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Adjust a client's S-Corp benefits at the end of the year
This feature is currently available to our accountant partners.
Adjustments to 2020 S-Corp benefits can only be made up until January 8, 2021 at 4 PM PT. Any adjustments needed after that time will require amendments and you'll need to contact us from the Help section of your account to assist.
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Sign in to your accountant profile.
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Go to the Clients section.
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Click the "Actions" menu next to a client name.
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Click Adjust S-Corp benefits.
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Click the + next to a shareholders name to add them for the adjustment.
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Make sure they’re marked as a shareholder and have a benefit set up.
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If the shareholder was dismissed or you need to adjust their HSA withholdings, contact us.
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Click Next.
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Enter additional benefit contributions (medical, dental, vision).
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This will be used as a one-time adjustment to your 2020 S-corp benefits. This is in addition to any withholdings you’ve already made in 2020—you can see those by running a payroll journal report. The total contribution amount, including both this contribution and previous withholdings, will appear on this shareholder’s Form W-2.
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Click Next.
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Review the benefit contributions below before submitting.
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We’ll make these one-time adjustments to your last payroll for reporting purposes only—we won’t debit any federal or state income taxes. Any income tax owed will reconcile on the shareholder's personal tax return.
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Click Submit.
Payroll, benefits, HR and more.