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Form W-2G AR: What You Should Know
All types of tax-exempt compensation includible in gross income for federal income tax purposes. The following is information about how to submit Form W-2G. Wages, salaries, bonuses, tips, and commission. W-2G is also a good form to report any itemized deductions. If you are able to use Form 1099, enter your W-2G in line 25 of the form. The form will list each type of item you received and its wages, amount, and tax deduction as determined on an itemized basis. Enter each item on the Line 25 of Form W-2G. You can also see how much you received from each category of itemized dispositions on line 25 of Form 1099 (for example: the value of each of your employer paid commission). See the instructions for Form 1099 on IRS.gov. A. What You Need To Do If you are reporting nonqualified wages to the IRS, you must: A. Fill out the W-2G Instructions for your Form W-2. Make copies of the documentation required by the information. If your wage payment doesn't match up or your documentation of your nonqualified wages doesn't match up with the documents that were provided to you by your employer, you must adjust your payment. There are two ways to adjust. You use Form W-5, Wage and Tax Statement, to adjust your nonqualified wages. You take a special action to request an adjustment. B. What Form W-2G Cannot Do. Filling out Form W-2G will not allow you to claim any credit for any part of your W-2G payments that are nontaxable. This includes: Employer tips — The tips you received will be exempt from federal income tax on Schedule E (Form 1040) when they are received by your employee. Health care, vacation, personal or business gifts — The amount and value of these payments will be taxable to you. C. Your W-2G Status. A. When you receive payment from an employer If you can use Form 1099, enter their W-2G in line 25 of your Form W-2G.
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