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Level 2

941 Deposit and Covid Credit PLEASE PLEASE HELP

We set up the National Paid Leave Credit last month as per Quickbook's Instructions, but now I need to do the 941 deposit for the month of April.  We pay monthly using the EFTPS system. 

HOW do I enter the amounts for the payment there?  I have the option of amounts to apply to Federal Tax, Social Security and Medicare...  The credit is its own line item National Paid Leave Credit.  

I am so confused and there seems to be no help available.  EFTPS said to call the IRS, but they are closed.

I have less then a week to make the deposit.

Surely I am not the only one with this problem.  Our credit was $1300 and the tax liability before that was somewhere around 3,000, so there is enough to apply, but HOW DO I PAY IT

Solved
Best answer May 06, 2020

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Community Champion

941 Deposit and Covid Credit PLEASE PLEASE HELP

If done correctly following the instructions from QB, your credit should be auto applying against your full liability but until you sort that out and if necessary create a custom payment within QB, go straight to eftps and enter as payment your net due. Of around 1700. You DO NOT need to fill out the blanks for FWT, SS, MED as that is voluntary and I have verified you can complete a payment without that info.

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QuickBooks Team

941 Deposit and Covid Credit PLEASE PLEASE HELP

Hi there, kelly55.

 

We'd really love to sort this out for you. However, it's best to have the information verified by the IRS as per instructions given by the EFTPS. 

 

Although, you'll also want to create a custom liability payment and print a check. Then, send it to the IRS so you can pay the tax. Here's how:

 

  1. Go to the Pay Liabilities tab in your Payroll Center.
  2. Click Create Custom Payments under the Other Activities section.
  3. Select a date and click OK.
  4. Select all taxes that you want to pay, then enter the amounts as well.
  5. Click Create, then print the check.

You'll also want to run a Payroll Liability Balances report. This will give you a glimpse of any unpaid taxes in QuickBooks. Just click the Payroll Liability Balances link under the Reports section. 

 

The Community is always here if you need anything else. 

Highlighted
Community Champion

941 Deposit and Covid Credit PLEASE PLEASE HELP

If done correctly following the instructions from QB, your credit should be auto applying against your full liability but until you sort that out and if necessary create a custom payment within QB, go straight to eftps and enter as payment your net due. Of around 1700. You DO NOT need to fill out the blanks for FWT, SS, MED as that is voluntary and I have verified you can complete a payment without that info.

View solution in original post

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Level 2

941 Deposit and Covid Credit PLEASE PLEASE HELP

Thank you,

Outside of not being able to check off Employer portion of Social Security, I have everything set up per the not very clear QB instructions.   My credit did in fact apply against the total due.

 

I ended up doing a pay by phone.

Thank you

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