Get Answers Support Tax Filings & Payments 94x Forms Form 941 What is the lookback period for Form 941? Last modified 3/31/2023 5:44:49 AM EST The 'lookback period' is a timeframe the IRS uses to determine an employer's deposit schedule for employment taxes, such as federal income tax, Social Security, and Medicare taxes (reported on Form 941). This 12-month period runs from July 1 to June 30 of the following year. For example, the lookback period for 2025 spans from July 1, 2023, to June 30, 2024. Typically, the total tax amount reported during the lookback period determines your deposit schedule - either monthly or semiweekly. You are classified as a monthly scheduled depositor if the tax amount reported in Form 941, Line 12, is $50,000 or less. If the total tax amount exceeds $50,000, you are classified as a semiweekly scheduled depositor. The 2024 lookback period starts from July 1, 2023, to June 30, 2024. Here's a breakdown of the lookback period: Quarter 3: July 1 - September 30, 2023 Quarter 4: October 1 - December 31, 2023 Quarter 1: January 1 - March 31, 2024 Quarter 2: April 1 - June 30, 2024 Was this helpful? Yes No Related Questions How to determine my deposit schedule? What are Monthly Schedule Depositor and Semi-Weekly Schedule Depositor In Form 94X? What is a $100,000 next-day deposit obligation? Go to Home Page Need more help? Get in touch with our dedicated support team Contact Us (704) 684-4751 support@taxbandits.com Sign Up for a FREE TaxBandits Account! The Smart CPA Choice Register Now Already have an account? Sign in