Form 941 is also known as the Employer’s Quarterly Federal Tax Return. It is one of the main IRS tax forms and is filed by businesses to show the income as well as the payroll tax that they pay with the employee’s wages. This form is compulsory for all non-agricultural businesses that owe more than $1000 in total federal taxes. However, you can easily file the 941 form in QuickBooks without investing much time and effort. This blog will guide you with step by step procedure of how to print QuickBooks Form 941.
But first, let us understand why and who needs to file the QuickBooks form 941, and then we will go through the procedure step by step.
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Who all needs to file the QuickBooks Form 941?
Typically, all the businesses that hire employees and withhold federal taxes including wages, tips given to employees, income tax, social security, additional medicare tax, or payroll tax credit from their employee’s wages, are required to file the 941 form in QuickBooks. You have to fill out this form quarterly and any failure in filing the form can lead to strict penalties from IRS.
However, if the business is seasonal and does not hire any employee for a particular quarter then they are not required to file the 941 form in QB for that particular quarter. Also if the business hires only frameworks or the household employees such as maids, nannies, etc., they do not come in the tax bracket of form 941.
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What are the deadlines to file the 941 form in Quickbooks?
You have to fill out QuickBooks form 941 four times a year, and the deadlines for them are as follows:
- First Quarter: For covering the period between January 1st to March 31st, you need to file the Quickbooks form 941 till April 30th.
- Second Quarter: For covering the period between April 1st to June 30th, you need to file the Quickbooks form 941 till July 31st.
- Third Quarter: For covering the period between July 1st to September 30th, you need to file the Quickbooks form 941 till October 31st.
- Fourth Quarter: For covering the period between October 1st to December 31st, you need to file the Quickbooks form 941 till January 31st.
Where can you find the 941 form in Quickbooks?
You need to subscribe to QuickBooks Standard or Enhanced Payroll Service in order to file QuickBooks form 941. To find the 941 form in QB follow the following steps:
- Go to the Employees Menu on your QuickBooks desktop.
- Then go to the payroll center from the Employees Menu.
- Choose the file forms tab and then tap on the print form option. (You can also view the form before printing.)
- In the payroll tax center, enter your payroll pin and select OK.
- Choose the field form.
- Now choose the form you want to view.
- Now to save changes, click on the Save button.
- Once the changes are saved, print the form.
Read Also- QuickBooks Payroll Tax Table Update
Important Instructions for QuickBooks Form 941
It is important for you to take care of the following important instructions while filing out QuickBooks Form 941.
- Gather all the information you would need to file out the 941 form in Quickbooks.
- You would need the information about your business to be filled in on the top of the form.
- After that, fill out parts 1,2,3, and 4 of the form respectively.
- Now once review all the information you have filled in the above parts and complete the form by filling the part 5.
How to print form 941 from QuickBooks online?
After you have subscribed to QuickBooks Standard or Enhanced Payroll Service, follow the given steps to file the 941 form in Quickbooks.
(i) From the top menu bar, go to the Employees tab and then select the Payroll Forms and W-2s and select the Process Payroll Forms.
(ii) From the File Forms section, choose the Quarterly Form 941/Schedule B – Interview for your Form 941/Schedule B and then click on File Form.
(iii) Now, from the drop-down menu, choose the Quarter and Quarter Ending dates, and hit OK.
(iv) Once you have completed the interview, click on Next to proceed to your Form 941.
(v) Ensure that the information you have entered is accurate, especially those related to the scheduled deposits for your payroll taxes that you have already paid. QuickBooks directly auto-fills it in the form if the application has its record or else you have to manually enter them into the relevant fields.
You can directly enter the information in the respective blank fields. The newly added information appears in blue, however, on printing they won’t be highlighted. In order to edit the information, just right-click on the field and select Override. Now enter the new data in the Override box and press Tab. The data you have edited will appear in green which indicates the manual changes, but it won’t appear as green when you print the form. In case, you need to undo the override, just right-click on the field and select the Cancel Override option.
Note: There are some information that you should not edit on the QB Form 941 Error. These include:
- Employer Identification Number (EIN) or Social Security Number (SSN): To edit an EIN or SSN, close the payroll tax form, then edit the information in the appropriate place in the QuickBooks desktop software. Now, start a new form and edit the information. Once done, do not save the form and open it again on the QuickBooks desktop. Remember the QuickBooks Desktop does not export new data into existing forms.
- The filing period: Close your existing form and create a new one to specify a different filing form. Remember editing the filing period on the form would not change the other fields on the form.
- The totals: You should not change or edit anything in the fields that are the sum of the other fields on the form. QuickBooks would automatically calculate all these for you. If you still need to change the total, change the fields used to calculate it.
Step 6: Now, click on the Check for Errors option to identify and fix any errors in the form. Look on the top section of the screen, there it will display if there are any errors in your system. To correct the errors, click on the description box and it will directly take you to the error on the form where you can edit it.
Step 7: Click on Save and Close to save the changes you made.
Step 8: Now you can print the form by clicking on the Print for Your Record option or can click on Submit Form to electronically file the QuickBooks Form 941.
The Final Note:
Form 941 is mandatory for all the businesses that come into its range and manually filing form 941 can be a bit tricky for you. So better to use QuickBooks desktop software to file it hassle-free and conveniently. You must also not ignore it and should file the form before the deadline to avoid any penalties. However, if you need any support regarding QuickBooks Form 941, you can directly contact us.
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Frequently Asked Questions
Since the 941 Form is created based on the payroll information and paycheck details that you enter on the file, you can not edit it. However, if you still want to make changes, you will have to print a blank 941 form from the IRS and manually enter your payroll details.
To print and fill the form 941 from QuickBooks Online, go to the Taxes corner and select Payroll Tax. Then after, select the Quarterly Forms and choose 941 as the filter. Then click on the View button followed by the Print icon.
Form 941 in QuickBook is the Employer’s Quarterly Federal Tax Return filed by the businesses to show the income and payroll tax. It is a basic requirement for all non-agricultural businesses that owe more than $1,000 in total federal taxes.
