I'm trying to enter student loans as they relate to the CARES act.
Under the CARES Act, employers can contribute up to $5,250 toward an employee's student loans from March 27 until December 31, 2020, and the payment is excluded from the employee's income. It is also tax-free for the employer, since it's not subject to payroll taxes up to the contribution threshold.
This is a pretty important part of the CARES Act. QB Payroll made other adjustments for the CARES Act. Does the QB Payroll engineering team have any plans to address this by year end or is there a work around solution?
My company is trying to participate in this student loan forgiveness benefit. I don't think it's fair to them to say we can't because our payroll provider hasn't addressed the issue.
I have tried entering this and the program makes it subject to taxes.
Our product engineers are working diligently to get all the CARES Act updates included in QuickBooks. For now, we're unable to input the tax-free contribution to employee's student loans. Rest assured that I'll relay this message to our team in concern here on my end. In the meantime, you can check out our blog page for any new updates to QuickBooks Desktop.
Thank you for reaching out and having patience with us during this tough time. Take care!