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FCN1
May 4, 2020
Solved

Form 940

  • May 4, 2020
  • 1 reply
  • 0 views

QuickBooks is showing me an alert that my Federal 940 is overdue.  I only owe $42 at this time.  My understanding is that I don't need to pay that until the end of the year or until my liability is greater than $500.  How do I get rid of this alert?

Best answer by JasroV

You're right, @FCN1.

 

The Federal 940 is annual tax payment. There's a chance the 940 is not scheduled to yearly, thus, you received the overdue alert. Let's ensure the 940 pay schedule is set to Annually. Let me guide you on how to check it in your QuickBooks Desktop (QBDT).

 

Here's how:

  1. Go to the Employees menu.
  2. Select Payroll Center.
  3. Go to the Pay Liabilities tab. 
  4. From the Other Activities list at the bottom, select the Change Payment Method to open the QuickBooks Payroll Setup.
  5. Select a scheduled tax payment Federal 940.
  6. Click Edit.
  7. Ensure the Payment (deposit) frequency field is set to Annually. 
  8. Click Finish when done.

However, if the payment frequency is already set to annual, it could be the liabilities were paid but were not recorded in your QBDT. Here's an article you can read for additional reference. This link provides detailed information on why scheduled liabilities show overdue: Scheduled liabilities payroll show as overdue or in red.

 

I also got you this article for reference in case you need to remove a scheduled payroll liability: Remove or delete a scheduled payroll liability.

 

Know that I'm always here to help you in case you have other concerns or questions in the future. Keep safe and stay healthy!

1 reply

JasroV
JasroVAnswer
May 4, 2020

You're right, @FCN1.

 

The Federal 940 is annual tax payment. There's a chance the 940 is not scheduled to yearly, thus, you received the overdue alert. Let's ensure the 940 pay schedule is set to Annually. Let me guide you on how to check it in your QuickBooks Desktop (QBDT).

 

Here's how:

  1. Go to the Employees menu.
  2. Select Payroll Center.
  3. Go to the Pay Liabilities tab. 
  4. From the Other Activities list at the bottom, select the Change Payment Method to open the QuickBooks Payroll Setup.
  5. Select a scheduled tax payment Federal 940.
  6. Click Edit.
  7. Ensure the Payment (deposit) frequency field is set to Annually. 
  8. Click Finish when done.

However, if the payment frequency is already set to annual, it could be the liabilities were paid but were not recorded in your QBDT. Here's an article you can read for additional reference. This link provides detailed information on why scheduled liabilities show overdue: Scheduled liabilities payroll show as overdue or in red.

 

I also got you this article for reference in case you need to remove a scheduled payroll liability: Remove or delete a scheduled payroll liability.

 

Know that I'm always here to help you in case you have other concerns or questions in the future. Keep safe and stay healthy!

    F
    FCN1Author
    May 5, 2020

    Thank you!  I couldn't figure out where to look to change the payment frequency.   It was set to quarterly.  Got it corrected, and all looks good.

     

     

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