Do you Need Various W-2 Form from The Same Employer?

Your employer sends you a W-2 form to file an income tax return for yourself every year. The process is pretty simple. You will receive a W-2 form from your employer, file your taxes, and then you must either pay what is pending or wait for a tax refund.

There are times when your employer sends you multiple W-2 forms, but only when they are of extreme importance; otherwise, you will receive only one. This article will help you understand the hows and whys of this!

The Ambition of a W-2 Form:

A W-2 form is a document that U.S. residents use to report income and tax deductions for the year. Employers who settle on a fixed salary use this form.

The W-2 form must be sent to the employer by the end of January every year. This is to ensure enough time for you to file your tax return before the deadline arrives in April. You may also need the W-2 form for your (FICA) Federal Insurance Contributions Act, which is particularly deducted from your paycheck stubs.

A W-2 form is what the (IRS) Internal Revenue Service uses to document and arrange your and other employers’ earnings. This keeps them informed about the exact amount of tax paid against what was hidden from your paycheck, including deductions.

Tackling Various W-2 Forms from the Same Employer:

The people on a fixed payroll with an employer seek to go the extra mile for that secondary income from the same employer. If you add up the people who have changed their jobs, only a few people deal with multiple W-2 forms from the same employer at the end of the year.

You may also receive W-2 forms from the same employer, which might arrive from various departments. This means that they will fetch different (EIN) employment identification numbers. For later, you need to punch in each number differently on the film, but the timing will be the same.

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Why do you receive two W-2 forms from the same employer?

You must be wondering why I received two W-2 forms from the same employer. There are numerous answers to this question. Let’s understand it.

The first case can be when the employer improperly sends you an identical W-2 form. This can be termed a mistake, as the other form may have been sent by mistake. You should report this issue to the IRS and receive a single W-2 form. It’s recommended that the employer send only a single W-2 form.

When an employer sends you two W-2 forms, they take the risk of increasing errors while entering the employee information in the W-2 form. Though it’s unlikely to submit numerous W-2 forms, this only indicates the employee’s income in a tax year.

Though you have worked for the same employer once or twice, your earnings must be tallied and entered in a single W-2 form.

However, if you receive various W-2 forms, then it might be because you have worked for more than one employer who are paid on different pay scales. You will receive numerous W-2 forms if you work in more than one location for the same employer.

Another possible reason you receive various W-2 forms is that you work for an employment agency or that your employer has changed its payroll services. The ultimate point of the employer sending you multiple W-2 forms is to remind you to report all your income.

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Submitting your W-2 form:

When you receive numerous W-2 forms from your employer, make sure to use only one of them. You can keep the other W-2 form for your records. Cross-check that the federal wage information in box 141 is left blank in one of the W-2 forms.

Also, check the state information in boxes 15-17 or look into the local boxes 18-20, but that is different. In this scenario, you will need to enter information on both of the W-2 screens. Enter all the information in the W-2 form, and then enter the different state and local information from the other W-2 form. If any difference arises with box 12, use the information in the form, which is almost complete.

Next, enter different information in box 12 from other W-2 forms on the same screen. Also, enter information about your health insurance on the W-2 form in box 12. If you’re not able to enter the information, you can seek the help of an accountant.

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How does the W-2 form clash with your withholdings?

When you are an employee of a firm, the employer will send you a W-2 form every year. However, your employer will also ask you to fill out a W-4 form. A W-4 form is the withholding allowance certificate that must be filed before filing a W-2 form.

When there have been changes in your financial documents within a tax year, you also need a W-4 form. The changes can be divorce, a new family member, marriage, or a new job. You will need to put the precise details into the W-4 form. This comes under the influence of withholding allowances. This lets your employer regulate how much income tax will be withheld from your paycheck.

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Withholding Allowances:

Your annual tax will be calculated based on the number of allowances in your W-4 form. With every paycheck, your employer deducts a certain amount of earnings from your pay stubs. This amount covers your taxes, so you pay them in small portions at the end of the tax year.

Employers are compelled to withhold the earnings for federal tax remittance. The amount the employer withholds depends on how much you earn and the details mentioned in the W-4 form. Your multiple jobs will affect the withholding allowances. The income information in your multiple W-2 forms should be reflected in your W-4.

Conclusion

In short, the legal guidelines are the same for individuals filing numerous W-2 forms in a tax year. Always try to keep yourself updated with the tax updates to know how your taxes and withholding allowances can change. However, if you don’t receive a W-2 form from your employer, you still can file an income tax return.