Free It 2 Form in PDF

Instructions on Writing It 2

Filing Form IT-2, the Summary of W-2 Statements, is an essential step for New York State taxpayers who have received Federal Form(s) W-2, Wage and Tax Statement, and are preparing their state income tax return. This form helps taxpayers report wages, tips, and other compensation received from employers, as well as New York State, New York City, or Yonkers tax withholdings. For those with foreign earned income without a W-2 form, this form must also be completed. It's important to carefully transfer the information from your federal W-2 forms onto the IT-2 form to ensure accuracy in reporting and to facilitate a smoother processing of your state tax return. Below are the steps to fill out Form IT-2.

1. Enter your 9-digit Social Security Number (SSN) in Box a. If filing jointly, use the SSN for the spouse whose information is being reported.
2. In Box b, enter your Employer Identification Number (EIN) as it appears on your federal W-2.
3. Fill in your employer’s information in Box c, including the name and address exactly as it is shown on the federal W-2.
4. For Box 1, report your wages, tips, and other compensation from Box 1 on your federal W-2.
5. If applicable, enter allocated tips, dependent care benefits, and nonqualified plans in Boxes 8, 10, and 11, respectively, matching the information on your federal W-2.
6. Boxes 12a through 12d: Enter the code(s) and amount(s) from these boxes on your federal W-2. If there are multiple items, replicate the information accurately.
7. Mark the appropriate boxes in Box 13 if your federal W-2 indicates you are a statutory employee, part of a retirement plan, or receiving third-party sick pay.
8. If filling out the form for a corrected W-2 (W-2c), mark an X in the Corrected (W-2c) box and enter the corrected information accordingly.
9. For Boxes 14a through 14d, include any descriptions and amounts provided in Box 14 of your federal W-2.
10. In Boxes 15a and 16a, prefill "NY" for New York State and input your NYS wages and tips. Then, enter the NYS income tax withheld in Box 17a.
11. If you have wages and withholding for another state, fill out Boxes 15b, 16b, and 17b with the information specific to that state only.
12. For New York City or Yonkers taxes, complete Boxes 18 through 20 with locality wages, income tax withheld, and locality names as applicable.
13. Review all entries for accuracy and completeness before attaching Form IT-2 to your New York State income tax return. Do not include federal W-2 forms but keep them for your records.

This document is crucial for accurately reporting income and tax withholdings to New York State. Thoroughly check all the information against your federal W-2 forms to ensure correctness. By following these steps, you can complete the IT-2 form efficiently and comply with New York State tax reporting requirements.

What is the purpose of Form IT-2, Summary of W-2 Statements?

Form IT-2 serves as a concise summary of W-2 Statements for those filing a New York State (NYS) income tax return. It's required for anyone who has received federal W-2 forms and reports income from employment, including wages, tips, and other compensation. Its main purpose is to transfer information from your federal W-2 forms to your NYS tax return in a summarized manner. This includes reporting New York State, New York City, or Yonkers wages and tax withheld, and it also applies if you received foreign earned income without a federal W-2 form.

How do I complete Form IT-2 correctly?

Begin by ensuring each box of the W-2 Record on Form IT-2 corresponds accurately to the information on your federal Form W-2. Enter the data as provided on your W-2, such as your Social Security number, the employer’s information, wages, and any deductions or allowances. Remember to input only whole dollar amounts by rounding according to the guidelines: amounts below 50 cents are dropped, and amounts from 50 to 99 cents are rounded up. If your W-2 form includes more than four items in either box 12 or 14, fill out additional W-2 Records to accommodate the extra information.

Am I required to file Form IT-2 if my W-2 forms don't show New York State, New York City, or Yonkers income or tax withheld?

Yes, if you’re filing a NYS income tax return and have received W-2 forms, you must complete and file Form IT-2 even if there was no income or tax withheld for NYS, NYC, or Yonkers as indicated on your W-2s. The form helps provide a complete record of your income, crucial for accurate tax processing and compliance with state tax laws.

What should I do if my federal Form W-2 shows foreign earned income?

If you've earned income from a foreign country and did not receive a standard federal Form W-2, you're still required to complete Form IT-2. In such cases, you must include details like salaries, wages, commissions, bonuses, and other types of compensation received. If the space provided isn't adequate, particularly for an employer’s identification number, you may leave it blank but ensure all other applicable income and tax details are accurately reported.

Where should I submit Form IT-2, and do I need to attach my W-2 forms as well?

