Download IRS W-2 Template
Misconceptions
The IRS W-2 form is an important document for employees and employers alike. However, there are several misconceptions about it that can lead to confusion. Here are five common misunderstandings:
- My employer doesn’t have to give me a W-2 if I’m part-time. This is not true. If you earn wages from your employer, regardless of whether you are full-time or part-time, you should receive a W-2 form by the end of January each year.
- The W-2 only shows my salary. While the W-2 does include your total wages, it also lists other important information. This includes taxes withheld, benefits, and contributions to retirement plans.
- I can’t file my taxes without my W-2. While the W-2 is important, you can still file your taxes without it. You can use your pay stubs to estimate your income, but it’s best to have the W-2 for accuracy.
- All employers send W-2s electronically. Not all employers provide W-2s in electronic form. Some may still send paper copies by mail. It’s important to check with your employer to understand how you will receive your W-2.
- Once I receive my W-2, I can’t make changes to my tax return. This is a misconception. If you find errors on your W-2 after filing, you can amend your tax return. Just be sure to act quickly to avoid any penalties.
Understanding these misconceptions can help you navigate your tax responsibilities more effectively. Always keep an eye on your W-2 and ask questions if something doesn’t seem right.
File Details
| Fact Name | Description |
|---|---|
| Purpose | The W-2 form reports an employee's annual wages and the taxes withheld from their paycheck. |
| Who Issues It | Employers are responsible for issuing W-2 forms to their employees by January 31 of each year. |
| Filing Requirement | Employees must include W-2 information when filing their federal income tax returns. |
| State-Specific Forms | Many states require a similar form, such as the W-2 equivalent, to report state income taxes. |
| Governing Law | State-specific forms are governed by individual state tax laws, which vary by state. |
| Employee Copies | Employees receive copies of the W-2 for their records and for tax filing purposes. |
| Correcting Errors | If errors are found, employers must issue a corrected W-2, known as a W-2c. |
| Deadline for Filing | Employers must file W-2 forms with the Social Security Administration by the end of January. |
| Importance for Employees | The W-2 form is crucial for employees as it directly affects their tax obligations and refunds. |
Key takeaways
The IRS W-2 form is essential for reporting wages and taxes withheld from employees. Here are key takeaways regarding its use:
- Employee Information: Ensure that the employee's name, address, and Social Security number are accurate. Errors can delay tax processing.
- Employer Details: The employer's name, address, and Employer Identification Number (EIN) must be correctly filled out to avoid confusion.
- Wage Reporting: Report total wages, tips, and other compensation in Box 1. This amount is crucial for the employee's tax return.
- Tax Withholding: Boxes 2, 4, and 6 indicate federal income tax withheld, Social Security tax withheld, and Medicare tax withheld, respectively. Ensure these figures are accurate.
- State Information: If applicable, complete Boxes 15-20 for state income tax details. This includes state wages and taxes withheld.
- Distribution Deadline: Employers must provide W-2 forms to employees by January 31st of the following year. Timely distribution is critical.
- Filing with the IRS: Employers must file W-2 forms with the IRS by the end of February if filing by paper or by the end of March if filing electronically.
- Corrections: If mistakes are found after issuance, employers must file a corrected W-2 form (Form W-2c) as soon as possible.
Understanding these points can help ensure compliance and accuracy when handling W-2 forms.
Dos and Don'ts
When filling out the IRS W-2 form, attention to detail is crucial. This form is essential for reporting wages and taxes withheld from an employee's paycheck. Here are five things you should and shouldn't do:
- Do double-check your personal information. Ensure that your name, address, and Social Security number are accurate. Mistakes can lead to delays or issues with your tax return.
- Don't forget to include all income sources. If you have multiple jobs, make sure to report income from each employer accurately.
- Do verify your employer's information. Confirm that your employer's name and Employer Identification Number (EIN) are correct. This helps prevent confusion during tax filing.
- Don't leave any boxes blank. Each section of the W-2 form is important. Omitting information can raise red flags with the IRS.
- Do keep a copy for your records. Retaining a copy of your W-2 is important for your personal records and future reference.
By following these guidelines, you can help ensure that your W-2 form is completed correctly, making your tax filing process smoother and more efficient.
Common mistakes
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Incorrect Social Security Number: One common mistake is entering the wrong Social Security number. This can lead to delays in processing and potential issues with the IRS.
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Wrong Name Spelling: Ensure that the name matches exactly as it appears on the Social Security card. A simple typo can cause complications.
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Wrong Filing Status: Selecting the incorrect filing status can affect tax calculations. It’s essential to choose the status that accurately reflects your situation.
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Missing Employer Information: Not providing complete employer details, such as the Employer Identification Number (EIN), can result in processing delays.
