According to the United States Census Bureau, 13 million Americans had more than one job in 2019 and the number is only projected to increase as more Americans need supplemental income, desire to increase their skill set, or there is an inclination to explore different interests. If we add in the population of people who changed jobs, there is a sizable number of people who find themselves with two or more W-2s at tax time.
Submitting Your W-2s is Simple
Rest assured, any and all anxiety or apprehension around entering more than one W-2 is eliminated with TurboTax! There is a good chance 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. You can also enter your W-2s in the Wages & Income section of TurboTax. TurboTax will simply ask you: “Do you have another W-2 to enter?” Click ‘yes’, and you’re on your way. You can also jump-start your taxes by snapping a photo of your W-2 with the TurboTax mobile app or with free import and transfer of your tax return information giving new and returning customers up to a 50% head start while eliminating data entry.
How Multiple Jobs Impact You and Your Withholding
When you have more than one job, you may have the right amount of taxes withheld which will show up on your W-2, but be sure to check that you are withholding the right amount of taxes, especially with tax law changes under tax reform. If you had two jobs 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.
Whenever you have a change in income, a life change, multiple jobs, or a new job, you should always revisit your W-4 withholdings and fill out a new Form W-4 for your employer so they know how much taxes to withhold from your paycheck. The IRS has a new Form W-4 Employee’s Withholding Certificate for your 2020 taxes (the ones you file in 2021) to help you adjust your federal tax withholding. Now is a good time to do a paycheck check-up and adjust your W-4 withholdings whether you want a bigger paycheck or refund at tax time, especially if you didn’t have the tax outcome you were expecting.
Ready to file? Don’t let more than one W-2 scare you away. Get started today! Turbotax will ask you simple questions about you and give you the tax deductions and credits you’re eligible for based on your entries. If you have questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish, year-round and can also review, sign, and file your taxes.