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Filing Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, in QuickBooks is a straightforward process. Here are the steps to file Form 940 using QuickBooks Desktop:

Steps to File Form 940 in QuickBooks Desktop

1. Prepare Your Information

• Ensure that all your payroll information for the year is accurate and up to date.
• Gather your Employer Identification Number (EIN) and any necessary tax information.

2. Access the Payroll Center

• Open QuickBooks Desktop.
• Go to the "Employees" menu and select "Payroll Center".

3. Open the Form 940

• In the Payroll Center, go to the "File Forms" tab.
• Look for "Annual Form 940/Sch A - Employer’s Annual Federal Unemployment (FUTA) Tax Return" and select it.
• Click on "Create Form".

4. Fill Out Form 940

• QuickBooks will pre-fill some of the information based on your payroll data. Review this information for accuracy.
• Enter any additional required information, such as total payments made to all employees, FUTA taxable payments, and adjustments.

5. Review and Confirm

• Review all the information on the form carefully.
• Use the "Check for Errors" button to ensure there are no errors on the form.

6. Print or E-File Form 940

• You can choose to print the form and mail it, or e-file it directly through QuickBooks if you have an active QuickBooks Payroll Enhanced subscription.
  • To print: Click on "Print for Your Records" and follow the prompts to print the form.
  • To e-file: Click on "Submit Form" and follow the prompts to electronically file the form through QuickBooks.

7. Save a Copy for Your Records

• Ensure that you save a copy of the filed form for your records. QuickBooks will save a copy in the Payroll Center under the "File Forms" tab.

8. Pay the FUTA Tax

• Ensure you pay the FUTA tax liability by the due date. You can make the payment through the IRS Electronic Federal Tax Payment System (EFTPS) or by mailing a check along with the payment voucher.

Additional Tips

• Ensure Payroll Updates: Make sure your QuickBooks and Payroll Tax Table are up to date to ensure accuracy.
• Check Deadlines: Form 940 is due by January 31st each year. If you deposited all your FUTA tax when it was due, you have until February 10th to file.
• Review FUTA Rates: Verify the current FUTA tax rate and any state credit reductions that may apply to your business.

If you encounter any issues or need further assistance, you can contact QuickBooks support at +1-800-845-9666 for expert help.