New Jersey has released updated specifications for reporting W-2 information via electronic filing and also its 2020 Income Tax Withholding Instructions. See below for a detailed description of changes.
Income Tax Withholding Instructions
- Modifications have been made to the rules for military spouses working in New Jersey
- New Jersey employers are now required to give Form NJ-W-4 to employees to fill out. The current Federal W-4 is now insufficient for New Jersey taxes.
- Interest rate for unpaid balance on tax due increased from 3% above the prime rate to 5% above the prime rate.
- Instructions for undeliverable Forms W-2 and W-3 have been changed to reference the IRS’s General Instructions for Forms W-2 and W-3.
- NJ-W-3 and Form 1099 information returns must be filed on or before February 15 of the following year. Previously this form was due February 28 of the following year.
- Beginning in Tax Year 2020, reporting in 2021, all Form NJ-W-3 and all W-2, W-2G and 1099 attachments must be filed electronically.
For the full publication, click here.
New Jersey EFW-2 Specifications for E-Filing
- Location 150-153 now listed as Blank, 4 length, blanks.
- Location 154 now listed as Corrected Indicator, length 1, “C” for a Corrected W2, else Blank.
For the full specifications publication, click here.
