Seaside CPA wrote:My clients with ADP and Paychex can't seem to get the information to them in time to get it in their W-2's, so I prepare a second W-2 with the health insurance information on it. No need to amend any 941's for that, just prepare a second W-2 with only the health insurance information on it. Been doing this for years with absolutely no problem.
This is probably the April 14th version of me talking, so ignore this terrible advice -- in your software, adjust the wages line up by the amount that should've been included in Box 1 (only) of the W2. This practically accomplishes the same thing. Then, take the deduction on the SEHI adjustment line below for the same amount.
regicide9 wrote:Southparkcpa -- why would this increase box 7? Thats social security tips.
This is probably the April 14th version of me talking, so ignore this terrible advice -- in your software, adjust the wages line up by the amount that should've been included in Box 1 (only) of the W2. This practically accomplishes the same thing. Then, take the deduction on the SEHI adjustment line below for the same amount.
Fighting with the payroll provider is a fight worth fighting in the offseason, not during tax season in crunch time. Just my two cents.
Seaside CPA wrote:Southpark, yes, report insurance premiums in Boxes 1, 14 & 16. Per the General Instructions for Form W-2, you need to reconcile the amounts in boxes 2, 3, 5 & 7 from all W-3's with the amounts on the quarterly 941's, so no need to change the 941's.
Actionbsns, I do not amend the payroll company's W-2's. I issue a second one.
Seaside CPA wrote:The "total wages" in boxes 2, 3, 5 & 7 equal the 941 amounts, which is what is reconciled to the 941 (per their instructions). Evidently, they do not reconcile to box 1.
Yes, send the W-2 (for health insurance premiums) everywhere you normally send a W-2 you prepare.
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