Essential Information for Filing Your 2023 Taxes
As the new year unfolds, it’s time to start thinking about completing your 2023 taxes. Tax Day this year is April 15, 2024 – so you still have time to file. If you’re ready to get your tax information in order, here is everything you need to know about your PICS tax information.
2023 W-2s
The IRS requires employers to send W-2s to all their employees by January 31 of each year. The PICS payroll team is hard at work closing out our books for 2023, calculating the necessary information for W-2 forms and getting them ready to send to each of the 3,046 workers we serve. Your W-2 will be on its way to you by January 31.
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. With the possibility of delays in the postal system, wait at least two weeks for a mailed W-2 to arrive before you ask us to re-send it. You can contact PICS after Wednesday, February 14, if you have not received your W-2 by that date.
If you have not yet opted to receive an electronic W-2 but would like to, there’s still time! The deadline to sign up 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 click the link to receive your W-2 electronically. If you no longer have the email, let us know at [email protected] 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 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 but have not updated your mailing address with us after moving, please reach out to [email protected] or 651.967.5060 as soon as possible. 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 Payments
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 excluded from both federal and Minnesota taxes. PICS sends a letter to qualified Workers for this exclusion, informing them of their eligibility and specifying how much of their income through us could be excluded.
If you’re eligible, it’s completely up to you whether you’d like to claim this tax exclusion on your personal tax return. 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 by mail, even if you are receiving your W-2 electronically. Please wait to contact PICS to request a replacement letter until February 14 or later.
For more information on 2014-7 Difficulty of Care exclusions, see our blog post, “Is your income excluded 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 by PICS as late as January 31, and might 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.