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News Flash – QuickBooks Payroll Update 21006
Published 02/13/2010 | 
Tax Table Update:
- The following tax tracking types have been added and an action may be required: HSA Co. (Nontaxable), HSA Co. (Taxable), HSA Emp. (Pretax), and HSA Emp. (Taxable).
- The following tax tracking type has been changed: Health Savings Acct.
- For the following state, an action is required in Payroll Update 21006: Arkansas.
- There are no forms updates in this payroll update.
- There are no E-File & Pay updates in this payroll update.
Forms Update:
E-File & Pay Update:
Details
For a more comprehensive detailed overview of the most recent payroll update, select your product year from the list below:
Improved Health Savings Account tracking in QuickBooks:
Payroll Update 21006 includes new functionality for tracking Health Savings Account contributions by the company and employee in QuickBooks 2008 & higher.
Background
Prior to Payroll Update 21006, QuickBooks 2008 & higher had limited support for Health Savings Accounts. The only Tax Tracking Type supported was Health Savings Acct for company contributions that were not included in federal taxable wages.
Payroll Update 21006 will include four new Tax Tracking Types that will give Payroll subscribers the ability to set up
- Company Nontaxable Contributions by using HSA Co. (Nontaxable)
- Company Taxable Contributions by using HSA Co. (Taxable)
- Employee Pretax Contributions by using HSA Emp. (Pretax)
- Employee Taxable Contributions by using HSA Emp. (Taxable)
Annual limits may apply to contributions to a Health Savings Account. The tax tables will not provide the limits or maintain them. You will need to set up and maintain any annual limits in QuickBooks.
For more information on Health Savings Accounts in QuickBooks, click here.
Frequently Asked Questions
How do I know if I?m affected?
You will be affected if you:
- Make contributions to your employees' Health Savings Accounts, or
- You have employees that make contributions to their Health Savings Accounts through payroll deductions.
When are the new Tax Tracking Types effective?
The four new tax tracking types are effective beginning with tax year 2010. For Assisted Payroll, Standard Payroll, and Enhanced Payroll, they will only report correctly to 2010 tax forms.
When will the new Tax Tracking Types be available in QuickBooks?
The new Tax Tracking Types are available with Payroll Update 21006 for QuickBooks 2008 & higher.
What if I have Payroll Items already set up for my company or employee contributions prior to downloading Payroll Update 21006?
If you already have a Payroll Item set up, please refer to the applicable article for one of the new Tax Tracking Types.
What if I subscribe to Disk Delivery service? When will I receive the CD that includes the new Health Savings Account Tax Tracking Types?
Disks are scheduled to be sent in late March. If you have internet access, you may download the payroll update online, if you prefer.
What steps should I take after installing the Payroll Update?
After downloading and installing the Payroll Update, please refer to the applicable article for the new Tax Tracking Type for instructions.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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