What are the penalty rates for Form W-2?
292 views | Last modified 11/30/2020 10:39:51 AM EST | Added by 123PayStubs Team

If you file Form W-2 after the deadline or with incorrect information, there will be penalties. The penalty rates are based on when you furnish the correct statement.
Below are the penalty rates for Form W-2:

  • If you have filed within 30 days after the deadline - $50/form - $556,500 per year (Maximum) ($194,500 for small businesses) 
  • If you have filed after 30 days and before August 1 - $110/form - $1,669,500 per year (Maximum) ($556,500 for small businesses)
  • If you have filed after August 1 - $270/form - $3,339,000 per year ($1,113,000 for small business)
  • For intentional disregard of failing to file and incorrect payee statements – $550 per statement

To know the reasons why you may receive penalties, click here.

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