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IRS Form W-3

When summing up the results for the quarter, companies have to draw up numerous forms to report on their workers’ salaries. Such forms are called Form W-2. Form W-3, in turn, is the final result and the summarization of all the data that was indicated in forms W-2. Thus, Form W-3 represents the total amount of all payments received by employees during the reporting period (tax year), as well as the amount of all taxes withheld for the tax year.

Form W-3 is necessary for the organization to confirm and re-check the information specified in the W-2 forms. That is why it is important to correctly draw up the W-3 form, indicating the correct data.

In our review, you will find information about the differences between the W-2 and W-3 forms, the rules for drawing up the W-3 form, the reasons for drawing up the W-3 form, and deadlines. We will also analyze in detail the process of drawing up and filling out the W-3 form online and manually, and we will also tell you how you can correct the mistakes made when drawing up the W-3 form.

The W-2 and W-3 Form Differences

Form W-2 is submitted by the company at the end of the quarter and contains information about all payments and taxes paid during the reporting period. On the other hand, a separate form of W-2 is created for the employee, which contains information about their salaries.

It is also worth considering that forms W-2 are always made, at least in triplicate. One copy is given to the worker to use the form when filing an income tax form 1040. The second copy is sent to the Social Security Administration for interim reporting. The third copy of the Form W-2 remains with the company and later is submitted along with the Form W-3.

In turn, the Form W-3 is a collection of information from all forms W-2 created during the reporting period. That is, when drawing up form W-3, the employer sums up the data on the salaries and taxes of the worker.

Form W-3 is always served together with form W-2. Form W-3 is not a separate document.

Where Can You Get a W-3 Form?

The difficulty with getting Form W-3 is that you can’t just download the document and print it out. The fact is that forms of this type are printed on special paper using special red ink. This is done to avoid document tampering.

You can buy W-3 forms wherever W-2 forms are sold. Or you can order them online. The main thing is to do it through the official website of the IRS.

When and How to File Form W-3

You need to file Form W-3 when all forms W-2 are ready. In this case, the total amount indicated in the W-3 form must equal the amounts indicated in all W-2 forms. This is the most important rule when filling out Form W-3.

Fulfilled W-3 forms and W-2 forms are sent to Social Security Administration, Operations Center, Wilkes Barre, PA, 18769 0001.

If You File W-2 Forms Online

If you create form W-2 online, the W-3 form is created automatically. So, in this case, you do not need to create the form in three copies.

It is worth noting that if the company has more than 250 W-2 forms, the W-3 form is submitted exclusively online.

Deadline

As with most tax forms and documents, there is a deadline for submitting Form W-3.

Form W-3 must be filed no later than January 31 of the year that follows the tax year. That is, if you are submitting a report for 2020, you need to submit the form no later than January 31, 2021.

If You Make a Mistake

If you realize that you made a mistake after submitting the finished forms, you can fix it.

You need to send the corrected versions of the forms to the Social Security Administration.

Other IRS Forms for Self-employed

As an employer, you have to file plenty of financial information about your employees, including employee payments and withheld taxes. Learn more about other important IRS forms for businesses.


How to Fill Out Form W-3 Transmittal of Wage and Tax Statements

Filling out the form correctly will help you avoid inaccuracies in the reports and provide trustworthy information about workers’ income and taxes. We advise you to carefully read the guidelines for drafting W-3 forms to avoid mistakes.

You can fill out Form W-3 yourself or use our form-building software to get the best results and avoid potential mistakes. If any of the wording is not clear or makes you doubt, seek professional advice.

Below you will find a detailed step-by-step guide on how to draw up a W-3 form. Each step will be described and explained in detail.

1) Enter Control Number

Entering the control number is an optional step when filling out the form but can be subsequently used by the company.

step 1 enter control number - filling out an irs w-3 form
2) Kind of Employer and Kind of Payer

When choosing a kind of employer, the employer is most often labeled “non-applique.” There are also options for nonprofits and federal government employers. When choosing the kind of payer, they most often choose option 941. This is the quarterly reporting option that many companies use. In the column Kind of Payer, you can also select the option for home employers and others.

step 2 kind of employer and kind of payer - filling out an irs w-3 form
3) Specify the Number of Forms W-2

In this field, you need to enter the total number of W-2 forms

step 3 specify the number of forms w-2 - filling out an irs w-3 form
4) Enter the Company Number

Providing a business number helps employers determine which department of their company worker whose income tax is recorded on the formwork.

step 4 enter the company number - filling out an irs w-3 form
5) Fill in Employee Information

In sections E-H, you need to specify information about the worker. These fields must include the employee number, full legal name, residential address, and zip code. Also, at this step, you need to indicate if any other employee number was used for this year. If used, write it down.

step 5 fill in employee information - filling out an irs w-3 form
6) Complete Parts 1-14

In parts 1-14, you need to indicate the wages and taxes, tips, bonuses, and other payments for the worker on the report. The sum of salaries and payments of all forms of W-2 should be equal to the total amount specified in Form W-3. You need to file social security tax withheld, income tax withheld, and other withheld taxes in the same parts of the form.

step 6 complete parts 1-14 - filling out an irs w-3 form
7) Complete Parts 15-19

In part 15, you need to indicate the state and state ID of the worker. In the next sections, you will need to fill in information about state earnings and handouts, as well as state income taxes. Next to it, you need to write down local earnings and rewards, as well as local taxes.

step 7 complete parts 15-19 - filling out an irs w-3 form
8) Enter Contact Info

You need to write the company’s contact information. First, specify your company’s main contact. After that, you need to enter the phone number. In the remaining two parts, write your fax number and contact email.

step 8 enter contact info - filling out an irs w-3 form
9) Sign and Send

The compiler of the form must sign his or her name, thereby confirming that they consider the information provided in the form to be genuine and true. After that, the contact person of the company must submit the title. The final step in filling out the form is to date the creation of the form. You need to specify the day, month, and year you create the document. Then collect all the forms (W-2 and W-3) and send them to the Social Security Administration.

step 9 sign and send - filling out an irs w-3 form