How to complete Form NC-5Q in TaxBandits?

Follow these simple steps to complete Form NC-5Q in TaxBandits:

Step 1: Sign in to your TaxBandits account and navigate to the ‘State Forms’ tab.

Step 2: Step 2: Click the ‘Get Started’ button to begin the filing process for your state withholding form.

Step 3: Enter the employer information, including business details and signatory information, in the respective fields. Verify that all information is accurate.

Note: If you already have employer information saved, you can select it from the Address Book.

Step 4: Based on the employer’s state, certain filings may be required by state agencies. Click ‘Start Filing’ next to Form NC-5Q – Quarterly Income Tax Withholding Return to complete North Carolina’s quarterly return.

Step 5: Select the quarter for which you want to file Form NC-5Q.

Step 6: Fill out all required fields, including withholding file number, tax withheld, penalties, and interest. Follow these instructions for each line on the form:

 

• Line 1: Enter the total amount of North Carolina income tax required to be withheld for the quarter. This is the sum of the tax withheld each month as reported on the schedule on the back of the form.

• Line 2: Enter the total payments already made to North Carolina for the quarter. Include all prior deposits or payments submitted to the Department of Revenue.

• Line 3: If Line 1 is greater than Line 2, subtract Line 2 from Line 1 and enter the difference here. This represents the underpayment amount that is still due.

• Line 4: If Line 2 is greater than Line 1, subtract Line 1 from Line 2 and enter the difference here. This represents the overpayment, which will be refunded.

Step 7: You will see a list of forms that are either in progress or ready to be filed. Select the employer and continue with the filing process.

Step 8: Complete the payment process, and TaxBandits will transmit your form to the respective state agency.

Once the agency processes your return, you will receive an email confirmation. You can also monitor the status in the ‘State Payroll Forms Dashboard’.