Instructions For Form 941 - Employer'S Quarterly Federal Tax Return - 2017 Page 9

ADVERTISEMENT

adjustments and credits (line 12) for the current quarter or
If line 15 is under $1, we will send a refund or apply it to
prior quarter (total taxes reported on line 10 if the prior
your next return only if you ask us in writing to do so.
quarter was the fourth quarter of 2016) are less than $2,500,
Complete Both Pages
and you didn't incur a $100,000 next-day deposit obligation
during the current quarter. However, see section 11 of Pub.
You must complete both pages of Form 941 and sign on
15 for information about payments made under the accuracy
page 2. Failure to do so may delay processing of your return.
of deposits rule.
Part 2: Tell Us About Your Deposit
If you were required to make federal tax deposits, pay the
Schedule and Tax Liability for This
amount shown on line 14 by EFT. If you weren't required to
Quarter
make federal tax deposits, you may pay the amount shown
on line 14 by EFT, credit card, debit card, check, money
order, or EFW. For more information on electronic payment
16. Tax Liability for the Quarter
options, visit the IRS website at IRS.gov/payments.
De minimis exception. If line 12 is less than $2,500 or
line 12 on the prior quarterly return (total taxes reported on
If you pay by EFT, credit card, or debit card, file your
line 10 if the prior quarter was the fourth quarter of 2016) was
return using the Without a payment address under Where
less than $2,500, and you didn't incur a $100,000 next-day
Should You File, earlier, and don't file Form 941-V, Payment
deposit obligation during the current quarter, check the
Voucher.
appropriate box on line 16 and go to Part 3.
If you pay by check or money order, make it payable to the
If you meet the de minimis exception based on the
“United States Treasury.” Enter your EIN, Form 941, and the
prior quarter and line 12 for the current quarter is
!
tax period (“1st Quarter 2017,” “2nd Quarter 2017,” “3rd
$100,000 or more, you must provide a record of your
Quarter 2017,” or “4th Quarter 2017”) on your check or
CAUTION
federal tax liability. If you’re a monthly schedule depositor,
money order. Complete Form 941-V and enclose with Form
complete the deposit schedule on line 16. If you’re a
941.
semiweekly schedule depositor, attach Schedule B (Form
941).
If line 12 is $2,500 or more and you’ve deposited all taxes
when due, the balance due on line 14 should be zero, unless
If you reported $50,000 or less in taxes during the
you’ve reduced your deposits in anticipation of filing a Form
lookback period, you’re a monthly schedule depositor unless
941-X to claim COBRA premium assistance credits. See
the $100,000 Next-Day Deposit Rule discussed in section 11
Depositing Your Taxes, earlier.
of Pub. 15 applies. Check the appropriate box on line 16 and
enter your tax liability for each month in the quarter. Add the
If you’re required to make deposits and instead pay
amounts for each month. Enter the result in the Total liability
the taxes with Form 941, you may be subject to a
!
for quarter box.
penalty. See Must You Deposit Your Taxes, earlier.
CAUTION
Note that your total tax liability for the quarter must equal
What if you can't pay in full? If you can't pay the full
your total taxes shown on line 12. If it doesn't, your tax
amount of tax you owe, you can apply for an installment
deposits and payments may not be counted as timely. Don't
agreement online. You can apply for an installment
change your tax liability on line 16 by adjustments reported
agreement online if:
on any Forms 941-X.
You can't pay the full amount shown on line 14,
You’re a monthly schedule depositor for the calendar year
The total amount you owe is $25,000 or less, and
if the amount of your Form 941 taxes reported for the
You can pay the liability in full in 24 months.
lookback period is $50,000 or less. The lookback period is
To apply using the Online Payment Agreement
the four consecutive quarters ending on June 30 of the prior
Application, visit the IRS website at IRS.gov/opa.
year. For 2017, the lookback period begins July 1, 2015, and
Under an installment agreement, you can pay what you
ends June 30, 2016. For details on the deposit rules, see
owe in monthly installments. There are certain conditions you
section 11 of Pub. 15. If you filed Form 944 in either 2015 or
must meet to enter into and maintain an installment
2016, your lookback period is the 2015 calendar year.
agreement, such as paying the liability within 24 months, and
The amounts entered on line 16 are a summary of
making all required deposits and timely filing tax returns
your monthly tax liability, not a summary of deposits
!
during the length of the agreement.
you made. If you don't properly report your liabilities
If your installment agreement is accepted, you will be
CAUTION
when required or if you’re a semiweekly schedule depositor
charged a fee and you will be subject to penalties and
and enter your liabilities on line 16 instead of on Schedule B
interest on the amount of tax not paid by the due date of the
(Form 941), you may be assessed an “averaged”
return.
failure-to-deposit (FTD) penalty. See Deposit Penalties in
section 11 of Pub. 15 for more information.
15. Overpayment
If line 13 is more than line 12, enter the difference on line 15.
If you reported more than $50,000 of taxes for the
Never make an entry on both lines 14 and 15.
lookback period, you’re a semiweekly schedule depositor.
Check the appropriate box on line 16.
If you deposited more than the correct amount for the
You must complete Schedule B (Form 941) and submit it
quarter, you can choose to have the IRS either refund the
with your Form 941. Don't use Schedule B (Form 941) if
overpayment or apply it to your next return. Check only one
you’re a monthly schedule depositor.
box on line 15. If you don't check either box or if you check
both boxes, generally we will apply the overpayment to your
Don't change your tax liability on Schedule B (Form 941)
account. We may apply your overpayment to any past due
by adjustments reported on any Forms 941-X.
tax account that is shown in our records under your EIN.
­9­
Instructions for Form 941 (Rev. 1­2017)

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial