What Information Does a W-2 Form Contain?
A W-2 includes your total wages, tips, and other compensation; federal income tax withheld; Social Security wages and tax withheld; Medicare wages and tax withheld; state wages and state income tax withheld; and any pretax benefits like 401(k) contributions or health insurance premiums. Box codes A through Z flag special situations.
When Will You Receive Your W-2 and What If It's Wrong?
Employers must furnish W-2s by January 31. If yours does not arrive by mid-February, contact your employer or HR department. If you spot an error — wrong Social Security number, incorrect wages — request a corrected W-2 (Form W-2c) before filing. Filing with an incorrect W-2 can trigger IRS notices or delays in processing.
How Does a W-2 Differ From a 1099 Form?
A W-2 is issued by employers to employees; taxes are withheld throughout the year. A 1099 is issued to independent contractors, freelancers, or those receiving investment or other income — no withholding occurs. W-2 employees share payroll tax liability with employers, while 1099 recipients pay the full self-employment tax themselves.
Frequently asked questions
What do I do if I have multiple W-2 forms?
Report income from each W-2 separately on your tax return. Most tax software prompts you to enter each one. The IRS cross-checks W-2s against employer filings, so omitting one will trigger a notice or audit.
Why does Box 1 on my W-2 show less than my full salary?
Pretax deductions like 401(k) contributions, health insurance premiums, and FSA contributions reduce Box 1 wages. These amounts are excluded from federal taxable income but may still appear in Social Security and Medicare wage boxes.