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Nicki5
January 10, 2024
Question

FUTA Qtr 4 Not Matching 940 Form

  • January 10, 2024
  • 2 replies
  • 0 views

Hi,

 

I've recently run our annual FUTA 940 Tax Form and it's showing that our 4th quarter is -72.08.

However, when I go into our annual FUTA payment, the total it is showing me for all 4 quarters would mean that the 4th quarter should actually be +79.93. I'm not sure how to adjust this, or why it is pulling in an incorrect number on the filing form, but not in our actual yearly payment.

 

Any help with this would be great. Thank you!

2 replies

F
FateCandylaneT
January 10, 2024

I understand the need to file accurate FUTA 940 tax forms efficiently in your account, Nicki5. I've got insights to share, so you can get back to business.

 

When managing payroll tax discrepancies in your account, I suggest running a Tax Form Worksheet to keep track of missing and incorrect data in your file. To do this:

 

  1. Click Reports at the top menu bar and choose Employees & Payroll.
  2. Tap More Payroll Reports in Excel.
  3. Select Tax Form Worksheets.
  4. Choose Annual 940, filter the Dates, and click Create Report

 

Once ready, I recommend adjusting payroll liabilities for that employee. This way, QuickBooks will show the correct wage amount on the 940 forms. It's best to track and review these data per quarter. Here's how:

 

  1. Go to the Employees menu.
  2. Select Payroll Taxes and Liabilities. Then, Adjust Payroll Liabilities.
  3. Make sure to select the correct date.
  4. Choose Employee from the drop-down list.
  5. Complete the Taxes and Liabilities fields.
  6. Select Accounts Affected and then OK.
  7. Repeat for other employees if you need to. Then, click OK.

 

In case you want to review your business finances, run a specific report that gives you the total payroll wages, taxes, deductions, and contributions if you have an active payroll: Create a payroll summary report in QuickBooks.

 

If there's anything else I can further help you with, just let me know in the comments below. I'll make sure to back you up. Keep safe and have a good one!

N
Nicki5Author
January 12, 2024

I don't see where there is an issue with any of my employees in the report. And the quarterly FUTA tax shows up correctly in this report. Just not on the actual form when I generate it for filing. I need to figure out why the 4th quarter amount isn't showing up correctly on the 940 form. It does not match what my payment for that quarter was. 

AlverMarkT
AlverMarkT
January 12, 2024

Thank you for the prompt response and clarification, @Nicki5. 

 

Since you have already reviewed the payment and transaction dates, the payroll items that were set up, and FUTA tax figures, but still notice an incorrect amount on the 940 forms, I suggest reaching out to our Payroll support team for further assistance. They will be able to help you determine whether the issue lies with the form itself or how the software calculates the numbers for the form. Here's how you can reach out to them:

 

  1. Open QuickBooks.
  2. Go to Help, then select QuickBooks Desktop Help/Contact Us.
  3. Select Contact Us.
  4. Give a brief description of your issue, then select Continue.
  5. Sign in to your Intuit account and select Continue and then Continue with my account.
  6. We'll email you a single-use code. Enter your code and select Continue.
  7. Select to chat with us or Have us call you.

 

As a future reference, let me add this guide for filing corrected Federal Forms 941 and 940 in QuickBooks Desktop Payroll: File a corrected Federal Form 941 and 940 in QuickBooks Desktop Payroll.

 

As always, we're here in the Community should you have follow-up questions about why the figures in the 940 form reflect the incorrect amount. Stay safe.

C
Constram
January 17, 2024

Hi, 

 

Wondering if this was figured out yet? I am having the same issue. And in addition, it runs an error message when attempting to e-file. 

E
Erika_K
January 17, 2024

I understand the importance of matching the FUTA tax form and the 940 form, Constram. 

 

In finding a fix for the discrepancies with your tax forms, I suggest contacting our payroll support team to investigate this issue. They have the tools to check this while ensuring your account info remains secure. 

 

Here's how: 

 

  1. Open QuickBooks.
  2. Go to Help, then select QuickBooks Desktop Help/Contact Us.
  3. Select Contact Us.
  4. Give a brief description of your issue, then click Continue.
  5. Sign in to your Intuit account select Continue, and then Continue with my account. 
  6. We'll email you a single-use code. Enter your code and select Continue.
  7. Choose chat with us or Have us call you.

 

To determine their availability, check out their support hours. 

 

Additionally, you can visit this guide to learn how to correct employee's payroll info: Adjust payroll liabilities in QuickBooks Desktop Payroll. 

 

You can comment to this post if you have any tax form-related concerns. Take care always!   

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