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Omitting Additional Income: Failing to report additional income, such as tips or bonuses, can lead to underreporting and potential penalties.
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Incorrect Tax Withholding: Not reviewing tax withholding amounts can lead to either owing money or receiving a smaller refund than expected.
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Neglecting State and Local Taxes: Some individuals forget to include state and local tax information, which can be crucial for accurate reporting.
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Failure to Sign and Date: An unsigned W-2 form is invalid. Always remember to sign and date the form before submission.
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Not Keeping Copies: Failing to keep copies of the W-2 for personal records can lead to issues in future tax filings or audits.
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Ignoring Instructions: Each year, the IRS provides specific instructions for filling out the W-2. Ignoring these can lead to errors.
What You Should Know About This Form
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What is the IRS W-2 form?
The IRS W-2 form, officially known as the Wage and Tax Statement, is a document that employers must provide to their employees. It summarizes an employee's earnings and the taxes withheld from their pay throughout the year. This form is essential for employees when filing their income tax returns.
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Who receives a W-2 form?
Employees who earn wages, salaries, or tips are entitled to receive a W-2 form from their employers. This includes full-time and part-time employees, as well as those who have received non-cash payments such as bonuses. Contractors and freelancers typically receive a different form, known as a 1099.
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When should I expect to receive my W-2?
Employers are required to send out W-2 forms to their employees by January 31 of each year. If you do not receive your W-2 by this date, it is advisable to contact your employer to inquire about its status. If you still do not receive it, you may need to reach out to the IRS for guidance.
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What information is included on a W-2 form?
A W-2 form contains various pieces of information, including:
- Your total earnings for the year.
- The amount of federal income tax withheld.
- Social Security and Medicare taxes withheld.
- Your employer's identification details.
- Other deductions and benefits, such as retirement contributions.
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What should I do if my W-2 form is incorrect?
If you notice any errors on your W-2 form, such as incorrect personal information or earnings, it is important to contact your employer as soon as possible. They can issue a corrected W-2 form, known as a W-2c. You should ensure that your tax return reflects the corrected information.
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How do I use my W-2 form when filing taxes?
Your W-2 form is a crucial document for filing your federal and state income tax returns. You will need to report the income and tax withheld as indicated on the form. Most tax preparation software will prompt you to enter the information from your W-2, making the process easier.
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What if I lost my W-2 form?
If you lose your W-2 form, you should first contact your employer to request a duplicate. Employers are obligated to provide a copy if requested. If you are unable to obtain a duplicate in time to file your taxes, you can use your last pay stub of the year to estimate your income and taxes withheld. However, it is best to have the official W-2 for accuracy.
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What are the consequences of not receiving a W-2?
Failing to receive a W-2 form does not exempt you from filing your taxes. You are still responsible for reporting your income. If you do not receive your W-2 by the deadline, you should file your taxes using your best estimates based on your records. You may also need to explain your situation to the IRS if you are unable to provide a W-2.
IRS W-2 Example
Attention:
You may file Forms
The maximum amount of dependent care assistance benefits excludable from income may be increased for 2021. The American Rescue Plan Act of 2021 permits employers to increase the amount of dependent care benefits under their plans that can be excluded from an employee’s income from $5,000 ($2,500 for married filing separately) to up to $10,500 ($5,250 for married filing separately). See section C of Notice
Internal Revenue Bulletin:
Note: Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file Copy A downloaded from this website with the SSA; a penalty may be imposed for filing forms that can’t be scanned. See the penalties section in the current General Instructions for Forms
Please note that Copy B and other copies of this form, which appear in black, may be downloaded, filled in, and printed and used to satisfy the requirement to provide the information to the recipient.
To order official IRS information returns such as Forms
See IRS Publications 1141, 1167, and 1179 for more information about printing these tax forms.
