In this blog, we shall discuss the method to rightly create, print, and E-file 941 Federal form using QuickBooks. Form 941 is the Quarterly Federal Tax Return for use by the Employer which is due to the IRS (Internal Revenue Service) on the last day of the month subsequent to the end of every quarter. The automatic E-filing of the 941 Federal Form is only possible with the QuickBooks Assisted Payroll, while Standard and Enhanced versions of QuickBooks Payroll do not offer automatic filing of the 941 federal forms.
When is Form 941 Due?
The IRS Form 941 stands due four times each year. The due dates as per quarters are as listed:
- March 31 for Quarter 1: January, February March
- June 30 for Quarter 2: April, May, June
- September 30 for Quarter 3: July, August, September
- December 31 for Quarter 4: October, November, December.
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The method to Prepare Quarterly Tax Form 941
- Open QB desktop and click on the Payroll Forms and W-2s under the Employees tab.
- Next, click on Process Payroll Forms.
- From the File, Forms window select Quarterly Form 941 / Schedule B – Interview for your Form 941 / Schedule B and click File Form.
- Right from the drop-down menu select the date of the ending quarter and click on Ok.
- Re-check for any error that might appear in the form and correct it before proceeding further.
- Make sure all tax payments (Social Security, Medicare, Federal Unemployment, and Withholding) are correctly documented in the form.
- If you want to add more information, then type it directly in the blank fields.
- In case the chance is that some editing is required in the above for inaccuracy, then right click inside the field and select Override.
- Now click View details about this form and select Check for Errors to find and resolve any errors in the form created. After you verify the form is free of any errors, click Save and Close to save the form.
Information to keep handy while you file the 941 IRS Form
The form reports the following items, therefore it is necessary to keep this infor犀利士
mation handy when using which you will be completing it.
- Wages you’ve paid your team.
- Tips your employees reported to you.
- Federal income tax withheld.
- Group term life insurance premiums are paid for employees and Medicare tax is additionally withheld from employees.
- Sick pay is paid to employees.
- Tips earned.
- Your employee’s share of Social Security and Medicare taxes (and yours)
- The current quarter’s adjustments to Social Security and Medicare taxes.
How to Print and E-File Form 941
- Once you have created the form successfully, go through the instruction given below to easily print and E-File the form.
- The instructions linked to the method to print the form have been listed at the bottom of the form. Click on the Print for your Records to get a print of it.
- For the QuickBooks Enhanced Payroll users, Click Save as PDF to save the form in PDF format on your computer that you can later print by selecting the print option in your PDF viewer.
- If you wish to directly E-file the form online, click on Submit Form.
- Now click the E- File button and follow the instructions on your screen to complete the form submission process.
- After you have successfully submitted the form, you can check out its status in the next 24 to 48 hours.
To know more about the correct ways in which you can continue to Create, Print, and E-File Federal Form 941 contact the QuickBooks ProAdvisors at 1.855.738.2784. The team is assisted by professionals who are Intuit authorized which further adds to the level of service you can expect from the Accounting Helpline.