After completing Form IT-2, attach it as an entire page with your New York State income tax return when you file it. Do not detach or separate individual records from the form. There’s no need to submit your federal W-2 forms along with your tax return; however, you should keep them in your personal records for future reference. Ensure you also transfer any tax withheld amounts from Form IT-2 to the respective lines on your NYS tax return form, such as Form IT-201, IT-203, or IT-205, following the instructions provided for reporting NYS, NYC, or Yonkers tax withheld.

Filling out the IT-2 form, a Summary of W-2 Statements for New York State, New York City, and Yonkers taxes, requires careful attention to detail. A common error is incorrectly entering the Social Security number in Box a. This mistake can lead to processing delays or mishandled tax records. Always double-check the entered numbers against the Social Security card to ensure accuracy.

Another issue arises with Boxes 1, 8, 10, and 11, where individuals often enter cents along with the dollar amounts. The instructions specify that only whole dollar amounts should be entered, rounding up or down as necessary. This simple oversight can cause discrepancies in reported earnings and benefits.

Errors in transferring information from the federal Form W-2 to the corresponding boxes in the W-2 Record are also common. People sometimes mix up amounts and codes, particularly in Boxes 12a through 12d and Boxes 14a through 14d, where specific amounts and descriptions from the W-2 must be accurately reported. To avoid this, it's advisable to cross-reference each entry carefully.

Incorrectly marking the check boxes in Box 13 for Statutory employee, Retirement plan, and Third-party sick pay is a mistake that can lead to confusion about an individual's employment status and benefits. Only mark these boxes if the federal W-2 has them checked.

Misinterpreting the need for multiple W-2 Records for one federal Form W-2 is a mistake that can happen when more than four items are shown in box 12 or box 14. Some filers miss the instruction to complete an additional W-2 Record for the additional items, leading to incomplete information being reported.

Not understanding how to report corrected information from a W-2c, Corrected Wage and Tax Statement, is another common error. Filers sometimes fail to mark the Corrected (W-2c) box and enter the corrected information alongside the original W-2 details, which can cause discrepancies.

Failing to complete Boxes 15a through 17a for New York State wage and withholding information is a mistake that omits crucial tax information. This oversight can result in incorrect state income tax being calculated. Remember, if you have New York State wages or withholding, these boxes cannot be left blank.

Incorrectly filling out Boxes 15b through 17b for other states’ wage and withholding information happens when filers don’t realize this section is exclusively for reporting income and taxes from states other than New York. This mistake can lead to errors in state tax liability.

Another error is not accurately completing Boxes 18 through 20 for NYC or Yonkers locality information. This specific information is critical for accurately calculating local taxes owed to these jurisdictions. Misreporting or omitting this information can affect your tax obligations to these localities.

Lastly, a crucial error is detaching or separating the W-2 Records before submission. The form must be filed as a whole page with the income tax return, as separating the records can lead to processing issues. Ensuring the form is submitted intact is vital for accurate and timely processing of your state income tax return.

When filing taxes, especially with the Form IT-2, Summary of W-2 Statements, individuals often need to include additional forms and documents to provide a complete picture of their financial situation. These documents ensure that the information is thorough and accurate, aiding in the efficient processing of tax returns. Below is a list of forms and documents commonly associated with Form IT-2.

1. Form W-2, Wage and Tax Statement: This form reports an employee's annual wages and the amount of taxes withheld from their paycheck.
2. Form IT-201, Resident Income Tax Return: Used by New York State residents to file their annual income tax return.
3. Form IT-203, Nonresident and Part-Year Resident Income Tax Return: This form is for individuals who are not full-year residents of New York State but need to report income earned from state sources.
4. Form IT-205, Fiduciary Income Tax Return: Used by estates and trusts to report income, deductions, gains, losses, etc.
5. Form 1099-MISC, Miscellaneous Income: Reports income from self-employment, rentals, royalties, and other sources.
6. Form 1099-INT, Interest Income: Used to report interest income earned from banks and other financial institutions.
7. Form 1099-DIV, Dividends and Distributions: Reports dividends and other distributions received during the tax year.
8. Form 4852, Substitute for Form W-2 or Form 1099-R: A substitute document used when the taxpayer does not receive a Form W-2 or Form 1099-R.
9. Schedule C, Profit or Loss from Business: Used by sole proprietors to report the profit or loss of their business.
10. Schedule E, Supplemental Income and Loss: Reports income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs.

