Everything You Need to Know About Your 2022 Taxes
Now that 2023 has begun, you may have started thinking about completing your 2022 taxes. Like most years, Tax Day this year is in April – specifically April 18, 2023 – so you have plenty of time to file. If you’re getting a start already, here is everything you need to know about PICS and your taxes.
The IRS requires employers to send W-2s to all their employees by January 31 of each year. Our PICS payroll team is hard at work closing out our books for 2022, calculating the necessary information for W-2 forms, and getting them ready to send to each of the 2,926 workers we serve. Your W-2 will be on its way to you on or before January 31, as early as we are able to send it out.
If you have opted to receive your W-2 electronically, you’ll receive it via email. Otherwise, your W-2 will be mailed to the mailing address we have on record. Given recent delays in the postal system, we ask that you wait at least two weeks for a mailed W-2 to arrive before you ask us to re-send it.
If you have not yet opted to an electronic W-2 but would like to, there’s still time! The deadline is January 15. Look for an email from PICS with the subject line “PICS – Consent for Electronic Form W-2”, read the information provided, and, if you agree to receive your W-2 electronically, click the link. If you no longer have the email, let us know at email@example.com or 651.967.5065 and we’ll send another one.
If you get an electronic W-2 but your tax preparer would like a paper copy, you will need to print one yourself. Check out your local library or an office supply store near you for printing services. PICS will either send you an electronic W-2 or a mailed copy; we will not send you both.
If you are receiving your W-2 via mail, and you moved but have not updated your mailing address with us, please reach out ASAP to firstname.lastname@example.org or 651.967.5060. We will ask you to fill out a Status Change Form to confirm your new address. Then, we will be able to send your W-2 to the correct place.
2014-7 Difficulty of Care Exemptions
If the participant you work for is enrolled in either Consumer-Directed Community Supports (CDCS) or Individualized Home Supports (IHS) programs, and you reside full-time at the same address as your participant, your income may be exempt from both federal and Minnesota taxes. PICS sends a letter to all our workers who qualify for this exemption, informing them of their eligibility and specifying how much of their income through us could be exempt.
If you’re eligible, it’s completely up to you whether you’d like to claim this exemption. If you need advice, speak with a tax professional; PICS cannot provide any tax advice. A tax professional can help you get the best information for your unique situation.
2014-7 letters are also sent by January 31, at the same time as W-2s. All 2014-7 letters are sent via mail, even if you are receiving your W-2 electronically. Please allow two weeks before you request that we send you a replacement letter.
For more information on 2014-7 Difficulty of Care exemptions, see our blog post, “Is your income exempt from taxes as ‘difficulty of care payments’?”.
Tax Preparation Appointments
You want to have all the necessary documents ready when it’s time for your tax preparation appointment. When scheduling an appointment, remember that W-2s and 2014-7 letters can be sent as late as January 31, and may take two weeks or more to reach you by mail.
In addition to the many for-profit tax preparation businesses available, you may be eligible to receive tax preparation for free through non-profits like Prepare & Prosper, or at a Volunteer Income Tax Assistance (VITA) site. Visit these organizations’ websites to see if you qualify.