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22222 |
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Employee’s social security number |
For Official Use Only ▶ |
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OMB No. |
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b Employer identification number (EIN) |
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1 Wages, tips, other compensation |
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2 Federal income tax withheld |
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c Employer’s name, address, and ZIP code |
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Social security wages |
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5 Medicare wages and tips |
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Medicare tax withheld |
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e Employee’s first name and initial |
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f Employee’s address and ZIP code |
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15 State Employer’s state ID number |
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16 State wages, tips, etc. |
17 State income tax |
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18 Local wages, tips, etc. |
19 Local income tax |
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20 Locality name |
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Form |
2022 |
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Department of the |
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For Privacy Act and Paperwork Reduction |
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Copy |
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Act Notice, see the separate instructions. |
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Form |
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Cat. No. 10134D |
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Do Not Cut, Fold, or Staple Forms on This Page
22222 |
a Employee’s social security number |
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OMB No. |
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b Employer identification number (EIN) |
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1 Wages, tips, other compensation |
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2 Federal income tax withheld |
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c Employer’s name, address, and ZIP code |
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3 |
Social security wages |
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4 Social security tax withheld |
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5 Medicare wages and tips |
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Medicare tax withheld |
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7 |
Social security tips |
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Allocated tips |
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10 |
Dependent care benefits |
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e Employee’s first name and initial |
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Nonqualified plans |
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13 |
Statutory |
Retirement |
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f Employee’s address and ZIP code |
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15 State Employer’s state ID number |
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16 State wages, tips, etc. |
17 State income tax |
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18 Local wages, tips, etc. |
19 Local income tax |
20 Locality name |
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Form |
2022 |
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Department of the |
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Copy
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Employee’s social security number |
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Safe, accurate, |
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Visit the IRS website at |
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OMB No. |
FAST! Use |
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www.irs.gov/efile |
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b Employer identification number (EIN) |
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1 Wages, tips, other compensation |
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2 Federal income tax withheld |
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c Employer’s name, address, and ZIP code |
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Social security wages |
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4 Social security tax withheld |
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5 Medicare wages and tips |
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Medicare tax withheld |
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e Employee’s first name and initial |
Last name |
Suff. |
11 |
Nonqualified plans |
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12a See instructions for box 12 |
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Statutory |
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15 State Employer’s state ID number |
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16 State wages, tips, etc. |
17 State income tax |
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18 Local wages, tips, etc. |
19 Local income tax |
20 Locality name |
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Form |
2022 |
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Department of the |
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Copy
This information is being furnished to the Internal Revenue Service.
Notice to Employee
Do you have to file? Refer to the Form 1040 instructions to determine if you are required to file a tax return. Even if you don’t have to file a tax return, you may be eligible for a refund if box 2 shows an amount or if you are eligible for any credit.
Earned income credit (EIC). You may be able to take the EIC for 2022 if your adjusted gross income (AGI) is less than a certain amount. The amount of the credit is based on income and family size. Workers without children could qualify for a smaller credit. You and any qualifying children must have valid social security numbers (SSNs). You can’t take the EIC if your investment income is more than the specified amount for 2022 or if income is earned for services provided while you were an inmate at a penal institution. For 2022 income limits and more information, visit www.irs.gov/EITC. See also Pub. 596, Earned Income Credit. Any EIC that is more than your tax liability is refunded to you, but only if you file a tax return.
Employee’s social security number (SSN). For your protection, this form may show only the last four digits of your SSN. However, your employer has reported your complete SSN to the IRS and the Social Security Administration (SSA).
Clergy and religious workers. If you aren’t subject to social security and Medicare taxes, see Pub. 517, Social Security and Other Information for Members of the Clergy and Religious Workers.
Corrections. If your name, SSN, or address is incorrect, correct Copies B, C, and 2 and ask your employer to correct your employment record. Be sure to ask the employer to file Form
Cost of
Credit for excess taxes. If you had more than one employer in 2022 and more than $9,114 in social security and/or Tier 1 railroad retirement (RRTA) taxes were withheld, you may be able to claim a credit for the excess against your federal income tax. See the Form 1040 instructions. If you had more than one railroad employer and more than $5,350.80 in Tier 2 RRTA tax was withheld, you may be able to claim a refund on Form 843. See the Instructions for Form 843.
(See also Instructions for Employee on the back of Copy C.)
aEmployee’s social security number
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This information is being furnished to the Internal Revenue Service. If you |
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OMB No. |
are required to file a tax return, a negligence penalty or other sanction |
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may be imposed on you if this income is taxable and you fail to report it. |
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b Employer identification number (EIN) |
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1 Wages, tips, other compensation |
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2 Federal income tax withheld |
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c Employer’s name, address, and ZIP code |
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3 |
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5 Medicare wages and tips |
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7 |
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Dependent care benefits |
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e Employee’s first name and initial |
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11 |
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12a See instructions for box 12 |
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15 State Employer’s state ID number |
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19 Local income tax |
20 Locality name |
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Form |
2022 |
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Department of the |
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Safe, accurate, |
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Copy |
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FAST! Use |
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(See Notice to Employee on the back of Copy B.)
Instructions for Employee
(See also Notice to Employee on the back of Copy B.)
Box 1. Enter this amount on the wages line of your tax return.
Box 2. Enter this amount on the federal income tax withheld line of your tax return.
Box 5. You may be required to report this amount on Form 8959, Additional Medicare Tax. See the Form 1040 instructions to determine if you are required to complete Form 8959.
Box 6. This amount includes the 1.45% Medicare Tax withheld on all Medicare wages and tips shown in box 5, as well as the 0.9% Additional Medicare Tax on any of those Medicare wages and tips above $200,000.
