What is the lookback period for Form 941?

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