Filing Taxes

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Information about Filing Taxes

Who gets a W2 form ?

A W-2 form is provided to employees by their employers. It is a tax document that reports the employee’s annual wages and the amount of taxes withheld from their paycheck during the calendar year. Generally, any individual who received wages as an employee is eligible to receive a W-2 form.

In terms of F1 students, it can be both an on campus job or a summer internship positions they are pursuing.

Note: You will get multiple W2 forms if you work for more than one organization:

Example: If you do an on campus job at university X and a summer internship at a company Z, you’ll get a W2 from X university and Z organization.

Why to file taxes on time ?

Filing taxes on time avoids penalties, ensures timely refund processing, and helps maintain compliance with tax laws. Also, it is always advisable to be compliant with all tax laws as an F1 student has to go through a lot of form filings with USCIS which may be traced at a later stage.

When and Where do you receive a W2 form ?

Employees typically receive their W-2 forms from their employers by the end of January. The exact date may vary, but employers are required by the Internal Revenue Service (IRS) to furnish W-2 forms to their employees on or before January 31st of each year.

Employers usually distribute W-2 forms to their employees through paper copy or electronic delivery.

It is important for employees to ensure that their employer has their correct and up-to-date contact information, including mailing addresses and email addresses, to receive the W-2 form without any delays.

What is a W2 form ?

A W-2 form, also known as the Wage and Tax Statement, is a document that employers in the United States are required to provide to their employees. It reports the employee’s annual wages and the amount of taxes withheld from their paycheck for the calendar year. The following information is typically reported on a W-2 form:

1. Employee Information: This includes the employee’s name, address, and Social Security number.
2. Employer Information: This section contains the employer’s name, address, and Employer Identification Number (EIN).
3. Wages and Compensation: The total wages earned by the employee during the year, including salary, bonuses, tips, and other forms of compensation, are reported in Box 1.
4. Federal Income Tax Withheld: The amount of federal income tax withheld from the employee’s wages throughout the year is reported in Box 2.
5. State and Local Income Tax Withheld: If applicable, the amount of state and local income tax withheld from the employee’s wages is reported in the respective boxes.
6. Social Security and Medicare Taxes: The employee’s contributions to Social Security and Medicare, also known as FICA taxes, are reported in Boxes 3 and 5, respectively. The employer’s contributions are not reported on the W-2.
7. Retirement Plan Contributions: If the employee participated in a retirement plan such as a 401(k) or a pension plan, the contributions made during the year are reported in Box 12.
8. Other Deductions and Benefits: This section may include additional information such as contributions to a health savings account (HSA), dependent care assistance, or other benefits provided by the employer. After receiving the W-2 form, employees should take the following actions:
9. Review the Information: Carefully review the W-2 form to ensure that all the information, including your name, Social Security number, and wages, is accurate.
10. Compare with Pay Stubs: Compare the information on the W-2 with your pay stubs or other records to ensure they match. If you notice any discrepancies, notify your employer promptly.
11. File Tax Return with a CPA: Send a copy of your W-2 form to an expert CPA to complete your federal, state, and local income tax returns.
12. Keep for Record keeping: Retain a copy of your W-2 form for your records. It is essential to keep this document for at least three years, as it may be needed for future reference or in case of an audit.

File your taxes

Dattani & Partners, CPA

Dattani & Partners CPA is a trusted accounting firm that specializes in assisting F1 visa holders with their tax-related needs. They offer comprehensive services for filing the 1040NR IRS tax return, as well as state tax returns. Whether you’re a student, scholar, or international professional, they have the expertise to navigate the complexities of tax filing for non-resident aliens.

In addition to tax preparation, Dattani & Partners CPA provides advisory services to help clients make informed financial decisions. They offer guidance on investments both in the United States and India, helping individuals maximize their financial growth and minimize tax liabilities. Customers appreciate the professionalism and quality of service provided by Dattani & Partners CPA. The firm is known for its reasonable prices, ensuring that clients receive excellent value for their money. The team at Dattani & Partners CPA is dedicated to delivering accurate, timely, and personalized solutions to meet each client’s unique tax and financial needs.