When should I receive my W-2?
Employers are required to furnish W-2s to employees early in the year, typically by the end of January, so you can file your return.
Tax guide
What Is a W-2?
A W-2 is the form your employer sends you each year showing how much you were paid and how much tax was withheld from your paychecks.
Form W-2, the Wage and Tax Statement, summarizes your earnings as an employee and the amounts withheld for federal income tax, Social Security, Medicare, and often state tax. Employers must send it to you and to the government early in the year so you can file your return.
You use the W-2 to fill out your Form 1040. The withholding shown on it counts as a prepayment of your taxes, which is why many employees receive a refund or owe a smaller balance at filing time. The form also reports things like retirement plan contributions and certain benefits.
If you worked for more than one employer, you should receive a W-2 from each one. Review your W-2 for accuracy, since errors in your wages or withholding can affect your refund.
In short
Key points
- Shows your wages and the taxes withheld as an employee
- Officially called the Wage and Tax Statement
- Sent by your employer to you and the government each year
- Used to prepare your Form 1040
- Withholding on it counts as a prepayment toward your tax bill
- You get a separate W-2 from each employer you worked for
FAQ
Frequently asked questions
What is the difference between a W-2 and a 1099?
A W-2 reports employee wages with taxes withheld, while a 1099 reports income paid to nonemployees such as contractors, with no withholding.
What if my W-2 is wrong?
Contact your employer to issue a corrected W-2. Filing with incorrect wages or withholding can lead to processing delays or an inaccurate return.
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