QuickBooks Desktop software is accounting software that has remained consistently on the top since its launch. The software is so simple to use that anybody with a background in bookkeeping or accounting can use it, and all types of bookkeepers and accountants have well respected it. Intuit’s QuickBooks Desktop software is available for download with very minimal pricing. Intuit has been on the market for a long time and is now valued at $6.7 billion.
The software is 38 years old, making it one of the eldest and reliable software in the market. The software is primarily used in the United States, the United Kingdom, and Canada. This software also comes with different versions that you can select from according to your business’s needs and nature.
One of the primary reasons for the success of this software is that it has constantly remained current with changing times and federal laws and standards. Small and mid-sized companies have been the primary users of the software. The software is jam-packed with features and functionalities, making it a crowd-pleaser and the finest in its field. When it comes to the different features and functions of the software, one of them is separating Input and Output Tax, which we will cover in this blog, so please read the whole blog to the conclusion.
How to file your W-2 forms in QuickBooks
It’s important to submit your W-2 forms to the IRS on time at the end of the year. Depending on your payroll package, we may handle this for you or submit it online. The deadline for electronic submission is Thursday, January 28, 2021. You don’t need to submit a W-3 with the Social Security Administration if you transmit your W-2s online. W-2s are filed with both the Internal Revenue Service and the Social Security Administration.
How Can I electronically file my W-2s?
To get started, Select your product from the list, which are as follows:
QuickBooks Online Payroll Service
This comprises the analysis:
- Autopay and File are switched off in QuickBooks Online Payroll Core.
- With auto pay and filing turned off, QuickBooks Online Payroll Premium.
- Autopay and File are switched off in QuickBooks Online Payroll Elite.
Step 1: File your W-2s electronically: To file your W-2s electronically, you need to follow the steps that are as follows:
- Open QuickBooks Online and log in.
- Payroll is the first option, followed by Overview.
- Select the Show more choice from the Tasks menu to see all of the forms that are due.
- Select File now from W-2 Copies A & D.
- W-2 Copies A & D are found under Annual Forms.
- Continue is the option.
- If requested, let us know whether or not one or more staff participated in a pension plan throughout the tax year.
- Select View to open Acrobat Reader from the Employer Copies: Form W-2 page.
- Check and print Your records with copy D (Employer copy).
- To allow us to file for you online, please copy A of Form W-2.
Once your W-2 filing has been processed, we will send you an email informing you to complete it. The status of your application may also be checked on the status page:
- Select Taxes and Payroll Taxes.
- Select forms or files for payroll, and then W-2.
These are the steps that will help you to file your W-2s electronically. Now that you know this, also understand how you can print and mail your W-2s to your staff and to do that read our next segment very carefully.
Step 2: Print and mail your W-2s to your staff: You may now print out and deliver your W-2 forms to your staff before February 1. In QuickBooks Workforce, your team may also access their W 2s online.
Payroll Enhanced Intuit Online
Step 1: E-file your forms:
- Select the tab To Do.
- Select W-2 Copies A & D from the file form section.
- Continue to select.
- Tell us, if requested, if any of the workers have engaged in a pension plan outside of the year.
- Select View to open Acrobat Reader from the Employer Copies: Form W-2 page.
- Copy D (copy of Employer) for your records. Copy and print.
- To allow us to file electronically for you, copy A of Form W-2.
Step 2: Print your form and deliver it to your staff
You may now print and return your W-2 forms before February 1. In QuickBooks Workforce, you can now examine your W-2’s online.
Utilising roll service do I have?
Discover out all the Intuit Online Payroll or QuickBooks Online Payroll versions that are available for use. Intuit offers you solutions to satisfy your payroll requirements. Here is how precisely you can identify which payroll service you use online.
- Select the link below for payroll access. You know what product you have by using the link.
- Enhanced payroll: https://iop.intuit.com Enhanced.
- Payroll full service: https://fullservicepayroll.intuit.com.
- Online Payroll for QuickBooks: https://qbo.intuit.com.
Search for your version
Intuit Online Payroll accounting versions
- When you log in, you may view a menu that allows you to an ick a customer’s name or company list next to your business name. If so, you will obtain the product version of the accountant: Intuit Accountants Online Payroll
Online Payroll QuickBooks
To discover which QuickBooks Online Payroll particular version you have:
- Online registration to QuickBooks.
- Go to Account and Settings from the Settings icon.
- Select a subscription, then payroll. Billing subscription.
- Select the specifics of the plan. You can check here the wage plan you are utilising.
Do You Need to file your W-2s and W-3 manually?