Collecting and organizing these documents beforehand can significantly streamline the filing process. It's important to review each form's requirements and ensure that all relevant information is accurately captured to prevent delays or issues with your tax return. Remember, keeping detailed records and consulting with a tax professional if you have questions or complex tax situations can also be tremendously helpful.

The Form 1040, U.S. Individual Income Tax Return, shares similarities with the IT-2 form, primarily in its purpose to report annual income to the IRS and determine the amount of tax owed or refund due to the taxpayer. Just like the IT-2 form compiles and summarizes W-2 information for New York State tax returns, the 1040 form integrates all sources of income, including wages, salaries, and tips (reported on W-2 forms), as well as interest, dividends, and other incomes. Both forms are pivotal for individuals in fulfilling their annual tax reporting obligations, with specific boxes and instructions designed to capture and calculate income and taxes owed accurately.

Another document resembling the IT-2 form is the Schedule C (Form 1040), Profit or Loss from Business. This form is used by sole proprietors to report the income and expenses of their business to calculate the taxable profit or loss for the year. The connection lies in the detail and breakdown of financial information. Similar to how the IT-2 form summarizes W-2 statement details for tax reporting, the Schedule C requires a detailed account of business transactions to accurately report the business's financial outcome, impacting the taxpayer's overall income and tax liability.

The W-3, Transmittal of Wage and Tax Statements, also mirrors aspects of the IT-2 form. The W-3 is a summary form sent to the Social Security Administration, accompanying the W-2 forms for all employees of a company. It aggregates the information reported on individual W-2 forms, such as total wages paid and taxes withheld, paralleling how the IT-2 summarizes this information for state tax reporting purposes. Both forms serve as a collective reporting tool, albeit for different reporting entities and purposes.

Form W-2, Wage and Tax Statement itself, is intrinsically linked to the IT-2 form, serving as the source document from which information is transferred to the IT-2. The W-2 form details an employee's annual wages and the taxes withheld by the employer. In essence, the IT-2 form acts as an intermediary, summarizing the information from possibly multiple W-2 forms for inclusion in the New York State tax return. The relationship between these documents is fundamental, as accurate transfer of information from W-2 to IT-2 is crucial for correct tax reporting and calculation.

Lastly, the Form 1099 series, which reports various types of income other than wages, salaries, and tips, shares a conceptual similarity with the IT-2 form. While 1099 forms cover a wide array of payments (e.g., independent contractor income, dividends, interest), like the IT-2, they necessitate accurate reporting of earnings to tax authorities. Both sets of forms contribute to a comprehensive picture of an individual's annual income, supporting the equitable and efficient collection of taxes. Although the IT-2 deals specifically with W-2 information, the principle of reporting specific types of income to tax authorities underpins both documentation requirements.

When preparing the IT-2 form, it is crucial to adhere to several best practices and avoid common pitfalls to ensure accurate processing. Below is a list of recommendations to consider:

• Verify all information: Double-check the accuracy of the Social Security number, employer's information, wages, and tax withheld amounts against the federal Form W-2.
• Enter whole dollar amounts: Use the rounding rules provided in the instructions to convert cents to whole dollar amounts.
• Report all required information: Include all applicable details for NYS, NYC, or Yonkers wages and tax withheld, even if some sections do not apply to your situation.
• Mark the corrected box if applicable: If you are submitting a W-2C form, remember to mark the corrected box and provide the updated information.
• Keep federal Form W-2 for your records: Do not attach or send your federal Form W-2 with the IT-2 form but keep it for your personal records.
• Use multiple IT-2 forms if needed: If your W-2 shows more than four items in box 12 or 14, complete additional IT-2 forms as necessary.
• Review instructions for each box carefully: Ensure each box is filled out according to the specific instructions provided, such as entering only the requested information in the corresponding sections.

• Detach or separate the W-2 records: The IT-2 form should be filed as an entire page with your tax return.
• Leave fields blank if applicable: Fill out all sections that apply to your situation, including local wages and taxes withheld for NYC or Yonkers.
• Ignore foreign income: If you have foreign earned income without a federal Form W-2, ensure you still complete the IT-2 form accordingly.
• Forget to mark the check boxes in box 13: If applicable, such as for statutory employees or retirement plan participants, ensure the correct box is marked.
• Use incorrect forms: Ensure you are using the correct year's IT-2 form to prevent processing delays or errors.
• Underreport or omit information: All relevant income, including NYS, NYC, or Yonkers wages, must be accurately reported.
• Submit without reviewing: Always perform a final review of the IT-2 form for completeness and accuracy before submission.

