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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.
There has to be a solution!
Hey there, @NFSllc.
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!
Is there any update to how we record this education credit entry? We are close to the end of the year and we want to participate in providing this to our employees but I need to know how to complete transaction.
Thanks for making a follow-up on this thread, @rebasloan3. I understand that you want to record the education credit. At this time, this option is still unavailable in QuickBooks, and we don't have the exact time for this to be implemented.
For all product updates, you can check out our Firm of the future page.
Feel free to message us again if you have other questions, @rebasloan3. We're always around here to help.
Quickbooks Team -
Any ideas on how this could be recorded in the existing system even if the system hasn't specifically been updated for the Cares act? I think that education reimbursement has always been something that has been able to be provided through payroll.
Quickbooks Team -
Are there any suggestions as to how we can record this tax free education payment in Quickbooks even though Quickbooks has not been specifically updated to allow us to enter this info?
Thx,
Angela
Thank you for getting back to us, @bangiebindy.
The option to enter this tax free education payment in QuickBooks is still unavailable. We're still working on how to add this is QuickBooks in compliance with the IRS as it can affect your year-end return.
In the meantime, I suggest you to turn on automatic updates in QuickBooks to update the payroll tax table automatically. This will make sure that you have the most current and accurate rates and calculations for supported state and federal tax tables, payroll tax forms and e-file and pay options. See this latest payroll news and updates article for more information.
Let me know if you have any other concerns with your account. I'm always here to answer them for you. Take care and have a wonderful day!
Is there any update on this? As a business owner my taxes are due next month. It would be nice to have everything accurate before sending to my CPA.
Is there any update for this, or any idea when they will get this worked out? As a business owner my taxes are due next month. It would be nice to have this sorted out prior to sending to my CPA.
Hello there, @bddvm.
Currently, we're still unable to enter tax-free education payments in QuickBooks. Our product engineers are working diligently to get all the CARES Act updates included in QuickBooks.
For all product updates, you can check out our Firm of the future page.
Stay in touch with us if you have other questions. I'm here to help.
Hello, has there been an update on this? Thank you.
Hello, has there been an update on this? Thank you.
Hi, merrygorounds. I appreciate you following up on this thread.
At this time, there isn’t a specific time frame as to when the options enter tax-free education payment feature is available.
Our development team is constantly working to improve the product and appreciates the help of users in bringing things like this to their attention.
In the meantime, I'd suggest visiting the What's New section on your QuickBooks Desktop, to stay informed with our latest news and updates including product improvements.
Additionally, you may want to bookmark this link: Resource Hub. This will provide you with resources and videos about managing your QuickBooks Desktop account, income, expenses, inventory, and running reports.
I'm always here to help if you have any other concerns or anything in QuickBooks. I'll make sure to get back to you as quickly as I can. Have a good one.
Hello, Is there an update on how to track pre-tax student loan contributions? This something that is really important and it seems many business owners are looking for a solution over a year later....
I recognize how important it is to flawlessly track the pre-tax student loan contributions in QuickBooks, Rasgirl24. I'm here to share some details about this.
As of now, our product engineers are still all hands on deck in implementing all the CARES updates both in QuickBooks Desktop and the Online versions. This way, you can track this student loan item seamlessly.
Additionally, I'd recommend checking out these articles that'll keep you in the loop about the current news and product developments:
I appreciate your understanding and patience while we're working on this, Rasgirl24. Keep safe and enjoy your day!
Any update to this post?
Hi there, @jtmusick31.
Currently, we're still unable to enter tax-free education payments in QuickBooks Desktop (QBDT).
I understand the importance of the feature to enter tax-free education. For now, I suggest contacting the IRS to get updates about the Cares Act and how to record it. You can go through this link to reach out to them: Contact IRS.
In addition, I'll add these articles that'll keep you in the loop about the current news and product developments:
Let me know if you have other questions or concerns about tax-free education. I'll be around to provide further assistance to you.
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