Preparing Form W-2: A Step-by-Step Guide for Tax Year 2019

It is important that you know what information you need before you begin preparing Form W-2. We’ve identified the following 5 key topics that may help you to correctly and timely complete your W-2 filing with our Step-by-Step Guide.

1. Determine Who Must Receive a Form W-2

The IRS instructs that a W-2 form much be completed and filed for each employee who, in the past year, you have made payments to for their services in your trade or business.

2. Gather Information to Prepare Form W-2

Before you begin preparing Form W-2, you will need to gather the tax information for the business(es) and employees you are filing for, including their name, address, tax identification numbers (TINs), and amounts paid to the employees.

3. Check for Accuracy

In order to avoid potential penalties, it is important to take the time to review and verify the information to be reported on your W-2 forms for accuracy before filing and distributing.

Tools such as TINCorrect can help you verify tax identification numbers for payers and employees in advance.

4. File and Distribute

Form W-2 is a multi-part form that requires copies to be distributed to several parties, including the IRS, employee and, if applicable, a state tax department.

5. Deadlines for Form W-2

W-2s must be filed with the Social Security Administration and furnished to employees by January 31, 2020, by electronic or mail filing.

Preparing Form W-2c: A Step-by-Step Guide for 2019

Form W-2c is used to correct misinformation on Forms W-2, W-2AS, W-2CM, W-2GU, W-2VI, or W-2c. In this guide, we will walk you through the information required when preparing Form W-2c. Continue reading Preparing Form W-2c: A Step-by-Step Guide for 2019

Form W-2 Reporting Deadlines TY2019

SSA Deadline

The deadline for Form W-2 reporting with the Social Security Administration (SSA) by paper or electronically is January 31, 2020.

If you are or think you will be unable to submit your Form W-2 reporting by the deadline, you should request an extension as soon as possible by submitting a Form 8809, Application for Extension of Time to File Information Returns. Automatic extensions are no longer granted by the SSA.

Please note that if you have over 250 Forms W-2 to file, they must be submitted electronically.

Employee Copy Deadline for Form W-2 Reporting

The deadline for furnishing employee copies of Form W-2 is January 31, 2020.

There are a few exceptions to this deadline, including:

If an employee was terminated before December 31, 2019, copies may be furnished to the employee at any time after the employment ends, but still no later than January 31, 2020.

Copies must also be furnished within 30 days of the Form W-2 being requested by the employee or within 30 days of their final wage payment.

Forms may be distributed by paper or electronically, but only if the employee has consented to receive the form electronically.

State Deadlines

In addition to submitting to the SSA, you should be aware of your state or locality’s W-2 reporting requirements. W-2 requirements vary by state.