Understanding the complexities of tax forms is crucial for accurate tax filing. The Form IT-2, used by New York State taxpayers to summarize W-2 statements, is often misinterpreted. Addressing the common misconceptions can help in avoiding errors during the tax filing process.

• It's a substitute for Form W-2: A common misconception is that Form IT-2 replaces the federal Form W-2. In truth, Form IT-2 summarizes the information from all your W-2 forms if you're filing a New York State income tax return, acting as an organizational tool rather than a substitute.

• Needs to include detailed dollar cents: When completing the IT-2, filers often think they must include exact amounts with cents. However, the form only requires whole dollar amounts. Any amount under 50 cents is dropped, and amounts from 50 cents to 99 cents are rounded up to the next dollar.

• Separate forms for each W-2: There's a misconception that you need to file a separate IT-2 form for each W-2 you receive. Actually, you can include multiple W-2 records on a single IT-2 form if the box 12 or box 14 items from one W-2 overflow.

• Not necessary for foreign-earned income: Some think that if they have foreign-earned income without a federal W-2 form, they don't need to complete an IT-2. However, the instructions specify that individuals with foreign-earned income must also fill out this form, bridging the information gap.

• Every section must be completed: A common error is believing that every box and section must be filled out. You should only complete parts of the form that are relevant to your income and withholding, leaving irrelevant sections blank.

• Only for New York State taxes: While it's a New York State form, the misconception is that it only includes NYS taxes. In fact, it also summarizes New York City and Yonkers tax information, making it multifaceted in its utility.

• Can be filed electronically without attachments: Taxpayers might assume that the IT-2 can be filed electronically by itself without attaching any W-2 forms. However, while the form is part of your New York State tax return, it and its accompanying W-2 summaries must be included as part of your complete tax documentation package.

• Eliminates the need to keep W-2 forms: Another misunderstanding is thinking that once the IT-2 form is filed, the W-2 forms can be discarded. It's critical to keep your W-2 forms for your records, even after the IT-2 is submitted, as they may be needed for future reference or amendments.

Correcting these misconceptions ensures more accurate and stress-free tax filing. Always refer to the latest instructions and guidelines from the New York State Department of Taxation and Finance to stay informed and compliant.

Filing the IT-2 form is essential for anyone who files a New York State income tax return and has received a federal Form W-2. It's a summary of Wage and Tax Statements that helps accurately report earnings and taxes withheld. Here are the key takeaways about how to fill out and use the IT-2 form:

• Who Must File: You must complete Form IT-2 if you file a NYS income tax return and have received federal Form(s) W-2, even if your W-2 does not show any NYS, New York City, or Yonkers wages or tax withheld. This also includes individuals who have received foreign earned income.
• Completing the Form: For each W-2 form you've received, fill out a corresponding section on the IT-2. Each box in the W-2 Record on the IT-2 matches a box or area on your federal W-2 form. Enter the amounts, codes, or descriptions as they appear on your federal W-2.
• Rounding Rules: When entering amounts on the IT-2, round to the nearest whole dollar. Drop amounts under 50 cents and increase amounts from 50 to 99 cents to the next dollar.
• Additional W-2 Records: If your federal W-2 shows more than four items in box 12 or box 14, you'll need to fill out an additional W-2 Record section on the IT-2.
• Entering SSN and Employer Information: Make sure to include your complete 9-digit Social Security Number and your employer’s information exactly as it appears on your federal W-2.
• Foreign Earned Income: If the employer’s identification number surpasses the space provided on the form, leave box b (Employer Identification Number) blank.
• Reporting for NYC or Yonkers: Only fill out the sections related to New York City or Yonkers if your W-2 includes wages and tax withheld for these localities.
• Transferring Tax Withheld Amounts: Take the total NYS, NYC, and Yonkers tax withheld amounts from your completed IT-2 form(s) and include them on your NYS income tax return as instructed.
• Submission: Submit your completed IT-2 form(s) with your NYS tax return. Do not send your federal W-2 forms with your state return, but keep them for your records.

Understanding and accurately completing the IT-2 form is crucial for taxpayers in New York State to ensure proper reporting of wages and withholdings. This aids in the accurate calculation of state income tax and credits.