[US] Form W-2: Why and how to preview your W-2s

Take advantage of previewing your W-2 forms now to make sure you’ve entered correct wages, benefits and employee information for 2020. Learn what common mistakes to look for and how to fix them now.

At a glance


What is a W-2 preview?

Available November 1st, the W-2 forms are a preview of what your employees’ W-2 forms will look like based on pay and benefits issued so far in 2020. This allows you to review the wage, tax, employee and business details to ensure forms are filed accurately, without the need for corrections later on.

The information you view in the W-2 preview reflects current year-to-date payroll information on the day you preview it. If you’ve approved a payroll with a payday in the future, the pay and benefits it includes will appear on previews generated after the payday has passed.


How do I preview my W-2 forms?

The preview contains 2020 Form W-2s for each of your employees, and your 2020 Form W-3. It reflects only wages and benefits paid up to the date it is generated. Do not use these forms for filing. The final versions will be available in January 2021.

  1. Under Payroll > Click Tax Forms
  2. Click Download Preview

Important dates

November 1, 2020: Form W-2 previews are available! Be sure to review your forms early to make sure your year-to-date entries are accurate and finish the year strong.  

January 7, 2021: The last day for those enrolled in Tax Services to request adjustments to Form W-2 prior to SSA submission. Adjustments requested after this date will require a Form W-2C.


Verify that your employees' wages, benefits and personal information is correct

Are all employees paid within 2020 reported (even from before Wave)?
Are all wages reported accurately?
Are all benefits reported accurately?

 

Common W-2 errors:
Incorrect Social Security Numbers (SSN)
Incorrect Addresses
Incorrect Names (the employee name appearing on the W-2 must match their SSN card)
Incorrect Benefit Codes (Box 10,12)

Need more information about adding benefits in Wave?
[US] Payroll Deduction Features
[US] 2% Shareholder Medical Premium


Need to make a correction?

During the W-2 preview period you can correct employee names, addresses, and SSNs directly in your Wave account. Here's how:

  1. Under Payroll > click Employees
  2. Select the Employee
  3. Click Personal information

Need to enter a benefit enjoyed during 2020?

If you are missing a benefit, and have yet to run your final 2020 payroll, you will be able to add it to payroll before the end of the year. To do this, go to the employee profile > click Benefits & Deductions

If you're missing a benefit and cannot add it to a future payroll in Wave, please contact our Support Team as soon as possible. Please include the employee name and the benefit or deduction name, amount and quarter it was enjoyed in.

A reminder that January 7, 2021 is the last day for those enrolled in Tax Services to request adjustments to Form W-2 prior to SSA submission. Adjustments requested after this date will require a Form W-2c.

Once changes have been made to a W-2 preview form, it will need to be regenerated in Wave. For businesses not enrolled in Wave's automated tax payment and filing service, please select Discard and Start Over to view updated previews of your forms.


New reporting requirements and COVID-19 reporting

  • New for 2020, employers are now allowed to mask their employees' SSN's on all copies of Form W-2, except for Copy A. This will assist in identity theft protection, and will only allow the last four digits of the SSN to appear on the W-2. On your preview, you will see the employee SSN as "***-**-XXXX."
  • If you used the FFCRA's Sick or Family Medical Leave, as well as the extended leave, for your employee(s), you will see this reported in Box 14 with the gross wage totals from each. The employee Social Security deferral will be reported next year after the deferred amounts have been re-paid, using a Form W-2c. 

As the government finalizes 2020 reporting, we’ll update Wave and let you know of any action you need to take.


Register with the Social Security Business Services Online (SS BSO) if you file your own W-2 forms

If you are not enrolled in Wave's automated tax payment and filing service and you will file your own W-2 forms this year, make sure you register with the SS BSO in order to complete your Federal W2 filing with Social Security Administration. Check out Wave's SS BSO Registration Guide for more details and complete this early to avoid delays in January.

Back to the Checklist

Was this article helpful?
2 out of 2 found this helpful