“Mag media,” or, as the rest of us call it, filing your state and federal taxes electronically is one of the business marvels of the electronic age. But because of the whole “50 states, and they’ve each gotta do it differently” issue, it can get a little tricky.
Each state has a specific format and list of data they need included in the electronic file that is sent. COATS has a unique program and screen for each state to accommodate these needs. Unfortunately, that screen doesn’t include information on where to send your data; you’ll have to contact your state’s agency for that.
Of course, at the end of the year, it’s time to file your federal taxes electronically. Fortunately, there’s a mag media for that, too. Under Year-End Processing, you can go to Mag Media for the tax year, click on Federal at the bottom of the list of states, and create your data from there.
Once you’ve created your federal data, you can create your state data with just one click – but be sure to create your state data from within that federal window rather than from within a state window, and be sure to create your federal data first. And if you operate in more than one state, you’ll need to create each state’s data independently.
With all these rules for data creation, it’s a good thing you can send this all in electronically. Imagine if you had to add in extra time for mailing it!