Negative emotional content is prioritized across different stages of information processing as reflected by different components of the event-related potential (ERPs). In this preregistered study (N = 40), we investigated how varying the attentional focus allows us to dissociate the involvement of specific ERP components in the processing of negative and neutral words. Participants had to discriminate the orientation of lines overlaid onto the words, the word type (adjective/noun), or the emotional content (negative/neutral). Thus, attention was either not focused on words (distraction task), non-emotional aspects, or the emotional relevance of words. Regardless of the task, there were no significant differences between negative and neutral words for the P1, N1, or P2 components. In contrast, interactions between emotion and task were observed for the Early Posterior Negativity (EPN) and Late Positive Potential (LPP). EPN differences were absent during the distraction task but were present in the other two tasks. LPP emotion differences were found only when attention was directed to the emotional content of words. Our study adds to the evidence that early ERP components do not reliably separate negative and neutral words. However, results show that mid-latency and late stages of emotion processing are separable by different attention tasks. The EPN represents a stage of attentional enhancement of negative words given sufficient attentional resources. Differential activations during the LPP stage are associated with more elaborative processing of emotional meaning of words.