When it comes to filing tax forms for your employees, understanding the various types of W-2 forms is essential. A W-2 form provides employees with information they need for their personal tax returns, while also giving the Social Security Administration (SSA) and the Internal Revenue Service (IRS) the necessary details to verify income tax returns.
In this blog post, the eFile360 team goes into the different types of W-2 forms available, their layouts, and the process of filing them.
What are the Types of W-2 Forms?
Preprinted W-2 Forms
Preprinted W-2 forms are designed for laser and inkjet printers. These forms come with the boxes and government information preprinted on the front, while the employee data is printed using software. There are various layouts available, such as traditional and condensed forms. Preprinted W-2 forms are ideal for businesses that prefer a straightforward printing process.
Blank W-2 Forms
Blank W-2 forms are also designed for laser and inkjet printers. Unlike preprinted forms, blank forms do not have any preprinted information. The boxes, government data, and employee data are all printed using software. This type of form offers more flexibility in terms of customization.
Continuous W-2 Forms
Continuous W-2 forms are designed for typewriters or pin-fed printers. These forms are typically made of carbonless paper and have all employee and employer copies stacked on top of each other. Continuous forms are convenient for businesses that prefer a continuous printing process without the need to separate individual forms.
Pressure Seal W-2 Forms
Pressure seal W-2 forms are specialized forms for high-speed printers and pressure seal equipment. These forms are available in both preprinted and blank formats for employee copies. The printing process involves folding the form and using pressure to seal the glue points on the edges, making it ready for mailing. Pressure seal forms are ideal for businesses that prioritize efficiency and automation in their filing process.
What are the Different W-2 Form Layouts?
Traditional W-2 Layout
Traditional W-2 forms are the standard IRS/SSA forms with a 2-per-page layout. Both the top and bottom copies are the same. These forms are compatible with most software systems. With traditional forms, you can print two different employees on each page and then separate them for mailing.
Condensed W-2 Layout
Condensed W-2 forms combine different copies (such as B, C, and 2) on the same page for the same employee. The number of parts on the form depends on the specific needs of the filing. For example, a 4-part form would use a condensed 2up copy B/2, while an 8-part form would use a condensed 4up copies B/C/C/2. Condensed forms are suitable for businesses that want to consolidate information on a single page for easier processing.
What is the Process of Filing a W-2 Form?
Now that we have explored the types and layouts of W-2 forms, let’s discuss the process of filing these forms.
Filing Deadline
According to the IRS, the deadline to file W-2 forms is January 31 of the year following the tax year. For instance, if you are reporting on employee income for 2022, you must submit the forms by January 31, 2023. It is crucial to meet this deadline to avoid any penalties or delays in processing.
Filing Options
You have two options for filing W-2 forms: online e-file or hard copy. If you choose to submit a hard copy, you can order the forms from the IRS website or purchase them from office supply stores. It is important to complete Copy A in red ink for scanning purposes by the SSA. Retain Copy D for your employment records.
Information Required for Filing
To complete a W-2 form, you will need the following information:
- Employee Information: Name, address, and Social Security Number (SSN) or tax identification number.
- Employer Information: Employer Identification Number (EIN), business name, address, and state tax ID number.
- Earnings Information: Total wages, tips, and other compensation, total Social Security wages, total Medicare wages, and withholding amounts.
- Retirement Plan Information: Indicate if the employee participates in a retirement plan or received third-party sick pay.
Ensure that you have accurate and up-to-date information for each employee to avoid any discrepancies or errors on the forms.
Filing Process
If you choose to file online, you can utilize the SSA’s Business Services Online site. If filing by mail, include a W-3 form, which serves as the transmittal form showing the totals for all boxes on the W-2 form. For streamlined and affordable e-filing of W-2 forms, many experts recommend partnering with a trusted provider such as eFile360.
Hassle-Free e-filing of W-2 Forms with eFile360
Understanding the different types of W-2 forms and their layouts is crucial for accurate and timely filing. Whether you opt for preprinted, blank, continuous, or pressure seal forms, each type offers its own advantages based on your business needs. Remember to gather all necessary information and file the forms by the designated deadline. By following these guidelines, you can navigate the W-2 filing process with confidence and ensure compliance with IRS regulations.
For reliable and hassle-free filing of your W-2 forms, consider signing up for a free eFile360 account. As an IRS-authorized e-file provider for information return forms, eFile360 specializes in e-filing 1099 and related forms for businesses of all sizes. With our self-service e-filing and outsourcing solutions, you can enjoy one-on-one customer service and quality services at a low price.
Remember, filing W-2 forms accurately and on time is essential for both your employees and your business. Stay organized, stay informed, and make sure to take advantage of the resources available to simplify the process.