Great Lakes Wire

Employers are required to file IRS Form W-2, Wage and Tax Statement, for each employee with the Social Security Administration (SSA) and provide a copy to the employee. For those filing by mail, Form W-3, Transmittal of Wage and Tax Statements, must also be submitted to transmit Copy A of Form W-2 to the SSA. Electronic filers do not need to submit Form W-3 as it is generated automatically online.

Employees who have not received their W-2 by January 31 should first contact their employer. The payroll provider can usually resolve this quickly by providing a copy of the original form. If unresolved by the end of February, employees should reach out to the IRS, which will request the missing form from the employer. If necessary for tax filing, employees may use Form 4852, Substitute for Form W-2, to estimate wages and taxes. Should discrepancies arise after receiving the actual W-2 post-filing, they will need to file Form 1040-X for amendments.

Accuracy on W-2 forms is essential as errors can impact Social Security and Medicare benefits. Employers must submit corrections using Form W-2c if errors occur. When filing by mail, they should include Form W-3c; electronic filers can utilize Business Services Online for corrections. Delays in providing correct forms result in escalating penalties. Employers notified about incorrect forms are advised to collaborate with payroll providers or HR departments promptly.

In cases where corrected forms are not provided when needed, employees may ask the IRS to initiate a complaint against employers. The IRS then sends a letter requesting correction within ten days and guides employees on using Form 4852 while issuing wage transcripts if federal wage data is available.

To prevent identity theft involving stolen W-2s containing personal information like Social Security numbers, employers should distribute these documents securely through reliable systems or via U.S. Postal Service delivery. Employees are encouraged not to engage with identity thieves but instead report any incidents to the IRS and consult IdentityTheft.gov for recovery guidance.

This article was provided courtesy of Ahola.