What information is required to File Form W-2 Electronically?
- 1. Employer Details: Name, EIN, Employer Type, and Address
- 2. Employee Details: Name, SSN, Address, and Contact Information
- 3. Federal Details: Federal Income and Federal Tax Withheld
- 4. FICA Details: Social Security and Medicare Taxes Withheld
- 5. State Details: State Income and State Tax Withheld
- 6. Local Tax Details: Local, City or other Income Tax Withheld
Once you have gathered this information, you can begin the e-filing process with TaxBandits. For an overview of the Form W-2 instructions, click here.
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Frequently Asked Questions on Form W-2 Filing
Q. What is Form W-2?
A. Form W-2 is a wage tax form to report the wages paid to employees and the taxes (social security, income, and Medicare tax) withheld from the employees to the SSA (Social Security Administration). Also, the copy of Form W2 must be furnished to the employees.
Q. When is the due date to file Form W2 for 2021 tax year?
A. January 31, 2022 is the due date to file Form W2 with the SSA for 2021 Tax Year using the efile service or by paper. File Form W-2 before the deadline to avoid SSA penalties.
Q. Is it necessary to file Form W-2 with the State?
A. Depending on your state requirements, you may need to file Form W-2 and other reconciliation forms with your applicable state. You can e-file these forms easily from your TaxBandits account. Check your state filing requirements.
Q. How to correct Form W2?
A. If you have made any mistakes on your previous Filed Form W-2, then you can use Form W-2c to report the corrections with the IRS. You can correct incorrect names, social security numbers, employee earnings or tax withholdings. Learn More to know what information can be corrected on Form W2.
Q. What are the penalties for not filing W-2 on time?
A. Form W-2 Penalties has been changed for the 2021 tax year, check the below mentioned table for the newly updated penalties.
|Filed within 30 days||$50 /form||$571,000 per year ($199,500 for small businesses)|
|After 30 days and before August 1||$110 /form||$1,713,000 per year ($571,000 for small businesses)|
|After August 1||$280 /form||$3,426,000 per year (1,142,000 for small businesses)|
|For intentional disregard of failing to file and incorrect payee statements - $570 per statement|
|For fraudulent filing - $5000 or more|
Q. How can I apply the extension for filing Form W2?
A. The Form W2 extension for filing with the SSA is no longer automatic as of 2016. The only extension possible is for 30 days and it is granted under special circumstances. Apply for this extension by paper filing Form 8809, Application for Extension of Time to File Information Returns. When filing Form 8809 you must provide a detailed explanation for needing an extension and sign under penalties of perjury. Learn More about Form W2 Extensions.
Helpful Resources for Form W-2
What is Form W-2
W2 is an annual tax return that must be submitted to the SSA by the employers. It is used to report the wages paid to employees and the taxes withheld from their paychecks.
Form W-2 Penalty
IRS will impose penalty, if employer didn't report Form W-2 to the SSA or didn't provide a copy to employee on-time, or reported wrong information on Form W-2.