Before filing Form W-2 for your employees, there are a few changes that you should be aware of. Below are the changes in Form W-2 for 2020 tax year:
Boxes A through F: Use the lettered boxes on Form W-2 to enter both employer and employee information.
- Deadline for filing Form W-2 for the 2020 tax year is February 01, 2021, as the regular deadline falls on a weekend.
- Employers can truncate or mask the SSNs on employee copies of Form W-2.
- For 2020, the social security wage base is $137,700, and the social security tax withheld amount should not exceed $8,537.40 ($137,700 × 6.2%).
- The 2020 Social Security and Medicare coverage threshold for Household wages is now $2,200 (for 2019, it was $2,100).
- Civilian spouses of servicemembers can elect to use the same residence of the servicemember for taxation purposes.
- The penalty rates for failure to file or furnish penalties and intentional disregard of filing and payee statement have increased. These higher penalty rates will apply to returns filed after December 31, 2020.
With ExpressEfile, you can e-file Form W-2 with new changes easily and securely. It’ll take only a few minutes to complete the whole process.