Your W-2 Form is an important document that summarizes the annual compensation you received as an employee and the income taxes that were withheld from your pay. The W-2 also provides information on certain benefits you received. The information on the W-2 is reported to the Internal Revenue Service (IRS) and is used to verify information you report on your tax return.
Taxable compensation and benefits received from your employer, as well as the Social Security, Medicare and income taxes withheld are reported each year on Form W-2. Your employer is required to provide or send Form W-2 to you no later than January 31st. You should be sure that your employer has your correct mailing address, and if you do not receive Form W-2, you should contact your employer. And, if you work for more than one employer during the year, you should be sure you get a W-2 from each employer.
Form W-2 shows the employer’s name, address, and taxpayer identification number, and your name, address and social security number. The information contained on Form W-2 is the information employers are required to provide to the Internal Revenue Service (IRS). Understanding the information reported on your W-2 will help you complete your tax return correctly.
The following is a description of what the different boxes shown on Form W-2 are used for, and where the corresponding amounts should be reported on your tax return.