Welcome To Player Snips
Please watch the getting started video below before you begin using your new superpowers
Welcome To Player Snips
Please watch the getting started video below before you begin using your new superpowers
Chapter 3: W-2 Tax Return
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PU-003 - Avatar Bar
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PU-003 - Avatar Bar
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CL-002 - 80% Content Width
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Identifying a W2 Form
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Form W-2, the Wage and Tax Statement, is crucial for tax return preparation.
Issued yearly by employers to employees and the IRS, it reports wages earned and taxes withheld.
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Facts about W-2 :
Employers must send Form W-2 to employees and the SSA by January 31.
W-2 is officially called IRS Form W-2 – Wage and Tax Statement.
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It includes wages, salary, federal, state, and other taxes withheld.
It reports income from the prior calendar year.
It is used to file federal and state income tax returns.
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Pro Tip:
Before touching the software, always understand what the form represents.
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Understanding the W-2 Form Layout
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Locate the following on the W2 form.
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- 1Box a
- 2Box b
- 3Box 1
- 4Box 2
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Good Work!
Now check below if the boxes match the descriptions given.
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Employee Social Security Number
Employer's TIN (Identification number)
Wages, Tips and Other Compensation
Fedral Income Tax Withheld
Check out if the W2 form matches with the one in CCH Axcess Tax software.
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Nick Jone's W2 Form
It’s mid-January. Like every year, the Jones family has received two W-2 forms.
Nick – from the hospital where he works as a physician:
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Janet Jone's W2 Form
Janet received W2 from the bank where she works as an investment advisor:
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Pro Tip:
Multiple W-2s are common in joint returns. Each must be entered separately.
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Well Done!
In the next lesson we will see how to enter this information in the software!
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Glossary
Check out the grossary provided in the course to identify various terms on the forms in detail!
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- You first navigate to the client’s return.
- Then go to the Income tab and select Add W-2.
- Enter the necessary W-2 information (like employer name, EIN, wages, withholdings, etc.).
- Finally, save the entry to include it in the return.
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Assignment
W-2 Tax Return Entry
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Your assignment is:
Open CCH Axcess
Go to the client dashboard
Enter the given W-2 information
Calculate and download the return PDF
Upload the PDF for review
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Careful!
Do not upload screenshots. Upload the full return PDF only.
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Identifying the W-2 IRS tax form
Understanding what information it reports
Preparing to enter W-2 data correctly in CCH Axcess
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What will you learn in this chapter?
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CL-001 - 100% Content Width
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CL-001
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What are some facts about W2?
Employers must send Form W-2 to employees and the SSA by January 31.
W-2 is officially called IRS Form W-2 – Wage and Tax Statement.
It includes wages, salary, federal, state, and other taxes withheld.
It reports income from the prior calendar year.
It is used to file federal and state income tax returns.