WHAT IF: My Form 941 Line 1 Appears to be Incorrect

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Rounding errors

Do you know why we can no longer override boxes 5a, 5b and 5c to adjust for rounding? It's VERY annoying to submit a form with "rounding" errors and don't match what was actually deposited. Tech support tried telling me that we've never been able to make the adjustments which is totally false because I've been doing it for 10 years. Any insight appreciated.

Michele Riffe more than 1 year ago

Can't say about the form changes, but what about using Line 7

IRS Form 941 Instructions specify you should use line 7 to: Enter adjustments for fractions of cents (due to rounding) relating to the employee share of social security and Medicare taxes withheld. The employee share of amounts shown in column 2 of lines 5a–5d may differ slightly from amounts actually withheld from employees' pay due to the rounding of social security and Medicare taxes based on statutory rates.

To my knowledge you can freely enter positive or negative amounts on Line 7 of 941 prepared in QuickBooks via the user interface.

Murph

insightfulaccountant.com more than 1 year ago

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