Coronavirus Response Act, as amended by the American Rescue Plan (November 26, 2021)
- 2021 Form W-2 and the General Instructions for Forms W-2 and W-3 updated for section 9632 of the American Rescue Plan Act of 2021 (November 24, 2021)
- Faxing request for extension of time to furnish statements to recipients (December 9, 2020)
- Form W-2 Reporting of Employee Social Security Tax Deferred under Notice 2020-65 (October 29, 2020)
- 2020 General Instructions for Forms W-2 and W-3 Corrected for Certain Filing Date and Penalty Amount (August 12, 2020)
- Sample 2020 Forms W-2, W-2AS, W-2GU, and W-2VI revised to correct alignment of the "VOID" and "box 13" checkboxes (August 12, 2020)
- 2020 Forms W-2 Reporting of Qualified Sick Leave Wages and Qualified Family Leave Wages Paid Under P.L. 116-127 (August 12, 2020)
Other Items You May Find Useful
- Related Forms: [Provide a list of related forms here]
Please note that this information is subject to change, and it is important to refer to the official IRS website for the most up-to-date information and instructions regarding the Form W-2.