While everyone else is watching college basketball’s “March Madness,” paper W-2 filers will be at their desks sorting through those forms for errors and preparing to file W-2c forms.
W-2 e-filers have until April 1 to file their original W-2s with the Social Security Administration (SSA), but even this extra time won’t be enough to avoid the W-2c hook if errors are discovered after filing. Key: Penalties almost double for incorrect W-2s that aren’t corrected.
Corrections to W-2s are reported on Form W-2c; Form W-3c is the transmittal. W-2c forms may be filed on paper or electronically. E-filing is mandatory if you’re filing 250 or more W-2c forms. Count carefully: If you file 200 W-2c forms in March, and another 30 forms in May, you don’t have to e-file. Flip side: If you file an additional 100 W-2c forms in May, e-filing applies to those 100 forms. Forms should be filed as soon as errors are detected, but to a...(register to read more)