Form W-2Form W-2 must be
Employers should complete or submit a form W-2, Salary and Tax Statement for workers by electronic or mail to the Social Security Administration (SSA), which shows wages paid and the taxes withheld for each employee for each year. Since employees’ social security and Medicare benefits are calculated based on Form W-2 information, Form W-2 must be developed accurately and in due course.
Employers must complete each employee’s wage-paid wage and tax statement annually, file it electronically or through the post with the Social Security Administration (SSA), and provide their workers with the yearly wage-paid and tax withheld statement. As employees’ Social Security and Medicare benefits are calculated based on form W-2 information, it is vital to develop Form W-2 accurately and on time.
Where and When to File
The W-2 form is a multi-copy package accessible. Every six copies required for each Form W-2 are given in the form packet (Copy A, Copy 1, Copy B, Copy C, Copy 2, and Copy D). By the final day of January, you are required to send to the SSA, by mail or by electronic means, Copy A of the W-2 form, Wage Transmission Form, and Tax Statements. If you have cancelled your business, special due dates apply. Forms W-3 and A of every Form W-2 sent to the SSA are required to be in the scan-form and ordered by email or 800-TAX-FORM (800-829-3676). For further information, see the General Guidelines for Forms W-2 and W-3. Send your state, the town, or the local tax department copy 1, when relevant. For requirements and transmitting information, contact this state, city, or municipal tax department. For four years, you should save the copy of the employer, Copy D.
By 1 February 2021, you must provide your employees with copies B, C, and 2 of Form W-2. You will comply with the furnishing requirement if the form is correctly addressed and mailed on or before the due date. You can submit your former employee W-2 form any time before but by 1 February 2021 if the person leaves working for you before the end of the year. If your employee requests Form W-2, copies B, C, and 2 of the application must be sent to your employee within 30 days or within 30 days of the last wage payment, whatever later.
Form W-2 Preparation
- Type in a 12-point Courier font all entries using black ink. The machine read entries. You can’t read manuscripts, scripts, or italic typefaces and entries produced in a spot of black ink.
- Make every $1 entry with the decimal point but without the dollar symbol and comma (00000.00). Display the cents or use zeroes without cents.
- Don’t erase, cross-out, or whiteout any. Copy A should be free of mistakes. On the “Void” box, enter an “X” in the next Form W-2, then restart. On the following Form W-2, do not write “corrected.”
- As a form W- 2 is produced on a single page in two formats, submit it to SSA on the Copy A page (a red ink sheet), even if one form is empty or blank. Don’t fold or cut the page. Don’t fold. Don’t pick up W-2 forms or Form W-3 for each other.
- Don’t leave a box blank if it doesn’t apply.
- Make Adjustments.
- If you find an error on Form W-2 of an employee after transmitting the error to the SSA, provide Form W-2c, Corrected Loan, and Tax Statement. File Form W-3c, Corrected Wage Transmission and Tax Statement when filing the W-2c SSA form. For further information, see the General Guidelines for Forms W-2 and W-3.
Unless an IRS waiver is granted, employers submitting 250 or more W-2 forms must file electronically. It is advised to submit W-2 forms online to all companies. It is due on 31 January. Refer to the Guidelines for Form W-2 and Form W-3, Topic No. 801, Topic No. 802, and Topic No. 803 for further information on electronic filing. Additional information can be found by calling SSA’s Employee Reporting Branch, 800-772-6270, on electronically submitted Form W-2 through SSA’s Business Services Online (BSO) (TTY 800-325-0778).
How to take print W-2 and W-3 forms?
- The QuickBooks Desktop is supported.
- You have an active Payroll or Enhanced Service QuickBooks Standard.
- The formula will not be available in QuickBooks Desktop when you have the Payroll Basic Service. However, you may build an overview report to obtain the data to fill in the form manually.
- You’ve got W-2 documents that function with your payroll and printer.
- Use blank/perforated sheets or preprinted forms for laser printers.
- Use preprinted forms for optimum results for inkjet printers.
- The newest payroll tax table is available.
QuickBooks desktop printing of W-2 forms
- When printing payroll forms, QuickBooks Desktop has a limitation. It can only print in any form box for up to $9,999,999.99. QuickBooks Desktop also processes the form W-3, which summarises the W-2s, when you process W-2 forms. If a minimum of one W-2 or W-3 form value or box exceeds $9,999.99, process the forms in stage 3 in batch format. The IRS agrees to lots.
- If you exceed the limit or have more than 800 employees, an error will appear in QuickBooks Desktop.
