According to the Bureau of Labor Statistics, 7.4 million Americans (5.3% of the workforce) have more than one job, and the number is increasing. Add in those who changed jobs in 2016, and you have quite a few people who find themselves with two or more W-2s at tax time.
Fear not! If you use TurboTax, entering more than one W-2 is simple. In the Wages & Income section of TurboTax, we’ll simply ask you: “Do you have another W-2 to enter?” Click yes, and you’re on your way. You may be able to import your W-2 directly from each employer by entering the Employer ID Number (EIN) from Box – b on your form.
When you have more than one job, be sure to check that you are withholding the right amount of taxes. TurboTax W-4 withholding calculator can help you figure out your correct withholding allowances. If you had two jobs in 2016 but not at the same time, say one for 5 months, a layoff, and the next job for 6 months, your withholding was probably enough, as the amount withheld was based on two jobs held at two different times the entire year. On the other hand, if you have two jobs concurrently, there’s a chance you may need to have more taxes withheld since you have dual income.
Ready to file? Don’t let more than one W-2 scare you away. Get started today!