he Ohio Department of Taxation (DOT) has updated its magnetic media reporting guidance to remind taxpayers that the DOT follows the EFW2 layout required by the Social Security Administration for forms W-2 and the specifications outlined in IRS Publication 1220 for form 1099-R. Therefore, employers that issue 250 or more W-2 forms and issuers of 250 or more 1099-R forms are required to use magnetic media to send this information to the DOT. Employers that issue fewer than 250 W-2 forms and issuers of fewer than 250 1099-R forms are encouraged to take advantage of the available magnetic media options.
The Ohio DOT reminds taxpayers that it accepts this data on the following media types: CD-ROM (the department no longer accepts 3½ inch diskettes, nor 3490 or 3590 tape cartridges). Additionally, a fully completed Ohio IT 3 must accompany all magnetic media, and must be filed no later than the last day of February unless that day falls on a weekend, then the due date is extended to the next business day. Taxpayers are required to maintain tax records, including W-2 and/or 1099-R information, for at least four years from the due date of Ohio IT 3.
If the information is not submitted to the department on magnetic media, the Ohio DOT may request W-2 or 1099-R information periodically when conducting compliance programs. Finally, taxpayers are reminded to be sure to file their Ohio IT 3 by Monday, February 29, 2016. (Magnetic Media Reporting, Ohio Department. Tax, November 23, 2015.)
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