by Peter K

Created on: January 21, 2007   Last Updated: May 21, 2007

The W-2 income tax form is a reporting form used by employers to indicate to you, the employee, and to the tax collection agencies, your earnings and tax activity for the past year with that employer. All employers are required to send out W-2 forms by the end of January, and if you do not receive one, you should contact your employer as soon as possible for a replacement. If you have more than one employer, you should receive a W-2 form from each employer separately.

You will use your W-2 form as the basis for filling out your tax return for the prior year. Online or software returns will ask you to enter the information box-by-box, and will determine where to use the information. Tax services will do the work for you, all you need to bring is the form. If you are filling out the tax forms by hand, you will need to read the instructions included with your form, and determine the appropriate place for each of the amounts reported on the W-2.

It is good practice to file your W-2's for 7 years past their tax year, in case of any audits or questions that arise with your tax return. If you misplace your W-2 before or after filing your taxes, you should contact your employer for a duplicate copy.

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