It’s almost time for 2023 tax season to begin, and with it comes an important date – Jan. 23, 2023 – which marks when taxpayers can start filing their 2022 taxes. Those who work full-time can begin this process once they receive their W2 Form for 2022 from their employer. This document is critical as it provides the information needed to submit your taxes correctly and calculate any potential tax refund.
What is W2 Form for 2022?
Are you familiar with Form W2 Form for 2022? This official tax document, also known as the Wage and Tax Statement, is provided to employees at their employer’s conclusion of each tax year. The information it contains is incredibly valuable, displaying your annual wages and any taxes paid on those earnings.
It is important to note that the W2 Form for 2022 contains various components you should pay attention to. From Social Security and Medicare taxes to compensation data required for certain credits or deductions – all are included on the form. In addition, the lower section of the document outlines state-specific income and tax information.
At tax time this year, when utilizing our dedicated tax professionals, you’ll need to reference several of the boxes in the W2 Form for 2022 when completing and submitting a 2022 income tax return.
What information can I find on my W2 Form for 2022?
The W2 Form for 2022 document contains all the necessary information to file taxes for American taxpayers. To give an overview, here is a breakdown of each box and the data found about you and your employer.
Boxes A-F: The boxes located in the top left corner of the W-2 are designated with letters from A to F and hold pertinent information that is used to accurately identify both yourself and your employer; this includes legal name, address, Social Security Number, tax identification number as well as a control number which is exclusively used by your employer’s system to single out your W2 Tax Form for 2022.
In Boxes 1 and 2, you’ll find the necessary information most taxpayers need for 2022 – total wages, tips, other compensation, and federal income tax that was withheld. Then, moving on to Boxes 3 through 6, you can see what part of your income has been subject to Social Security and Medicare taxes, along with any taxes paid for both in 2022.
In Boxes 7 and 8, the amount of tip income reported by both you and your employer will be reflected. Meanwhile, Box 9 may appear grayed out but it is nothing to worry about; this was used in the past for reporting advance payments for Earned Income Credit which ended in 2010 yet remains on tax forms.
Boxes 10 and 11 provide insight into any dependent care benefits or deferred compensation you may have received in 2022.
Box 12 includes a variety of additional income or reductions to taxable income, marked by a code with either one or two letters. For these items to be included when filing your taxes, you must consist of certain codes from the 28 available options.
Located in the 13th slot is the section to show income that doesn’t require federal tax payment. For example, it includes contributions made to a sponsored retirement plan such as 401k account, third-party absence pay such as private insurance, or money earned as a statutory employee. The 14th field is an additional space for employers to include other applicable taxes information, such as tuition help or union dues.
A critical part of your W2 Form for 2022 can be found in Boxes 15 through 20. This section provides information about your income and withholdings relevant to state taxes and the ID number that belongs to your employer.
Usually how long does it take to get my W2 Tax Form for 2022?
As mandated by legal requirements, you must receive your Form W2 by Jan. 31, 2023 at the latest. This is usually done via postal mail; however, certain companies offer employees W-2 forms through online portals. It may also come from an external payroll service like ADP or Gusto, so be aware of that as well.
Jan. 31 has come and gone, but you still need to receive your W2 Form for 2022.
Don’t worry yet – you can do a few things in this situation. First, check around for any emails your employer might have sent with instructions for accessing the electronic version of the form. IRS Publication 15A does allow employers to provide electronic versions, so it’s worth double-checking your spam or junk mail folders in case something got filtered out by mistake.
To obtain your W2 Form for 2022, begin by reaching out to the human resources or payroll department. Ask them whether they sent it and, if it didn’t arrive, request that they send another one.
Should the employer fail to assist, you may contact the IRS directly for more information about your W2 Form for 2022.
When the April. 15 (or the 18 for 2023) deadline has passed, and you still need to receive your W2 Form; there are a few steps to take.
As April 18 approaches – the day taxes are due this year – and you still need to receive or access your W-2 form, there are a few choices for filing your 2022 tax return.
One solution is to fill out Form 4852 as an alternative so that you can guess your income and withholding tax. But be mindful that any discrepancies between the information on your return and your W2 Form will necessitate an amended return submission.