Stay on Track for Tax Season with These Five W-2 Tips from PayrollOrg

SAN ANTONIO, Jan. 31, 2025 /PRNewswire/ -- The 2024 Form W-2, Wage and Tax Statement, must be provided to employees by January 31, 2025. Instead of simply filing it away, it is crucial for employees to understand and review key aspects of their Form W-2 to ensure accurate filing. PayrollOrg (PAYO) highlights five key things you need to know about your Form W-2 as tax season approaches.

1. Verify Personal Information. Ensure the accuracy of your personal information. Verify that your name, address, and social security number on Form W-2 are correct. Discrepancies could delay processing or cause issues with your tax return. Contact your payroll department promptly if any information needs to be corrected.
2. Know Your Contributions and Deductions. Review these three key items on your W-2:
   1. Box 1 will differ from your final 2024 paystub year-to-date gross pay if you participated in a 401(k) or other employer-sponsored savings plan.
   2. The Box 3 total should not exceed $168,600 – the 2024 social security wage base.
   3. Boxes 1, 3, and 5 will be different from your 2024 year-to-date gross pay if you used pre-tax dollars to pay for insurance premiums, transit benefits, or contributions to flexible spending accounts.
3. Watch for Multiple Forms W-2. You should have received a Form W-2 from each employer you worked for in 2024. If you have not received your W-2 forms by February 5, contact the company's payroll department to request a "reissued statement." 
4. Review Available Tax Credits. You may qualify for thousands of dollars through the Earned Income Tax Credit, depending on your eligibility. Check the back of your W-2 Copy B to see if you qualify or visit IRS.gov/EITC for more information.
5. Don't Overpay Your Taxes. 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 any questions regarding your Form W-2, contact your payroll department. For more information, visit PAYO online at www.payroll.org.

SOURCE PayrollOrg