For employees, the W-2 form is one of the most crucial documents every tax season. The W-2 form, also known as the wage and tax statement, consists of details about the benefits and income received during the year. So, the form helps one file their tax returns. To ensure there are no delays or errors while filing tax returns, it is important to know how to get W2 forms and the details the form covers.

1. Purpose of the W-2 form
The W2 form represents the employee’s income from the last year and the tax the employer withheld. The W-2 form would contain the following details regarding the employees’ incomes:

• Money earned
• Taxes withheld from the paycheck
• Benefits received during the previous year
• The amount contributed to the retirement plan during the year

These details come in handy when employees file their tax returns (state and federal) with the state’s tax agency and the IRS. Only employees can receive W-2 forms. Each of them is supposed to get three copies of the form:

• Copy B is to be filed with the federal tax returns
• Copy 2 is for reporting any local, city, or state income taxes
• Copy C is for personal record-keeping

In some cases, employees may get multiple W2 forms if they have more than one job where, change jobs within the calendar year, or work at an organization that is acquired by another organization.

2. Access
For those wondering how to get the W-2 form, the document is shared by the employers. According to the IRS, employers should mail W-2s to the government and employees at a specified date, typically January 31 each year. As the form copies can be a lot of paperwork to maintain over time, one can get the copies electronically for convenience. For this, one has to explicitly consent to being sent the copies via email. Also, on the company’s HR or online payment portal, one can find a tab for tax forms and request them. The employees receive this form from the employer in January. However, the form may take a few days to be available online. So, one is likely to get the document by the first week of February. One can also get a copy from the IRS.

3. Delays
If one has lost or not received the document in time, here’s how to get a W-2 form: contact the employer immediately, and, if there has been no form till February 14, contact the IRS. As the form is necessary for filing tax returns, one should be proactive if they do not get it on time. However, if one does not get access to their W-2 form for a long period, they can fill out form 4852 instead, which is a substitute for the W-2 form. Alternatively, one can ask the IRS for an extension if the W-2 is unavailable by the end of February.

4. Components of the W-2 form
A W-2 form contains information like income, taxes withheld, contributions to different saving accounts, and information about the employer and employee. Here is how to read the form:

Personal details: The left side of the form is meant for personal details. At the top is the employee’s Social Security number. Underneath it is the employer identification number spot. Next, one can find the employer’s name, address, and pin code. Then, there’s the control number, which may or may not be required for payroll purposes. Finally, there are spaces to enter the employee’s name and mailing address.

Boxes 1 to 10: Now, moving to the right side, one will find spaces for the employee’s tips, wages, and taxes withheld, federal income tax withheld, Social Security wages, Social Security tax withheld, Medicare wages and tips, Medicare tax withheld, Social security tips, Allocated tips, a blank space (in place since 2011 when the government removed the pay-as-you-go option for earned income tax credit), and dependent care benefits.

Boxes 11 to 14: Next, one find will find spaces for any amount withdrawn by the employer from a non-qualified retirement plan or the 457 (b) plan, different codes and amounts depending on additional payments and benefits one received, three boxes to check (employee is a statuary worker, received sick pay from a third party, or is a part of the retirement plan), and other deductions, such as union dues or tuition fees.

Boxes 15 to 20: Then, one can find spaces for state and employer state ID, employee’s total earnings subject to state income tax withholdings, state income tax amount withheld, total income eligible for local taxation, local taxes withheld, and name of the place with which local taxes are associated.

5. Precautions
Avoid errors: Misspellings/typos, wrong amounts, incorrect SSNs, or other errors can delay tax return processing. So, as soon as one notices such issues, they should contact their employer and get it corrected.

Maintain records: One should keep their W-2 forms handy for at least three years after filing.