Box 8. This amount is not included in box 1, 3, 5, or 7. For information on how to report tips on your tax return, see the Form 1040 instructions.
You must file Form 4137, Social Security and Medicare Tax on Unreported Tip Income, with your income tax return to report at least the allocated tip amount unless you can prove with adequate records that you received a smaller amount. If you have records that show the actual amount of tips you received, report that amount even if it is more or less than the allocated tips. Use Form 4137 to figure the social security and Medicare tax owed on tips you didn’t report to your employer. Enter this amount on the wages line of your tax return. By filing Form 4137, your social security tips will be credited to your social security record (used to figure your benefits).
Box 10. This amount includes the total dependent care benefits that your employer paid to you or incurred on your behalf (including amounts from a section 125 (cafeteria) plan). Any amount over your employer’s plan limit is also included in box 1. See Form 2441.
Box 11. This amount is (a) reported in box 1 if it is a distribution made to you from a nonqualified deferred compensation or nongovernmental section 457(b) plan, or (b) included in box 3 and/or box 5 if it is a prior year deferral under a nonqualified or section 457(b) plan that became taxable for social security and Medicare taxes this year because there is no longer a substantial risk of forfeiture of your right to the deferred amount. This box shouldn’t be used if you had a deferral and a distribution in the same calendar year. If you made a deferral and
received a distribution in the same calendar year, and you are or will be age 62 by the end of the calendar year, your employer should file Form
Box 12. The following list explains the codes shown in box 12. You may need this information to complete your tax return. Elective deferrals (codes D, E, F, and S) and designated Roth contributions (codes AA, BB, and EE) under all plans are generally limited to a total of $20,500 ($14,000 if you only have SIMPLE plans; $23,500 for section 403(b) plans if you qualify for the
However, if you were at least age 50 in 2022, your employer may have allowed an additional deferral of up to $6,500 ($3,000 for section 401(k)(11) and 408(p) SIMPLE plans). This additional deferral amount is not subject to the overall limit on elective deferrals. For code G, the limit on elective deferrals may be higher for the last 3 years before you reach retirement age. Contact your plan administrator for more information. Amounts in excess of the overall elective deferral limit must be included in income. See the Form 1040 instructions.
Note: If a year follows code D through H, S, Y, AA, BB, or EE, you made a
(continued on back of Copy 2)
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b Employer identification number (EIN) |
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1 Wages, tips, other compensation |
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f Employee’s address and ZIP code |
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15 State Employer’s state ID number |
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16 State wages, tips, etc. |
17 State income tax |
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18 Local wages, tips, etc. |
19 Local income tax |
20 Locality name |
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Copy
Income Tax Return
Instructions for Employee (continued from back of
Copy C)
Box 12 (continued)
Box 13. If the “Retirement plan” box is checked, special limits may apply to the amount of traditional IRA contributions you may deduct. See Pub.
Box 14. Employers may use this box to report information such as state disability insurance taxes withheld, union dues, uniform payments, health insurance premiums deducted, nontaxable income, educational assistance payments, or a member of the clergy’s parsonage allowance and utilities. Railroad employers use this box to report railroad retirement (RRTA) compensation, Tier 1 tax, Tier 2 tax, Medicare tax, and Additional Medicare Tax. Include tips reported by the employee to the employer in railroad retirement (RRTA) compensation.
Note: Keep Copy C of Form
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VOID |
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a Employee’s social security number |
OMB No. |
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b Employer identification number (EIN) |
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1 Wages, tips, other compensation |
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c Employer’s name, address, and ZIP code |
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Social security wages |
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4 Social security tax withheld |
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5 Medicare wages and tips |
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Medicare tax withheld |
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7 |
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d Control number |
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10 |
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e Employee’s first name and initial |
Last name |
Suff. |
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Nonqualified plans |
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12a See instructions for box 12 |
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13 |
Statutory |
Retirement |
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employee |
plan |
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14 Other |
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15 State Employer’s state ID number |
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16 State wages, tips, etc. |
17 State income tax |
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20 Locality name |
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Form |
2022 |
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Department of the |
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For Privacy Act and Paperwork Reduction |
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Act Notice, see separate instructions. |
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Consider More Forms
Employee Status Change Form - Reflect transitions from full-time to part-time status.
Understanding the legal implications and requirements surrounding the eviction process is essential for both landlords and tenants. A key resource in this process is the All Florida Forms, which provides the necessary templates and guidelines to ensure compliance with state laws when issuing a Notice to Quit. This form not only informs tenants of lease violations but also outlines the next steps should the tenancy not be renewed.
Da Form 638 Pdf - Specific achievements are highlighted in Part III to support the recommendation.