How Long Can a Company Hold Your W-2 Form and Where to Obtain It

The W-2 form is a critical document for every employee, serving as a summary of your income and taxes for the previous tax year. Understanding how long your company can hold onto this document is crucial for ensuring that you have access to accurate financial information when needed.

Issuance and Retention Periods

According to the Internal Revenue Service (IRS), an employer is required to provide each employee with a copy of their W-2 form by January 31st of the year following the tax year it covers. For example, for the tax year 2023, the W-2 must be issued by January 31, 2024.

While most companies will retain a copy of your W-2 form in their records for at least four years, this is primarily for record-keeping and compliance reasons. The IRS requires employers to maintain copies of W-2 forms for at least four years after the due date of the tax return to which they relate. This is important in case of audits and to ensure that tax records are still accessible.

What Happens if You Need an Old W-2?

If you need to obtain a copy of a W-2 from a previous year and your employer has already disposed of the physical copy, there are still options available to you. The IRS can provide a copy of the W-2 that was filed by the employer. This can be requested by contacting the IRS directly or by applying for a "Wage and Income Transcript."

There are a few steps to follow to request this document from the IRS:

Visit the IRS website and navigate to the Wage and Income Transcript section. Complete the necessary forms online or by mail and provide the required personal information and tax details. Pay the applicable fee if one is required. Submit your application and await the transcript.

Employer Guidelines and External Services

Employers are required to send the W-2 form no later than the last day of January or the first business day thereafter if that day falls on a weekend. This means that most employees should receive their W-2 by the end of the first full week in February. However, if you do not receive your W-2 by this time, you should contact your employer’s bookkeeping department to inquire about the whereabouts of the form.

If your employer is not forthcoming with information or if there is no explanation for a delay, you can contact your nearest IRS office. Your employer must provide a major and justifiable reason for the delay, such as a processing issue or illness.

Further Considerations

In addition to the IRS, you may also need to retain your W-2 for state Department of Revenue audits, which can occur up to four years after the filing date of the company’s income tax return. If you are unsure of how long your employer will retain the form, you can ask them directly or contact the appropriate payroll service or CPA firm managing your company’s payroll.

For general inquiries about W-2 forms, you can visit the IRS website or call the IRS hotline at 1-800-829-1040.