W-2 QuickBooks
An individual is using the version of QuickBooks desktop and QuickBooks Online Payroll for printing W2 forms. If any person wants to print w2 forms, then he or she must refer to this blog.
Now, I am going to define Quickbooks software, describe W2 forms in this software and its importance and what are the different methods of printing this form.
What is QuickBooks?
QuickBooks is an online accounting software that uses several tools such as payment processing, accounting, expense management, accounts payable management, tax filing, invoicing, and so on. It was developed in the year 1992. People are using this software as a desktop application as well as Online Software as a Service (SaaS) model.
What is W2 in QuickBooks?
This is an essential document that employees can use. This document consists of compensation, wages, and tips which identify the yearly earnings of the employees. People are required to use this form for filing the taxes. Copies of w2 forms are required for the company as well as for employees.
Importance of Attaching W2 tax forms
An employee can attach a w2 tax form for correct and effective tax reporting and compliance. The several ways in which an individual can attach this form are as follows:
- ISR Verification: A verification through the Internal Review Service (IRS) is used to cross-reference the reported information on the tax. This helps in the detection of inconsistencies, decreasing errors or fraudulent activities.
- Properly filing a tax: An individual must take care of the detailed information about the tax before attaching W2 forms. If he or she fails to include the information then it could lead to errors that delay in processing the return of an individual’s taxes.
- Income Reporting: Detailed information on annual income such as tips, wages, salaries, etc., is important in W2 forms which correctly reports income to the Income Report Service (IRS) before filing any tax.
- Claiming Refunds and Credits: Correct income information is to be required in Earned Income Tax Credit (EITC) and Child Tax Credit. If an individual attaches W2 forms in Quickbooks Desktop helps to claim any eligible credits and deductions, potentially increasing the tax refund and decreasing an employee’s tax liability.
- Compliance with tax laws: Compliance with tax laws and regulations can be demonstrated by attaching W2 forms, which help in reporting income and fulfilling the tax obligations of an individual.
- Tax Withholding Verification: The tax information that has been withheld from the paychecks in W2 forms is beneficial for the IRS, which helps individuals pay their taxes with the correct amount based on income and other different factors.
Steps to print W2 forms in Quickbooks Online Payroll
The different ways in which an employee can print W2 forms in QuickBooks online payroll are as follows:
- Login to QuickBooks Online website
Visit the online website of the QuickBooks account. After visiting, an individual can sign it into the website with the help of Sign-in credentials.
- Assessing W2 printing
Step 1: Click on the taxes option available on the left side panel in QuickBooks Payroll Website. After visiting on taxes option, click on ‘Payroll Tax’.
Step 2: After that, go to the filling sections and click on resources.
Step 3: Choose ‘W-2s’ which is available under the ‘Filings & Forms’ section.
Step 4: After selecting the ‘W-2s’ option, go to the Employee W-2s section and click on the Copies B, C & 2 (employee) option. An individual can also click on the ‘Manage W-2s’ and ‘Edit Box 12/13’ to manage and edit the W2 form.
- Choose an employee and view the W2 form
Click on the ‘Manage W-2’ button. After clicking on this button, the several options that can be available for the list of employees if they want to print W-2 forms or not.
An individual can click on the ‘Invite your Team to Workforce’ option which is available at the top of the Quickbooks Online Payroll account to invite some employees to ‘QuickBooks Workforce’.
An employee can click the ‘Change Setting’ option to change the W-2 print setting, which redirects to the ‘Payroll Setting’ page. After visiting this page, go to the ‘Form W-2 Printing’ option and then click on the ‘Pencil’ icon to edit the type of paper used by an individual. It can be either 3-part perforated paper, plain paper, or 4-part perforated paper.
A person can click the ‘Order W-2 kit from QuickBooks’ option to buy a W-2 kit. After selecting the paper, an individual can click save and then do it.
- Print W-2 form
Step 1: After an employee is ready to print the W-2 form then he or she can click the ‘View and Print’ option which is available at the bottom right panel of the QuickBooks online website.
Step 2: The W-2s will open as a PDF reader in the Quickbooks Online Payroll account. After that, click on the print icon to print the form.
Steps to print W2 forms in QuickBooks Desktop
There are several steps that help you in creating and printing W2 forms on the QuickBooks desktop with the help of the Intruit method. These are as follows:
Step 1: Access Quickbooks Desktop. After accessing, click ‘Payroll Center’ which is available at the left panel of the navigation bar in this software.
Step 2: A ‘File Forms’ tab is available in this software. Please click on that option.
Step 3: After clicking on the ‘File Forms’ tab, choose the ‘View/Print Forms & W-2s’ option.
Step 4: Enter the payroll PIN. After entering the PIN, click the OK button.
Step 5: A ‘W-2s’ tab is available on the QuickBooks desktop. Please click on that option.
Step 6: After clicking on the ‘W-2s’ tab, an appropriate tax year and employees must be selected by an employer.
Step 7: Click on the ‘Open/Save Selected’ button after selecting an appropriate tax year and employees.
Step 8: Before printing W-2 forms, an individual must select the reason such as reissuing a lost or undelivered form.
Step 9: After selecting the reason, click on ‘File on Adobe Reader’ and then click the Print button.
Conclusion
This blog explains a brief overview of QuickBooks and its W2 forms, the importance of attaching W2 forms, and the two printing methods to print W2 forms from this software. The W2 forms are most important for an employee so that he or she can keep a record of detailed information about the taxes which is beneficial for future purposes.
