Form W-2 2024 Tax Year Checklist
Filing Purpose and Requirements
Form W-2 reports 2024 wages, withheld taxes, and retirement plan participation to employees and the Internal Revenue Service. Employers must furnish copies to employees and file with the Social Security Administration by January 31, 2025.
The 2024 Social Security wage base is $168,600, with a tax rate of 6.2% for both employer and employee. Employers filing 10 or more Forms W-2 must file electronically via the SSA W-2 Online service.
Elective Deferral Limits for 2024
The standard elective deferral limit is $23,000 for 2024 across section 401(k), 403(b), and 457(b) plans. Employees participating in section 403(b) plans who qualify for the 15-year rule can have an elective deferral limit as high as $26,000 for 2024.
Catch-up contributions for employees at least age 50 during 2024 allow an additional $7,500 above the standard limit for most plans. SIMPLE section 401(k) and section 408(p) plans allow catch-up contributions of $3,500 for employees at least age 50 during 2024.
Employee Information Verification
Initial Data Collection
- Verify employee Social Security Number, name, and address match Social Security Administration records before filing Form W-2.
- Request Form SSA-7050 correction if the employee name differs from Social Security Administration card records.
- File Form W-2c to correct Social Security Administration records when name discrepancies exist.
- Confirm all taxpayer identification numbers are accurate to avoid penalties for incorrect or missing information.
This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
Wage and Compensation Reporting
Report all wages, tips, and other compensation in Box 1 that are reportable on the employee's Form 1040. Exclude dependent care benefits over the employer plan limit and nontaxable fringe benefits unless law requires inclusion.
Calculate and report federal income tax withheld in Box 2 according to 2024 tax brackets and standard deduction amounts per Form W-4 (2020 version or later). Enter social security wages capped at $168,600 in Box 3 and corresponding 6.2% tax in Box 4 without reducing for pre-tax deferrals under section 401(k) or 403(b) plans.
Medicare Tax Withholding
Report Medicare wages and tips in Box 5, including all wages subject to 1.45% employee Medicare Tax. Employers must withhold the Additional Medicare Tax of 0.9% on wages exceeding $200,000 paid to an employee during the calendar year.
Box 6 must show both the regular 1.45% Medicare Tax and the Additional Medicare Tax of 0.9% withheld on wages exceeding $200,000. Employees may owe additional tax on their return if combined household income exceeds filing status thresholds of $250,000 for married filing jointly, $200,000 for single filers, or $125,000 for married filing separately.
Box 12 Retirement Plan Codes
Complete Box 12 using the correct 2024 codes for deferrals and employer contributions to retirement plans. Code D reports elective deferrals to section 401(k) plans, Code E reports section 403(b) plan deferrals, and Code G reports section 457(b) plan deferrals.
Verify that elective deferrals to section 401(k), 403(b), and 457(b) plans do not exceed $23,000 combined limit for calendar year 2024. Catch-up deferrals for employees at least age 50 are reported separately and exist outside the overall $23,000 limit, with maximum amounts of $7,500 for most plans and $3,500 for SIMPLE plans.
This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
Additional Box 12 Reporting Requirements
Group-Term Life Insurance and Equity Grants
- Report group-term life insurance taxable cost over $50,000 in Box 12c using code C.
- Include this amount in Boxes 1, 3 (up to wage base), and 5 for taxable wage calculations.
- Report uncollected tax on former employees using Box 12 codes M (social security/RRTA) and N (Medicare).
- Enter code GG for income from qualified equity grants under section 83(i) and code HH for aggregate deferrals under section 83(i) elections as of the close of 2024.
Report employer-sponsored health coverage cost in Box 12d using code DD as informational only and not taxable to the employee. Check Box 13 "Retirement plan" if employee participated in any qualified or tax-exempt plan during 2024.
Employees must reference this checkbox when determining IRA contribution deductibility limits on Form 1040. The retirement plan checkbox affects the employee's ability to deduct traditional IRA contributions based on income thresholds.
Employee Copy Distribution
Furnish Copy B (for federal return), Copy C (employee records), and Copy 2 (state/local return) to each employee by January 31, 2025. Do not include Copy A with employee copies, as this is the SSA filing copy.
File Copy A with Form W-3 and all employee copies to the Social Security Administration by January 31, 2025. Employers filing 10 or more Forms W-2 must file electronically via the SSA W-2 Online service, which does not require a separate W-3 submission when e-filing.
Copy A Filing Requirements
Do not print Copy A from IRS.gov and file with the Social Security Administration, as penalties apply for non-scannable forms. Order official scannable Copy A forms via IRS Online Ordering or www.irs.gov/orderforms for paper filing.
This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
Forms downloaded from the website are not scannable and will result in penalties if filed with the Social Security Administration. Employers must use official pre-printed Copy A forms for paper submissions or file electronically to avoid filing penalties.
Form W-2c Corrections
File Form W-2c corrections with the Social Security Administration if any name, Social Security Number, or dollar amount errors are identified after the original filing. Provide employee copies of corrected forms that employees must file with their tax return.
Corrections must reconcile all discrepancies between original and corrected amounts for proper tax reporting. The Social Security Administration requires complete and accurate reporting to ensure proper crediting of earnings to employee accounts.
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This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
