Changes in Form 941-X for 2020
Updated on September 18, 2020 - 10:30 AM by Admin,
ExpressEfile Team
With continuous changes to Form 941 due to the COVID-19 pandemic, the IRS has revised Form 941-X for quarter 2. This revision is made to accommodate filing corrections for values reported on Form 941, quarter 2, 2020.
Read on to learn more about revised Form 941-X for quarter
2, 2020:
1. Form 941-X - A Quick Overview
If you have filed Form 941 for a quarter and found errors on your return, you have to correct the values reported by filing Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund Form. In case you found errors in more than one quarter, you may have to file separate Form 941-X for each quarter.
To learn more about Form 941-X including its deadline, penalty, and mailing address,
click here.
2. What Should be Reported in Form 941-X?
You can file Form 941-X if any of the following values are misreported on your previously submitted Form 941:
- Wages, tips, and other compensation
- Federal income tax withheld from employee's paycheck and extra compensation
- Taxable social security wages
- Taxable social security tips
- Taxable Medicare wages and tips
- Taxable wages and tips subject to Additional Medicare Tax withholding
- Qualified small business payroll tax credit for increasing research activities
Note: In case, you have misreported the total number of employees who received wages or Part 2 of Form 941, you need not file Form 941-X.
3. What’s New in Form 941-X for Q2?
Employers can now file Form 941-X for correction in values reported in Form 941 in the following fields:
- Credit for qualified sick and family leave wages
- Employee retention credit
- Employer share of social security
Below are the changes in Form 941-X and their respective fields in Form 941:
| If you’ve misreported | In Form 941 | Report corrections in Form 941-X |
|---|---|---|
| Qualified sick and family leave wages | ||
Qualified sick-leave wages |
Line 5(i) |
Line 9 |
Qualified family-leave wages |
Line 5a(ii) |
Line 10 |
Non Refundable portion of credit for qualified sick- and family-leave wages |
Line 11b |
Line 17 |
Refundable portion of credit for qualified sick- and family-leave wages |
Line 13c |
Line 25 |
Qualified health plan expenses allocable to qualified sick-leave wages |
Line 19 |
Line 28 |
Qualified health plan expenses allocable to qualified family-leave wages |
Line 20 |
Line 29 |
| Employee retention credit | ||
Non Refundable portion of employee retention credit |
Line 11c |
Line 18 |
Refundable portion of employee retention credit |
Line 13d |
Line 26 |
Qualified wages for the employee retention credit |
Line 21 |
Line 30 |
Qualified health plan wages reported on Form 941, Line 21 |
Line 22 |
Line 31 |
Qualified wages paid March 13 to March 31, 2020, for the employee retention credit |
Line 24 |
Line 33 |
Qualified health plan expenses allocable to wages reported of Form 941, Line 24 credit |
Line 25 |
Line 34 |
Deferred amount of the employer share of Social Security tax |
Line 13b |
Line 24 |
4. Which Form should You File?
If you’re correcting values reported in Form 941 for quarter 1, 2020, and prior, you can use the existing Form 941-X
In case, you want to file corrections for quarter 2, 2020, Form 941, you must use the revised Form 941-X.
5. Complete and Download Form 941-X for FREE
With ExpressEfile, you can complete Form 941-X with quarter 2 changes, download it for free, and file it with the IRS.
Complete Form 941-X Now