What is a W-2?
IRS Form W-2, also known as a “Wage and Tax Statement,” reports an employee’s income from the prior year and how much tax the employer withheld. Employers send out W-2’s to employees in January. A copy goes to the IRS.
When should I receive my W-2 form?
You should have your W-2 by the first week of February. The IRS requires employers to furnish W-2’s to the employees by January 31st. Your employer will provide you with Form W-2 which shows how much money you earned and taxes withheld from your paychecks as well as benefits provided during the previous year and how much you contributed to your retirement plan during the year. Information from Form W-2 is used when you file your personal tax returns – both federal and state – with the IRS and your state’s tax agency.
You will receive three copies of Form W-2:
• Copy B is filed with your federal tax return
• Copy 2 is used to report any state, city, or local income taxes
• Copy C is for your records. Keep a W-2 for at least three years after you file. Source