Employers must submit copies of Forms W-2, Wage and Tax Statement, and W-3, Transmittal of Wage and Tax Statements, to the Social Security Administration by January 31.
The January 31 deadline also applies to Forms 1099-MISC, Miscellaneous Income, and Forms 1099-NEC, Nonemployee income, which are used by the IRS to record non-employee income to independent contractors. The instructions for Form 1099-MISC, Form 1099-K, and Form 1099-NEC provide a number of other due dates, including those due to the IRS.
New filing requirements
The new electronic filing requirements affect Forms W-2, which must be submitted in 2024. Businesses that file ten or more forms must submit W-2s and some information returns online. For further information, please see the new electronic filing requirements for Forms W-2.
E-filing is the most efficient, accurate, and easy way to submit paperwork. Employers may learn more about e-filing Forms W-2 by visiting the Social Security Administration’s website and seeing Employer W-2 Filing Instructions & Information.
Key points to remember
- Extensions to file are not provided automatically. Employers can request a 30-day extension to file Forms W-2 by completing Form 8809, Application for Extension of Time to File Information Returns, by January 31.
- Filing Form 8809 does not extend the deadline for providing salary statements to employees. A separate extension must be sought by January 31.
- Filing before the deadline helps the IRS combat fraud by making it easy to verify income. Employers may assist support the process and prevent penalties by submitting the documents on time and correctly.
- Form 1099-K and the $600 reporting threshold have been postponed. This implies that in 2023 and previous years, payment apps and online marketplaces are only obliged to provide Forms 1099-K to taxpayers who receive more than $20,000 and have more than 200 transactions. The IRS intends to phase in reporting requirements at a $5,000 level beginning in tax year 2024.
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