What You Need to Know About W-2s for 2023

Deadlines for important forms, like W-2s, are only one month after the start of the year, so now is the time to prepare to furnish complicated tax forms to your workforce. This guide will provide you with the basics of Form W-2 in 2024 and any expected changes.

Please read on to learn how you can successfully file and furnish your W-2s to remain compliant with the Internal Revenue Service, or IRS.

Refresher: What Is Form W-2?

Form W-2 is an IRS reporting document that details the amount of compensation paid to an employee for the year, while also tallying federal and state income taxes, Social Security taxes, and Medicare taxes that were withheld. The official IRS form includes six copies:

Copy A to file with the Social Security Administration (SSA)
Copy B for the employee to file with their federal tax return
Copy C for the employee’s records
Copy D for the employer’s records
Copy 1 to file with State, City, or Local Tax Departments
Copy 2 for the employee to file with their state, city, or local tax return

Every employer must file a Form W-2—also called a Wage and Tax Statement—for each employee from whom income, Social Security, or Medicare taxes were withheld in the previous year.

Form W-3—Transmittal of Wage and Tax Statements—should also be included when filing Form W-2. This summary form shows the totals of all W-2s for a particular employer, including wages paid and taxes withheld.

What’s the Difference Between Forms W-2 and W-4?

Since both are tax withholding documents required by the IRS, Forms W-2 and W-4 are often confused.

Form W-4 is completed by each employee when they are hired and is used by their employer to determine how much tax to correctly withhold from each paycheck. Employees can do this during their onboarding process to streamline the employer's ability to manage payroll.

Form W-2 is completed by the employer, distributed to each employee, and reported to the IRS annually. W-4s always precede W-2s.

When Is the Due Date for Form W-2?

The due date for filing Copy A of Form W-2 in 2024 is January 31. This includes both electronic filing and submission by mail. Copies B, C, and 2 must also be furnished to employees by January 31. These deadlines are for forms reporting on the 2023 tax year.

Organizations that will be submitting 10 or more W-2s (or other forms, as well) are required to file electronically. However, the IRS recommends that all organizations, regardless of size, file electronically. This ensures all forms are delivered to the IRS safely and on time. If you use an all-in-one HRIS like BerniePortal, this is easy: we automatically populate data in the correct forms, double-check for correctness, and e-file them with the IRS on time.

How to Prepare for the W-2

Because a machine reads W-2 entries, they must be filled using specific guidelines. If these are not followed, then the machine may not be able to read the form. So for employers filling these out via paper, the rules to remain compliant are strict.

The following is a list of guidelines for filing Form W-2:

All entries must be typed or written in black ink. If typing, use 12-font courier font.
Be sure all dollar amounts are written WITHOUT the dollar sign and comma and WITH the decimal point.
Do not erase, cross out, or use any form of whiteout or remover. If an error is made, mark an X in the Void box, and use a new W-2 Form. There is no need to mark the new form, such as writing “corrected.”
There are two forms on a single page, so be sure to send in the entire form, even if one section is not filled in. Do not attempt to cut, fold, or staple the form for any reason.
If a box does not apply, it must be left blank.

Forms must arrive before the due date and be correctly addressed to meet the submission requirements. Be sure you follow all guidelines and conditions before submitting the form.

For any further information and questions, refer to the IRS website.

Additional Resources

You can also stay informed, educated, and up-to-date with Form W-2 and other important topics by using BerniePortal’s comprehensive resources:

BernieU—free online HR courses, approved for SHRM and HRCI recertification credit
BerniePortal Blog—a one-stop-shop for HR industry news
HR Glossary—featuring the most common HR terms, acronyms, and compliance
HR Guides—essential pillars covering an extensive list of comprehensive HR topics
HR Party of One—our popular YouTube series and podcast, covering emerging HR trends and enduring HR topics