What is the time limit for employers to send W-2 forms for employees?
Employers should submit an overview of their employees’ annual income to assist with their placement and adjudicate eligibility for Social Security and Medicare benefits.
As the 2022 tax season approaches, employees will begin to process various forms and applications for tax returns. However there are other documents that employers must submit and the deadline for one of these, form W-2, is much faster than most.
Tax form W-2 describes the income earned by each employee in the previous year, including the amount of tax deducted from the annual payment and any benefits provided. This form is intended to assist the employee in filling out national and provincial taxes.
The deadline for employers to submit these important forms is 31 January 2022, to ensure that the employee has plenty of time to complete his / her tax returns before 18 April.
W-2 forms as employer
Completing form W-2 on behalf of all employees is the primary responsibility of employers at the time of tax filing, completed forms will be sent to both the Social Security Administration (SSA) and the IRS by 31 January immediately. You can apply for a 30-day extension on Form 8809 if required as long as you meet at least one of the conditions of unforgivable circumstances.
Employers can file with the IRS and SSA electronically or by post, and a copy of the W-2 form will be sent to employees. For more information on how to submit the form, see Where and When You Can Submit It from the IRS.
W-2 forms as an employee
You should get a completed W-2 before the end of January, so if you have not received it in early February you should contact your employer. If you are still waiting for the paper version to arrive by mail, your employer may be able to give you access to the electronic version to assist you with your completion.
If you notice an error in your W-2, anything from a misspelled word to an incorrect income, notify your employers immediately and ask for it to be corrected. Failure to do so may result in problems if you remove your own tax return on incorrect data.
In its Directory for Form W-2 files, the IRS states: “Because the Social Security and Medicare employee benefits are calculated based on the information in Form W-2, it is very important to prepare Form W-2 correctly and on time.” For more info visit: nationaltaxreports.com
