Form W-2 Deadline for 2023 Tax Year
Form W-2 Due Date for 2023 Tax Year
Updated on January 26, 2024 - 10:30am by, TaxBandits
Form W-2 is a wage tax form filed by employers 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). The filing deadline of Form W-2 for the 2023 tax year is January 31, 2024.
In this article, we cover the following topics on Form W-2 filing deadline and penalty charges.
- When is the W2 deadline for 2023 Tax Year?
- How to file Form W-2 for the 2023 tax year?
- When is the Form W-2 deadline for state filing?
- What happens if I submit Form W-2 late?
- What is the penalty for late filing of Form W-2 2023?
- How to avoid Form W-2 Late Filing Penalties?
- How to Read Form W-2?
- Form W-2 vs W-4: What is the difference?
- Why Should I Choose TaxBandits?
1. When is the W2 deadline for 2023 Tax Year?
The deadline to file your Form W-2 with the SSA is January 31, regardless of the filing methods (Paper filing or E-filing). Employers are also required to furnish a copy of the Form W-2 to employees on or before January 31, 2024.
Note: If the date falls on a Saturday, Sunday, or a legal holiday, the form must be filed on the
next business day.
2. How to file Form W-2 for the 2023 tax year?
If you are filing Form W-2 for the 2023 tax year, it must be paper-filed to the IRS or electronically filed using an IRS authorized e-file service provider. Along with Form W-2, the employer may need to file Form W-3, which is the summation of all your employees' W-2 forms. Form W-3 is only required when you paper file W-2 returns.
When you efile with TaxBandits, you don't have to worry about filing Form W-3, as we will take care of your W-3 filing for you. You can e-file Form W-2 in minutes with TaxBandits and get instant notifications from the SSA.
3. When is the Form W-2 deadline for state filing?
The deadline to file Form W-2 varies from state to state. Most states require Form W-2 to be filed before January 31. However, there are some exceptions. check the table below to understand the W-2 state deadline for each state.
| State | W2 Deadline |
|---|---|
|
Jan 31 |
|
Feb 15 |
|
Feb 28 |
|
Feb 28 |
4. What happens if I submit Form W-2 late?
If you fail to file your Form W-2 on time, you might face penalties from the IRS. The penalties depend on the duration of the delay and the size of the business. Additionally, late filing could lead to incorrect processing of employees' tax returns, potentially causing them inconvenience and delays in receiving their tax refunds.
5. What is the penalty for late filing of Form W-2 for the 2023 tax year?
The penalty for late filing Form W-2 will vary based on your business size and when you filed the return. Here are possible penalties for late filing Form W-2 with the IRS.
| Time Limit | Minimum | Maximum |
|---|---|---|
| Filed within 30 days | $60 /form | $630,500 per year ($220,500 for small businesses) |
| After 30 days and before August 1 | $120 /form | $1,891,500 per year ($630,500 for small businesses) |
| After August 1 | $310 /form | $3,783,000 per year ($1,261,000 for small businesses) |
In case of intentional disregard of failing to file and incorrect payee statements, the penalty is $630 per statement, and for fraudulent filing, the penalty will reach about $5000 or more.
Visit https://www.taxbandits.com/w2-forms/form-w2-penalty/ to learn more about W-2 penalties.
6. How to avoid Form W-2 Late Filing Penalties?
There are many reasons an employer who filed Form W-2 can be charged with penalties, including failure to
file Form W-2 on time, missing out on necessary information, etc.
Here we have provided some simple ways by which you could avoid such penalty charges.
- Choose the right Form
- Do your tax filing on time
- Provide all necessary information
- Be aware of the right filing method
- Fill the entries correctly
- Always double-check the TIN
- Review the form before Pay & Transmit
- Send employee copies on time
7. How to Read Form W-2?
Filling out the Form W-2 straightforward. The form is divided into 26 boxes, with Box A to F presenting the employer and employee's identification details, and Box 1 to 20 disclosing the employee's income and tax withholding information. Notably, W2 Box 12 of the W-2 encompasses four sections (12a to 12d), each report codes (A to HH) to indicate diverse miscellaneous income. Learn more in detail about Form W-2 instructions.
7. Form W-2 vs W-4: What is the difference?
Form W-2 is used by employers to report employee wages and taxes withheld, while Form W-4 is completed by employees to determine the amount of federal income tax withheld from their pay. Learn more in detail about
Form W2 vs W4
8. Why Should I Choose TaxBandits?
TaxBandits is an IRS authorized e-file service provider that provides you with the best form W-2 e-filing experience!
With TaxBandits,
- You can file Form W2 Online with the SSA and the state.
- You can file W2s for both the current and prior tax years.
- Validate your employees’ TIN against SSA Database.
- Send your employee copies on time by postal mail and through secure online access.
Our live Customer support team is always ready to assist you all the time via phone, email, and live chat
round the clock!
