SAN ANTONIO, Feb. 2, 2024 /PRNewswire/ — The 2023 Form W-2, Wage and Tax Statement, was due to all employees by January 31. PayrollOrg (PAYO), the leader in payroll education, has five things you should know about your Form W-2 this tax season.
1. Compare Your W-2 to Your Final 2023 Paystub.
Items to review on the W-2:
A. Box 1 will differ from your final 2023 paystub year-to-date gross pay if you participated in a 401(k) or other employer-sponsored savings plan.
B. The Box 3 total should not exceed $160,200 – the 2023 social security wage base.
C. Boxes 1, 3, and 5 will be different from your final 2023 paystub year-to-date gross pay if you used pre-tax dollars to pay for qualified insurance premiums, transit benefits, or contributions to flexible spending accounts.
2. Request All Forms W-2. You should have received a Form W-2 from each employer you worked for in 2023. If you have not received your W-2s by February 5, contact the company’s payroll department to request a “reissued statement.”
3. Check for Tax Credits. Depending on your eligibility, you may qualify for thousands of dollars from the Earned Income Tax Credit. Read the back of the W-2 Copy B to determine your eligibility or visit IRS.gov/EITC.
4. Ensure Your Social Security Number (SSN) Matches Your Social Security Card. Double-check that your social security number on your W-2 matches your social security card. If not, call your employer’s payroll department to ask for a corrected W-2.
5. Don’t Overpay Your Taxes. After filing your 2023 tax return using your Form W-2, if your refund is larger than expected, you can update your Form W-4, Employee’s Withholding Certificate. Modifying your W-4 can reduce the amount of taxes deducted from each paycheck, giving you an instant raise. Complete a “paycheck checkup” using the IRS’s Tax Withholding Estimator. If you have a more complex tax situation you may need to use IRS Publication 505, Tax Withholding and Estimated Tax.
If you have any questions regarding your Form W-2 contact your payroll department. For more information, visit PAYO online at www.payroll.org.
SOURCE PayrollOrg
