What is a lookback period for Form 941?
454 views | Last modified 4/5/2021 2:59:11 AM EST

Applicable To
94X 1099 W-2 ACA W-4

The IRS Form 941 is a federal tax return that has to be filed for each of the four quarters in a calendar year. These four-quarters are said to be a lookback period. In other words, the lookback period is a 12-month duration starting from July 1 and ending on June 30. For 2021, the lookback period is from July 1, 2019, to June 30, 2020.

Usually, the total tax amount in the lookback period determines the deposit schedule - either monthly or semiweekly. If the tax amount reported in Form 941, Line 12, is $50,000 or less, you are a monthly schedule depositor. If the total tax amount is exceeding $50,000, you are a semiweekly schedule depositor.

See the lookback period for 2021 below:

  • January 1, 2020, to March 31, 2020 -1st Quarter
  • April 1, 2020, to June 30, 2020 - 2nd Quarter
  • July 1, 2019, to September 30, 2019 - 3rd Quarter
  • October 1, 2019, to December 31, 2019 - 4th Quarter
     

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