Step 1 of 3: Pull up the W-2 and W-3 Forms from QuickBooks Desktop:
- On the top menu bar, Select Employees > Payroll Tax Forms and W-2s > Process Payroll Forms.
- In th1e list of forms under the File Forms tab, tap on the Annual Form W-2/W-3, which is at Wage and Tax Statement and tap on the Create Form option.
- If you are not able to find the form in the list, this might be due to the following:
- The form may be below the previewed list. Down and search the form, scroll down the list.
- The form might be dormant. Click on the Dropdown Forms and select Make a New Form Active activate the form. To pick Federal, click the state-drop-down arrow. Select the form of W-2 and press Form Add.
- For choices in the process W-2s:
- If you wish to file all your workers’ paperwork at once, Select All Employees.
- Select the Last Name of the employee (Select and Select to) to the batch file.
- Please enter the year of the form you print into the SELECT FILING PERIOD section and click OK. A version of a tax form alone is stored in QuickBooks Desktop. You can utilise the latest version of the form if you’ve previously obtained a 2017 version. However, you needed to print W-2 forms in 2016. For more instructions, check with the Social Security Administration.
- The year “2016” will also be printed on white paper if you decide to print for 2016 as the year is part of the form approved by the authorities.
- QuickBooks Desktop may not print the information at the right location if you decide to print the forms pre-printed for 2016. The form details aligned for 2017 are printed by QuickBooks Desktop.
- Select the staff that you are printing for in the Form W-2/W-3 window. To Select all workers listed, you may alternatively click Mark All.
- If the form W-2 (as shown by the missing checkmarks in the reviewed column) has not been examined yet, select Edit/Review. Click Send Form for further printing once you have revised.
- Click on the Print/E-file button. The W-2 and W-3 forms windows are opened here.
The things (or copies) are listed by the beneficiaries of Print W-2 and W-3 forms (For example, For the employer and the government).
Step 2 of 3: In Print W-2 and W-3 forms, you may select a kind of paper and a printer:
The selections provided for the staff section change with the kind of paper selected on the printed W-2 and W-3 forms windows. The items to be printed are listed by the beneficiaries (for employees, employer, and government), and only one item can be published at one time. The W-2 and W-3 Form print files will remain open until the Close Window is pressed. You can return to print one thing after another without closing and restarting the window. In Print W-2 and W-3 windows, the following choices are available:
When you use Preprinted Forms:
- Select Between under the Select Paper section Blank / Perforated Paper and Forms Prepressed: You may need alignment. See paper types for W-2 forms to find out what kind of paper is appropriate for you.
- Select who you print under Select item to print.
- When Blank / Perforated Paper is used.
- Three copies B, 2, C per page.
- Four copies B, 2, 2, C per page.
- Instructions for employee filing: Required if not printed on paper previously.
- When you use Preprinted Forms.
- W-2 – Copy B: federal tax declaration for employees, 2 per page (1 per page if only one employee).
- W-2 Copy 2: 2 for each page for your State or Local Tax Office (1 per page if only one employee).
- W-2 – Copy C: 2 per page for employee registrations (1 per page if only one employee).
- Instructions for submission of employees: Required if not printed on paper.
For the worker
- W-2 – Copy D: 2 per page per record (1 per page if only one employee)
- Instructions for employer filing: form W-2 and form W-3
- W-3 per page for government
- W-2 – Copy A: 2 per page for SSA (1 per page if only one employee)
- Note: Do not send copy A to the Social Security Administration if you electronically submit W-2 or W-3 forms.
- W-2 – Copy 1: 2 per page for your state or local tax office (1 per page if only one employee)
Step 3 of 3: Export your form to your PDF Reader and start printing forms. Run a print test to check and adjust the alignment of pre-printed forms.
- You will make any adjustments until you change them. If you use blank/perforated shapes, you skip this step.
- Click Print PDF for more detailed information. This exports to your PDF Reader the form you have selected. We recommend you download and install Adobe Reader if you do not have a PDF reader installed on your computer, as the tool works well with QuickBooks Desktop.
- You can start the printing process from within the PDF Reader at this point. The printing procedures may differ based on your PDF reader.
These are the steps that will help you export your form to your PDF Reader and start printing forms. Please read and apply the steps accordingly.
In Conclusion, QuickBooks Desktop software is accounting software that different categories of bookkeepers and accountants have widely regarded last worldwide. The software comes along with a lot of valuable features and functions. In this blog, you will learn more about how to do W2s in QuickBooks Desktop software and some other important aspects related to the same. I hope that this blog proves to be helpful and was worth your time.