The IRS Form W-2 is crucial for filing taxes, detailing income, Social Security, and Medicare taxes withheld. Employers must provide W-2 forms by Jan. 31, with copies for the IRS, employee, and state tax agencies. Self-employed individuals receive Form 1099 instead. W-2s help determine tax liability and potential refunds.

Understanding the W-2 form is essential for tax filing. It includes information on taxable income, federal tax withholding, Social Security and Medicare taxes, and other compensation like tips and retirement contributions. Missing or incorrect W-2s can lead to IRS audits, so it’s important to address any discrepancies promptly. Employers must file W-2s with the IRS and provide copies to employees for tax filing.

If you haven’t received your W-2 form by the end of February, contact your employer or the IRS for assistance. Incorrect W-2s should be corrected by your employer to avoid potential fines or IRS audits. W-2 withholdings exceeding tax liability result in refunds, but adjusting withholdings can prevent overpayment. Understanding the differences between W-2 and W-4 forms is crucial for tax planning and compliance.

Read more at Yahoo Finance: What is a W-2 form? How to read one and file it correctly.