Form 940 in QuickBooks: Steps For Set Up, E-File- and Print

Tax reporting and filing is a challenging task, especially if you are newbie at it. However, the QuickBooks application user it can be easy for you. You can pay tax electronically and file Form 940 in QuickBooks easily as per the Federal Unemployment Tax Act (FUTA) tax. Moreover, its advanced payroll tax table feature keeps you up-to-date with any recent changes to the tax rates.

There is a procedure that you needs to followed in order to file Form 940 in QuickBooks. This article will discuss set up file and print Form 940 in QuickBooks. You have to follow different ways to file Form 940 in QuickBooks desktop and online.

Table of Contents

Form 940 in QuickBooks: An Introduction

It is an annual tax form, which only meant for to be paid by the businesses and there are no tax deductions made from the salaries or wages of the employees. Basically, the government introduced this form for the reporting of the annual Federal Unemployment Tax Act (FUTA) tax. FUTA tax and the Unemployment tax, both of these taxes were meant to create funds for unemployment compensation which is used for the workers who have lost their jobs.

Learn to Set up, Enrol, And File Form 940 in QuickBooks Online?

Setting up Form 940 can be a challenging process. However, if you follow these steps properly, you will be able to set up and learn how to file a 940 in QuickBooks Desktop. Follow the steps as stated below-

Step 1: Set up Your Federal E-file and E-pay

To set up your federal E-file and E-Pay, you are supposed to follow the steps given below-

Enrolling and setting up for federal taxes e-payment

1.1 Get Enrolled in the IRS Electronic Federal Tax Payment System (EFTPS)

You only need to get yourself enrolled in EFTPS once. If you’re not sure if you have enrolled or not, contact the tax experts. Follow the steps given below if you have started your business after 2011 or before 2011. Refer to the steps below-

Ways to Enrol when you start a business before 2011

You only need to enrol in EFTPS once. If you are unsure, consider getting in touch with the tax experts.

Ways to Enrol if your business started after 2011

For setting up or enrolling in the IRS Electronic Federal Tax Payment System, if you have started your business after 2011, follow the steps below-

Open your preferred browser and go to the website EFTPS.gov, and then, move to the Enrolment tab. Follow the instructions that are being flashed on your screen for submitting your enrolment.
You’ll be receiving your PIN and enrolment number on your registered mail within a week or so. Note: If you need to make a payment before you receive your PIN, call the official IRS number to get the PIN in two business days after you have completed your enrolment. If the Information you have given matches the IRS records, an agent will take the payment. For security purposes, the agent won’t be able to give you the PIN over the phone.
After you receive your 4-digit EFTPS PIN:
1. Navigate to the website of EFTPS.gov.
2. Please move to the Login tab on the website itself.
3. Enter the Information that is required (EIN, 4-digit EFTPS PIN, bank account, or the last eight digits of your enrollment number), and continue with the process of creating your password.

1.2: Schedule and set up your tax payments to e-pay

The steps to set up your tax payments to e-pay are as follows-

Open your QuickBooks application and then move to the Employees section, and select the option Payroll Taxes & Liabilities.
Now, go and select the option Edit Payment Due Dates/Methods.
Select the option Schedule Payments. Then select Federal 941/944/943/ 940
In the Edit Payment Schedule window, go and change your payment method to E-pay.
Select the frequency of your payments.
Select the option E-pay accounts and then go and select the account type, and verify the bank info is correct.
Now, select Finish.

(2) Enroll and set up e-file

To set up a federal filing method, follow the methods mentioned below-

Step 1: Setting up your federal filing method

Go to Employees in QuickBooks, select the option Payroll Tax Forms & W-2s, then go and select the option Process Payroll Forms.
From the Other Activities list, select and choose the option Manage Filing Methods.
Select the option of Filing Methods. Select a federal form (Federal 941/944/943 or Federal Form 940), then select the Edit option.
Under the option of “Select how you want to file the Form…”, select Filing As Responsible Individual (Owner/Partner/Corporate Officer) for a single FEIN.
Select E-file, then select Finish.

If you haven’t enrolled in the IRS e-file program, consider following the procedure below-

Step 2: Get enrolled in the IRS e-file program

The steps to get yourself enrolled in the IRS e-file program are as follows-

Go to the QuickBooks application on your computer system and navigate to the Filing Methods screen, then select the option Enrolments.
Choose the option IRS, and then select the option Edit.
Make sure that you follow the on-screen instructions, verify your EIN, and enter the legal name of the company along with the address. Now, go and select Next.
Enter all the necessary details that are needed, such as the name, job title, email address, and phone number of the person the IRS can contact about your enrollment and your payroll tax forms. Furthermore, select Next.
Note: Make sure that you give the number of such a person who is a part of your company or associated with the company itself; refrain from giving contact details of a person who is an accountant or a third-party person.
Select the option Send Information.

Note: You’ll need to wait at least 45 days to receive your 10-digit E-file PIN.

After you are done with setting up, it is time to move to the E-filing and the E-pay process. Now, we will start a new section where we will get to understand how a QuickBooks user can do the E-filing along with the process of E-paying. Let us see the steps for the same.

Steps 1 – E-filing of Your Federal Taxes

Keep the following things in mind before paying your E-federal taxes.

If your federal tax liability or penalty is more than $100,000 in a liability period, make the payment via the IRS EFTPS website the next banking day. See when your federal tax liability is over $100,000.
E-payments must be made before 5:00 PM PT and two days prior to the due date. If the due date exceeds, you’ll have to initiate the payment through the IRS EFTPS website.

