Understanding Form W-2 for Federal and State Income Tax Returns

Understanding Form W-2 for Federal and State Income Tax Returns Let’s talk about one of the most important pieces of paper you’ll get each year—the Form W-2. If you’ve ever had a job, you’ve likely seen this form. And if you haven’t, well, congratulations on dodging taxes—just kidding! Uncle Sam always finds a way to track us down. Form W-2, also known as the Wage and Tax Statement, is a form your employer is legally required to send you every year if you earned more than $600. It’s like a report card for grown-ups, except instead of grades, it tells you how much money you made and how much of it went to the government. Spoiler alert: it’s always more than you thought.