What is Form W-3?
Form W-3 is a summary form that employers use to report the total earnings, taxes withheld, and other information for all employees for the year. It accompanies Form W-2, which details each employee's individual earnings. Submitting Form W-3 helps the IRS match income reported by employers with individual tax returns. This process ensures accurate tax records and helps prevent tax fraud. It's essential for keeping your business compliant and maintaining accurate employee tax information.
What is Form W-3 used for?
Form W-3 is used for summarizing wages and withholding for the IRS:
- to report total wages paid.
- to summarize taxes withheld.
- to accompany Form W-2 submissions.
How to fill out Form W-3?
- 1
Verify your business name and address at the top of Form W-3.
- 2
Enter the total number of W-2 forms being submitted.
- 3
Fill in the total wages, tips, and other compensation paid to employees.
- 4
Complete the federal income tax withheld section.
- 5
Check all information for accuracy to avoid processing delays.
- 6
Confirm that the form is signed by an authorized person before submission.
Who is required to fill out Form W-3?
Employers and businesses complete form W-3 to report annual wages and tax withholdings.
The IRS and Social Security Administration use the form for processing wage data.
When is Form W-3 not required?
Form W-3 is not required for employers who file fewer than 250 Forms W-2 for the year. If you are a small business or have a limited number of employees, you can skip submitting this form.
Additionally, if you file your Forms W-2 electronically, the IRS does not require a W-3. Always check the latest IRS guidelines to ensure compliance based on your specific situation.
When is Form W-3 due?
The deadline for Form W-3 is January 31. If January 31 falls on a weekend or legal holiday, the deadline is the next business day. This form is used to transmit Copy A of Forms W-2 to the Social Security Administration.
How to get a blank Form W-3?
To get a blank Form W-3, issued by IRS, simply visit our website. The form is already available in our editor, ready for you to fill out. Once you complete it, you can download it for your records.
Do you need to sign Form W-3?
Yes, you need to sign Form W-3 if you are filing a paper form. According to the IRS, the completed Form W-3 must be signed and dated by the employer or an authorized transmitter or sender. The signature should include your title and employer’s contact information.
If a third party is signing on behalf of the employer, they must be authorized by an agency agreement and write “For (name of payer)” next to the signature (for paper forms only).
If you file electronically, a manual signature is not required; instead, a PIN or other authentication is used.
Where to file Form W-3?
Form W-3 can be filed online through the IRS e-File system or by mailing a paper form. Choose the method that suits your needs best.
If filing by mail, send the completed form to the address specified in the instructions. Make sure to keep a copy for your records.
