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How to E-file Form W-2 Online for 2024 Tax Year with TaxBandits
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 Tax Withheld
- 4. FICA Details: Social Security and Medicare Taxes Withheld
- 5. State Details: State Income and Tax Withheld
- 6. Local Tax Details: Local, City or other Income Tax Withheld
Start your e-filing with TaxBandits today. To know about Form W-2 instructions, click here.
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Frequently Asked Questions on Form W-2 Online Filing
What is Form W-2?
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.
When is the due date to File Form W2 Online for the 2024 tax year?
January 31, 2025, is the due date to file Form W2 with the SSA for the 2024 Tax Year. The form should be filed either by E-filing or paper copies. File Form W-2 before the deadline to avoid SSA/IRS penalties.
Is it necessary to File Form W-2 online with the State?
Yes, 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 W2 state filing requirements.
How to correct Form W2?
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/SSA. 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.
What are the penalties for not filing W-2 on time?
Failure to file Form W-2 before the deadline or providing incorrect information might result in IRS penalties. The penalty varies from $60 to $630/form depending on how late the form is filed with the SSA/IRS. Form W-2 Penalties have been changed for the 2024 tax year. Check the table below for the newly updated penalties.
Days delayed for filing Form W2 /furnishing employee copies |
Minimum | Maximum |
---|---|---|
Less than 30 days late | $60 per return | $664,500 per year ($232,500 for small businesses) |
31 days late – August 1 |
$130 per return | $1,993,500 per year ($664,500 for small businesses) |
After August 1 or Not at All | $330 per return | $3,987,000 per year ($1,329,000 for small businesses) |
Intentional Disregard | $660 per return |
What is the difference between a W2 form and W4 form?
Form W-2 is utilized for reporting wage information and tax withholding from an employee's paycheck throughout the year. On the other hand, Form W-4 is used at the beginning of employment to collect the employee's tax withholding information. Both forms are typically utilized by employers for tax purposes. Learn more in detail about the Form W-2 Vs Form W-4.
What is the difference between a W2 Form and 1099 Form?
Generally, both forms are used to report income made to workers, but they serve different purposes. Form W-2 is issued to employees and reports their annual wages and the amount of taxes withheld from their paychecks. In contrast, Form 1099 is used to report income to independent contractors and other non-employees. Learn more in detail about the Form W-2 vs Form 1099.
How can I apply the extension for filing Form W2?
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.