How to File Multiple W-2s
The IRS requires that all employee wages be reported at the end of the year on a Wage and Tax Statement more commonly referred to as a W-2. This will include all compensation the employee received (including non-taxable compensation). It will also include all taxes withheld by the employer.
To avoid an IRS audit, it’s important to report all income from every source. If you work for one employer during the year, in most cases, you’ll only have one W-2 form to account for. However, if you work for multiple employers at the same time, or for different employers at various times throughout the year, you may have multiple W-2s, all of which must be included when filing your taxes. Accounting for all income sources on your taxes ensures that you pay any uncollected tax, or get the full refund due.
The IRS requires employers to issue W-2s to their employees by January 31 (additional important dates here). If you worked more than one job during the previous year, you'll have to wait until you receive every form that you’re anticipating to file on your taxes. In additional to individual taxpayers, employers also report earnings to the IRS, so if a W-2 is not reported by the taxpayer, the IRS will be made aware.
Taxes Withheld May Vary
If you worked for multiple employers through out the year, the time frame in which you worked for each may impact whether you will receive a refund or owe additional taxes. Generally speaking, if you work for multiple employers at the same time—say you work 9 a.m. to 5 p.m. for one employer and from 6 p.m. to 9 p.m. for another one, the probability is greater that you will owe more taxes than were withheld. This is because you earned two incomes at the same time. If you worked for one employer for the first half of the year, and then moved on to another position with a different employer the second half of the year, it is more likely that the correct amount of tax will have been withheld.
E-file.com's Filing Software Can Help to Calculate Multiple W-2s
If you’re using our software to file your taxes, you just need to follow the simple prompts in order to enter all income sources. Our program will then calculate whether or not you’ve underpaid or overpaid on your taxes owed, and calculate if you owe anything additional or are due a refund.
Q&A: When must forms W-2 and W-3 be filed?
W-2 and W-3 forms must be filed by employers by the last day of January. Forms must be completed for all employees earning $600 or more during the prior year. W-2 forms must be sent to employees and include information on prior year income, federal income tax withhold, as well as social security and Medicare tax withhold. W-3 forms (i.e. Transmittal of Wage and Tax Statements) contain the same information but are sent to the Social Security Administration.
Employees who do not receive a W-2 should wait until mid-February before following up with their employer. If they do not receive a response from their employer, they can reach out to the IRS who will provide additional guidance on how to proceed.