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 filing on your taxes. In addition 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 throughout 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 earn 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.
When you have concurrent jobs, each employer bases withholdings on that job's income alone, not your total income. This often results in under-withholding because your combined income may push you into a higher tax bracket.
How to Handle Multiple W-2s from the Same Employer
Your employer may send you multiple W-2s, sometimes correctly, but others may be corrections, so do the following to ensure you have the proper documentation:
- If the forms have identical information, including the same Employer Identification Number (EIN), you only need to file one and keep the others for your records.
- If the forms have different EINs (due to a change in ownership or corporate structure), treat them as separate W-2s.
- If the W-2s have different amounts in specific boxes (like Box 12 or state/local tax boxes), enter the most complete form first, then add the differing amounts from the other W-2s.
Important Filing Considerations
Tax Bracket Impact: Multiple W-2s typically mean higher overall income, which could move you into a higher tax bracket and affect your tax liability.
Withholding Accuracy: If you work multiple jobs simultaneously, consider updating your W-4 forms with each employer to ensure adequate tax withholding for your total income.
Our 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.