What is a lookback period for Form 941?
94 views | Last modified 7/16/2020 4:43:01 AM EST

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

IRS Form 941 is a federal tax return that has to be filed for four quarters in a calendar year. These four-quarters is 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 2020, the lookback period is July 1, 2018, to June 30, 2019.

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, then you are a monthly schedule depositor. If the total tax amount is exceeding $50,000, then you are a semiweekly schedule depositor.

The lookback period is classified as below for the calendar year 2020,

July 1, 2018, to September 30, 2018 - 3rd Quarter

October 1, 2018, to December 31, 2018 - 4th Quarter

January 1, 2019, to March 31, 2019 -1st Quarter

April 1, 2019, to June 30, 2019 - 2nd Quarter
 

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