W-2 types are tax types issued by employers to their workers that report wages, salaries, and different compensation paid to the worker through the earlier yr. The W-2 type is utilized by the worker to file their revenue tax return. Employers are required to ship W-2 types to their workers by January thirty first of the yr following the tax yr.
It will be significant for workers to obtain their W-2 types on time in order that they will file their revenue tax returns precisely and on time. Failure to file an revenue tax return on time may end up in penalties and curiosity fees. The W-2 type can be utilized by the worker to say sure tax credit and deductions.