Top 5 Questions- Year End W-2s

Hey everyone! It's that time of year again. If you've been thinking about W2s, then this Top 5 is just for you. Today, we're talking about filing, printing, fixing W-2s, & more. 

Let's dive right in! 

1. How do I go about adding Company Paid Health insurance premiums to W2 for shareholders?  

In QuickBooks Payroll, you have the option to create an S-corp medical payroll item.

Here's how: 

1. From the Payroll menu, choose Employees.
2. Select your employee.
3. Go to Pay types select Start or Edit.
4. In Additional pay types, select S-corp Owners Health Insurance.
5. Enter an amount. Or leave it blank, then enter the amount as you run payroll.
6. Click Save.

To further understand S-corp medical payroll, read this helpful article: Set up an S-corp medical payroll item for your corporate officers.

I'm also adding this resource that might be useful if you want to run payroll reports in QBO to help you track your business: Run payroll reports in QuickBooks Online Payroll. The same resources give you details on marking a report as a favorite and customizing and printing reports.

2. Does Quickbooks automatically generate and mail W2's to employees?

I’m glad you asked!

 For users with QuickBooks Online Payroll Core, Premium, or Elite services and the "Automate taxes and forms" setting turned ON, QuickBooks will print and mail employee W-2s for you automatically.

Starting on January 1st, you should start to give your employees their W-2 forms if not using one of the products mentioned above. You'll want to give these forms by February 2nd.

To learn more about how Quickbooks files W-2s electronically, check out this article. 

3. I have not filed the W2, and need to add to item 14. How do I edit it when I have not filed it yet?

I'm glad you've reached out to us! Let me help and walk you through on how to add an item on the W-2 form. 

If you'd like to reflect the item in the W-2 form, you'll have the option to manually report the transit tax in Box 14. To do this, here's how:

1. Go to Payroll and then go to the Payroll Tax Center. 
2. Choose Process Payroll Forms.
3. Double-click the Annual Form W-2/W-3 Wage and Tax Statement/Transmittal.
4. Enter the correct year, then click OK.
5. Mark the employees you want to view.
6. Click Review/Edit.
7. Click the Form W-2 link at the top of the form.
8. In Box 14, enter the transit tax description and the amount.
9. Click the Check for errors button.

Once done, you can now file the W-2 form. For additional reference, you can check this article: Process and file W-2 forms. 

If you need further assistance with the steps, I recommend calling our QuickBooks Online Support Team. They have additional tools to pull up your account and do a remote session. 

4. I do not see how to print W-2's in Quickbooks online. Can I get some guidance?

I’m here to help you out!

Here's how to view and print your W-2 form. This process is for the current year or the immediately preceding year.

You should be able to print your W-2s on or after the following dates:

• January 3rd if your automated taxes and forms setting is OFF
• January 15th if your automated taxes and forms setting is ON

If you need to print from QuickBooks and send official copies to your employees, we recommend ordering W-2 kits (W-2s and envelopes) from us to ensure that the W-2s print correctly.
 

Otherwise, if you need to print because your employee lost or did not receive the original W-2, or you need a copy for your records, use plain paper and follow the steps below to print the current year or one year prior:

1. Go to Payroll, then Payroll tax.
2. Choose Filings.
3. Select Resources, then W-2s.
4. Review the list of employees who opted for a printed copy. W-2s won’t print for employees that selected paperless. They can print their copy from QuickBooks Workforce if needed.
5. If your automated taxes and forms setting is Off: review your Form W-2 print setting. Select Change setting to change the paper type if needed.
6. Click on View or Manage on the copy you need:
• W-3 Summary Transmittal of Wage and Tax Statements
• W-2, Copies B, C & 2 (employee)
• W-2, Copies A & D (employer)
7. Then, hit View and print.
8. Select the Print icon on the Adobe Reader toolbar, then Print.

Also, make sure to write REISSUED STATEMENT on top and include a copy of the W-2 instructions. If you're reprinting because your employee lost or didn't receive the original W-2. I've added this article if you want to know how to print the W-2s from the previous years: Print your W-2 and W-3 forms.

5. How do I go about fixing an incorrect W-2 and W-3?

Correcting or updating your W-2 and W-3 forms depends on the automated taxes and forms settings within your QuickBooks Online account. I will guide you through the necessary steps to accomplish this goal.

If the automated taxes and forms are off on your end or you're the one who manually filed the said tax form, you have to make and file a W-2c and W-3 form with the Social Security Administration manually. This is done to make sure you can correct the W2's details and everything is accurate. To do this, see the General Instructions for Forms W-2c and W-3c section in General Instructions for Forms W-2 and W-3. You can fix the issue in your product, then use any payroll reports you need to fill out the W-2c form.

If the W-2s and W-3s have not yet been filed, you are not required to generate or file a W-2c. You can simply take these steps:

1. Fix the issue in your product.
2. File your W-2 forms as you normally would.

However, if the automated taxes and forms is ON or we are the ones who file your form, I recommend contacting our QuickBooks Support Team. This way, you can request a correction and they fix it and file a W-2c form with the SSA. You’ll also receive a copy of the W-2c to provide to your employee, and an updated W-3 copy to print for your records. The expert you talk to can let you know approximately when you and your employee should expect to receive the W-2c and W-3c.

In case you need steps on how you can run several payroll reports you can use to see employee info, wages, taxes, and deductions, you can read this article: Run payroll reports.

That wraps up today’s Top 5 questions. I hope you found these Top W-2 questions helpful and got some valuable resources out of them. As always, if you have any other questions or concerns, please feel free to ask us here in the Community.