Where's My W-2?

We’ve enjoyed the festive holiday season of Christmas with family and friends. Then we brought in the New Year with a whole new set of goals and resolutions. For most of us, we were more relieved to finally bid a farewell to the ups and downs of 2022. Alas, it’s time to return to work. We muscle through the first work week restarting our brains and trying to get back in gear. And then all of sudden, like clockwork, we switch our focus to W2s. Because after all, some of us are looking to file as soon as possible and eagerly anticipating what that tax refund will be! So Happy New Year! Now, where's my W-2?

Before you go heading off to your HR/Payroll department, below are 4 things to keep in mind as you are preparing to receive your W2.

IRS Deadline For Employers

By IRS requirement, Employers must mail your W-2 or make them available online no later than January 31st to avoid a penalty. Some companies will issue your W2 prior to the deadline. Check with your HR/Payroll department on the date it will be available online or has been mailed.

Please note, if you are an independent contractor, the same deadline also applies to Form 1099-NEC (nonemployee compensation).

Update Your Address

W2s are mailed to the last known address your Employer had on file at the time the W2 was processed. If you are a termed employee or an active employee that did not opt for an online delivery, please contact your Employer to 1) update your home address in the system and 2) request a duplicate.

Eager To File, Just Don’t Use Your Last Pay Statement

It is strongly recommended that you do not use your last pay statement of the year to file your individual return. From the Employers end, there could be some final reconciliation of wages and taxes that’s added to your overall earnings that may differ from your last pay statement. It’s always best to wait for your W2 before filing. In this way, you avoid having to potentially file amended returns for federal, state, and local. So, again please save yourself the hassle and wait.

If Your W2 Has Errors, Don’t File……Yet!

If you notice any errors on your W2, do not file it, yet. Nor have your personal tax advisor file yet. Instead, contact your Employer first to explain the error and have them to issue a W2-Correction (W2-C). Similar to point #3, you want to avoid paying to file any amendments. Therefore, if you notice any errors such as wages, taxes, social security number, or name contact your Employer immediately.

Please note that some local agencies may not require a W2 correction to file depending on the type of correction. Please check with the agency’s requirements first on how to handle reporting errors on your W2. For example, in the state of Ohio if a taxpayer has their school district inaccurately reported on their W2, a W2C is not required. Instead, Form Ohio SD-100 is required to claim a refund from the school district that had wages and taxes inaccurately reported. Then another Form Ohio SD-100 is required to file to the correct school district.

I hope you found this information helpful. Please share your comments below. Budgetwit101 would like to hear from you.