How do I check the box for retirement plan on W2?

kfinebooks · ‎January 03, 2023

How do I check the box for retirement plan on the W2?

Mich_S · ‎January 03, 2023

It depends on how the retirement plan is paid, @kfinebooks. Let me share some ideas on how.

The Retirement Plan checkbox of Form W2 should be manually selected if your employee only had company contributions to their retirement for the year. On the other hand, the box is already ticked for employees who paid retirement contributions through payroll deductions. Here are some of the payroll items that'd let QuickBooks automatically check the box:

401(k)
Roth 401(k)
403(b)
Roth 403(b)
408(k)(6) SEP
501(c)(18)(D)
SIMPLE Retirement

In addition, if you have a qualified pension plan box marked on your employee record, QuickBooks will put a checkmark in it.

Find out how to handle retirement plans and read more details regarding W2 forms.

The Community is available 24/7 to back you up. Please feel free to reply to this thread so we can assist you in no time. We're here to help you further with payroll or QuickBooks. Stay safe!

PLoyde · ‎January 19, 2024

When you say "manually" check the Retirement Plan box, do you mean with a pen after it's printed? Or is there a way to override the electronic document before printing? I need to check the box because it's a company only plan, and it's not checked automatically.

Anonymous · ‎January 19, 2024

I’m here to share insights about the W-2 form in QuickBooks Online (QBO), @PLoyde.

My colleague above was referring to manually marking the check box upon the employee’s setup. This can be done on your QuickBooks application. This is to determine if the employees are paying the retirement contributions through their payroll deductions.

Before filing your taxes, if your employee has been paying a retirement plan deduction or company contribution. We’ll need these to be set up on their profile. With that, these deductions and contributions will be reported on your payroll tax forms. You can check out this article for complete details: Set up or change a retirement plan.

However, if you happen not to set this up on your employee’s profile, and need to report the amount contributed to a retirement plan. We can add this information to your W-2s manually within your company file. I’ll show you how:

Go to the Taxes menu, and select Payroll Tax.
Navigate to the Filings tab, and select Resources.
Click W-2s.
From Employee W-2s, select Edit Box 12/13 on W-2 Copies B, C, & 2 (employee).
Enter the amounts, or select the checkbox in the Box 13 column for each employee needed.
Select Submit.

Keep guided in submitting your W-2 forms on time to the Federal and state agencies through QuickBooks Online Payroll. Doing so will keep you compliant with the IRS and avoid any possible penalties. Also, you can keep a copy of it by printing it if you need to send a copy to your employees or for your records.

Let me know if you need further assistance with filing taxes or any topics related to QuickBooks. I’m always available to help. Take care!

kfinebooks

When I go to Payroll Tax Filings, then click on W2s, there is no option to manage W2s to check the box 13. Is this because automated filings are being done? With other payroll clients who do not have automated filings, this option is available. The W2s were submitted without this box 13 Retirement checked and now I have to prepare corrected W2s.

ThomasJosephD

Hi kfinebooks.

Yes, you are right. When automated filings are enabled, the Manage W-2 option becomes unavailable after W-2s have been filed.

Since the automated filings are enabled and QuickBooks handled this for you, you'll need to contact our live expert to request a correction. They will take care of it and file a W-2c (corrected form) with the Social Security Administration (SSA). You will receive the corrected W-2c to share with your employees, along with an updated W-3 for your records. Our live expert will guide you on the expected timing for the revised forms.

Alternatively, if you prefer to handle it yourself, you can use payroll reports in QuickBooks to complete the W-2c form. You'll then need to manually create and file both the W-2c and W-3 forms directly with the SSA.

For detailed steps on how to correct your W-2s, please refer to this article: Fix an incorrect W-2 and W-3.

Let us know if you have any additional questions.

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How do I check the box for retirement plan on W2?