W2 Forms Avoid Form W-2 Penalties for the 2023 Tax Year

Image of Form W2 2023

IRS Form W-2 is an annual payroll report that shows the taxes withheld from an employee's paycheck for a specific tax year. Employers use it to file both federal and state taxes.

As the deadline for Form W-2 approaches, all employers must file their employees' W-2s, along with W-3, the transmittal form, to the Social Security Administration (SSA) before the deadline.

What are the 2024 deadlines for Form W-2?

  • January 31st, 2024
    Recipient Copies/Paper/E-file

    Form W-2 must be distributed by the employer to the recipient on or before January 31st

    Form W-2 must be mailed or E-Filed to the SSA on or before January 31st

Note: The deadline is typically the next business day if the deadline falls on a weekend or federal holiday.

What is the Penalty for Missing Form W-2 Deadline for 2024?

Failing to file Form W-2 by the deadline or meeting the deadline but providing incorrect recipient information can result in IRS penalties ranging from $60 to $630, depending on how late the form is submitted.

The IRS has increased these amounts for the 2024 filing year.

After the deadline but within 30 days

$60 per form

up to

$220,500 per year (smaller businesses)

$630,500 per year

After 31 days - August 1st

$120 per form

up to

$630,500 per year (smaller businesses)

$1,891,500 per year

After August 1st, or not at all

$310 per form

up to

$1,261,000 per year (smaller businesses)

$3,783,000 per year

Intentionally Not Filing

$630 per form

no maximum penalty

W-2 penalties may be subject to the following:

  • Furnishing incorrect information on a return
  • Failure to provide the required information
  • Late filing of returns
  • Paper filing when required to file electronically (E-file W-2 if you have 10 or more information returns)
  • Not sending in corrections
  • Select the correct form
  • Invalid TIN
  • Not sending employee copies promptly

Discover more about IRS penalties by visiting the penalties breakdown.

All Features Included

Purchasing any BoomTax package will give you everything you need to complete your filing.

This includes:

  • Federal E-File
  • State E-File
  • Recipient Copy Download as PDF
  • Official IRS Copy Download as PDF
  • Unlimited Corrections

W-2 Bulk Import

Import many companies in one spreadsheet to simplify data input.

Data Validation

We validate your data against hundreds of IRS rules.

Hands Off E-File

No IRS registration or testing required.

Free Corrections

Make as many changes as needed for free.

Do I need to file Form W-2 with my State?

Some states mandate the filing of Form W-2 with the State. Neglecting to file with the state can lead to penalties. These State penalties are in addition to any Federal penalties.

The penalty rates vary by state and are determined by when you submit your return.

Depending on your state's regulations, you may be required to submit Form W-2 and additional reconciliation forms to the relevant state agency. You can quickly e-file these forms from your BoomTax account. But first, review your W2 state filing requirements.

How to Electronically File Form W-2 with BoomTax?

Import Your Form W-2 Data

You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.

Step-By-Step Wizard

We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.

E-File & Mail Employee Copies

Once your data is loaded, you can e-file and distribute employee copies in minutes.

There is no additional fee for filing prior-year W-2 tax forms with BoomTax; you can e-file at the same affordable rate as current-year forms.

BoomTax is an IRS-approved e-file provider that supports electronic filing for various business tax forms, including Forms W-2, 1099 Forms, ACA Forms, and more.