New Jersey & Iowa State W-2 and 1099 Filing is Due Today!
You may think that your 1099 and W-2 filing is complete, but have you considered your state filing requirements? Many states have these requirements, a few do not. It is important to understand what your state requires of you in order to maintain your compliance.
We are going to focus on two particular states, New Jersey and Iowa and their unique requirements when it comes to these forms.
About Forms W2 and 1099
Form W-2 is a wage form. On this form, employers report the amount of wages, tips, and compensation that their employee made throughout the year. This form is submitted to both the SSA and distributed to employees.
This form is very important because individuals use it to report their wages on their personal income taxes.
Form 1099-MISC also reports income. The 1099-MISC is for Independent contractors, freelancers, sole-proprietors, and self-employed individuals. If you have paid an independent contractor over $600 in the past year, then you must file a 1099-MISC for them. This form is also used to report miscellaneous compensation such as rents, prizes, awards, healthcare payments, and payments to an attorney.
This form must be submitted to the IRS and distributed to your independent contractors.
These individuals will report the payments they received as independent contractors on their own personal income taxes.
Although this is the most common variety of Form 1099, there are several others that report many different types of non-employee compensation. Some of these forms include…
New Jersey W-2 Filing Requirements
The state of New Jersey requires state W-2 filing, even if there was no state tax withholding. Not only does New Jersey require employers to file their W-2’s with the state agency, but there is also an additional form that is required.
Whether you paper file or E-file your W-2’s, the state of New Jersey requires that you submit a Form NJ-W-3M. This is an annual reconciliation form that is used to report the total gross wages, pension, annuity income, gambling winnings, and taxes that have been withheld from your employees’ paychecks.
New Jersey 1099 Filing Requirements
The state of New Jersey only requires the filing of 1099 forms if there was a state tax withholding. This applies to only two varieties of the Form 1099…
- Form 1099 MISC
- Form 1099-R
If you are required to file either of these forms then you must also include Form NJ-W-3M, the Gross Income Tax Reconciliation of Tax Withheld.
What Are The Deadlines?
The deadline to file your W-2 and/or 1099’s with the State of New Jersey is February 18, 2020.
Iowa W-2 State Filing Requirements
The state of Iowa requires the submission of W-2’s only if there was a state tax withholding. Not only does Iowa require employers to file their W-2’s with the state agency, there is also an additional form that is required.
Iowa requires Form 44-007 VSP to be submitted along with the W-2’s. This form is an annual Verified Summary of Payments that is used to report employee/payee earnings at the state level.
If you are submitting W-2’s to the state of Iowa, they require that you file them electronically.
Iowa 1099 State Filing Requirements
The state of Iowa requires that 1099 Forms be filed only if there is a state tax withholding.
The state requires filing for the following 1099 Forms…
- 1099-MISC
- 1099-INT
- 1099-DIV
- 1099-R
- 1099-B
Iowa requires that all filers include a Form 44-007 VSP with their 1099 submissions, they also require that all of these forms be transmitted electronically.
What Are The Deadlines?
The deadline to file your W-2 and/or 1099’s with the State of New Jersey is February 18, 2020.
How Do I File Form W2 and 1099 With New Jersey and Iowa using TaxBandits?
TaxBandits allows you to meet your federal and state requirements in one place!
TaxBandits supports both the filings of your state W-2’s and 1099’s.
When you file your W-2 or 1099 with TaxBandits, you can file your state forms for only $0.50 per form. If you selected the state filing package and filled out your state details completely and correctly, TaxBandits can generate these additional forms for you.
Haven’t filed your 1099’s or W-2’s yet? Avoid further penalties by filing your federal and state forms with TaxBandits now!