Steps 2 – E- Pay Your Federal Taxes in QuickBooks Desktop

Follow the steps below to pay in QuickBooks Desktop. The steps are as follows-

Navigate to the Employees section of the QuickBooks application, then select the option Payroll Center.
Now, select the Pay Liabilities tab.
In the Pay Taxes & Other Liabilities section, select the liability to pay, and now, select the View/Pay button.
Review the liability details; if any discrepancy is found review and edit it.
As the E-Pay Login window opens, enter your 4-digit EFTPS PIN and other login information.

Steps 3 — E-filing Of Federal Forms

File Form 940 in QuickBooks desktop, or to fill your federal forms, follow the steps given below-

Please navigate to the Employees tab in the QuickBooks application itself, now select the option Payroll Tax Forms and W-2s, then select the option Process Payroll Forms.
Select the federal form you want to file from the list.
Select the option Create form. Choose the form filing period, then select the OK option.
Review the form carefully. You can select the option Check for errors, then make necessary corrections, if found.
Select the option Submit Form. Then select the option of E-file.
Enter your 10-digit IRS E-file pin and make sure to follow the on-screen instructions to keep filing the form.

Note: You don’t require a PIN to e-file a W-2.

You’ll receive an email for confirmation within 24-48 hours. To know the status, see Check e-file or e-pay status.

Now, we are done with the process of how to fill out Form 940 in QuickBooks. Here in this section, we will address how to print and amend Form 940 in QuickBooks. Let us begin with it.

How to Print Form 940 in QuickBooks?

Here, this segment covers how a QuickBooks user can print Form 940 in the QuickBooks application after you are done with how to file 940 in QuickBooks online. Now, we will hover over the steps of seeing the printing form 940 in QuickBooks. Let us see the steps.

IMPORTANT: QuickBooks Online will not let you print the 940 tax form if we have pending dues for that tax. You can open the QB application and go to the Taxes menu to check if you have pending dues or not, then manually record your tax payment (the payment you made outside the system) so that you can successfully print the form. To record your tax payment, follow the steps below-

manually-record-your-tax-payment-in-QuickBooks-bizbooksadvice

Select Taxes from the sidebar menu in the QuickBooks application.
Go to the Payroll Tax tab.
Under the Payroll Tax tab, go to the Taxes section, and now, click the Pay Taxes button.
Next to the payment that you want to pay, select Record Payment.
Click the Record Payment option.

The steps to print the Form 940 in QuickBooks, after you have made the due payments, are as follows-

Select Taxes from the sidebar menu in the QuickBooks application.
Now, go and click the Payroll Tax tab.
Under the Forms section, select the option Annual Tax Forms.
Click on the 940 (Employer’s Annual Federal Unemployment Tax Return) link.
Hit the View button.
On the ViewPdfForm page, now click the Print icon to print the form.

Procedure to Amend Form 940 in QuickBooks

Now, we will learn about the amendment process of Form 940 in QuickBooks. The steps for amending Form 940 in QuickBooks are as follows-

Go to Employees in QuickBooks, select the option Payroll Tax Forms & W-2s.
Now, select Process Payroll Forms.
In the File Forms section, select the option Annual Form 940/Sch. A – Employer’s Annual Federal Unemployment (FUTA) Tax Return.
Now, select the Create form option.
Enter the year of the filing period you want to edit and rectify , then select OK.
Select the box for Amended Return, then click on Next.
Make sure to review the amounts on page 2 to verify these are the amounts that should have been on the original form.
Attach a detailed explanation of why you’re amending your return.

Final Thoughts

We are at the end of this blog, and we have covered the aspects of setting up, enrolling, filing, and printing the form, along with the amending steps, if you have made any errors in the Form 940 in QuickBooks. You can amend it; however, you would have to specify the reasons for the same. However, if you are still confused about how to fill out Form 940 in QuickBooks, consider calling our BizBooksAdvice at our toll-free number.

Frequently Asked Questions (FAQs)

Question 1- How do I get old 940 in QuickBooks Desktop?

Ans- To find and recover a 940 form in QuickBooks Desktop payroll enhanced, follow the steps given below:

From the Employees menu, click on Payroll Center.
Go to the File Forms tab.
Choose either the Save Filings or E-Filings tab from the Filing History section.
Choose the desired form, then click on view.

Question 2- How to run a 940 report in QuickBooks?

Ans- You can follow the steps below:

Select Taxes from the sidebar menu.
Click the Payroll Tax tab.
Under the Forms section, select Annual Tax Forms.
Click the 940 (Employer’s Annual Federal Unemployment Tax Return) link.
Hit View.
On the ViewPdfForm page, click the Print icon to print the form.

Question 3 – Is Futa an income tax?

Ans- Employers pay Federal Unemployment Tax and file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return. Only employers pay this tax. It is not deducted from the employee’s wages.

Question 4- How to file form 940 in QuickBooks 2022?

Ans- To file form 940 in QuickBooks 2022 you have to firstly set up, then enrol, E- file taxes and federal taxes, then you have to print the form.

Question 5- What is the penalty for filing 940 late?

Ans- The penalty for filing late is 5% of the total tax assessed that was not paid when due. It is charged each month or part of a month the return is late, for up to 5 months.

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About The Author

Jonathan Browns

Jonathan Brown is a trained QuickBooks professional with 10 years of experience in the accounting sector. Moreover, he is passionate about helping businesses reduce the stress of managing accounts. Also, he is proficient in assisting entrepreneurs and small business owners to use QuickBooks and enhance their accounting experience.

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