TaxBandits Knowledge Base

When will I receive Form W-2G filing penalties?

You may receive Form W-2G filing penalties for the following reasons:

• If you fail to file the form on time, 
• If you file an incorrect or incomplete form, or 
• Fail to furnish a copy of the form to the recipient. 

The penalties for failure to file or furnish the form can add up quickly, so it's important to make sure that you file the form accurately and on time.

The amount of the penalty for failing to file or furnish a correct and timely W-2G form can vary depending on the length of the delay and the number of forms that are required to be filed. The penalty amount can range from $50 to $550 per form, with a maximum penalty of $3,000,000 per year for large businesses.

If the failure to file or furnish a correct and timely W-2G form is due to intentional disregard of the filing requirement, the penalty can be much higher. The penalty amount for intentional disregard can be $550 per form or 10% of the total amount of the transactions, whichever is greater.

It's important to note that penalties for failure to file or furnish a correct and timely W-2G form can be avoided if you choose to file the Form using an IRS-authorized e-file provider like TaxBandits. We help you ensure that you are providing accurate information on Form W-2G and meeting all of your filing requirements.