"Interesting to note that the IRS does not see the component
break-out the EFTPS asks for in the total deposit, all they
see is the TOTAL amount."

AHA! That answered the real question!

Thanks to all.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Phil Marti" <prm20871[at]verizon.net> wrote:
- quote -

Now that you have clarified terminology, I agree with Phil.

The correct amount of your October deposit shows to IRS as
the sum of the separate components, most common are Federal
Tax Withheld, Social Security tax & Medicare Tax.

The final reconciliation will match up with the filed fourth
quarter 941.

W-2/3, you should have no problems.

Interesting to note that the IRS does not see the component
break-out the EFTPS asks for in the total deposit, all they
see is the TOTAL amount.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"alocksley" <a[at]b.org> wrote:

- quote -

I'm assuming that all the errors were in deposits for the
12/2005 quarter. When you file the 941, show the correct
amount for each tax item. On line 11, you show the total
amount deposited for all three items.

I don't see that there's going to be a problem.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

By "SUI" I mean the "medicare" payment on the federal tax
deposit on EFTPS. It was overpaid. The withholding was
underpaid. FUTA is completely separate, as is state
unemployment insurance.

If, when I file the 941, I show the amount paid to
withholding on line 3, the amount that was supposed to
be paid to medicare on line 5c, and claim a refund on
line 13, will this make things better or worse? W2s
have not yet been filed. Will the medicare still show
up as an overpayment??

Thanks.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

- quote -

Let me ask a clarifying question when you say SUI, do you
literally mean STATE UNEMPLOYMENT INSURANCE? or FUTA?

The reason I ask, is that if these two amounts were both
deposits to IRS via EFTPS, one for your 940(FUTA) and the
other for your 941, then IRS could simply transfer the
deposits between the masterfile tax classes 10-200512(futa)
& 01-200512(941)

--BUT--

If the SUTA is truly to our local State unemployment
insurance, then this transfer is not possible, File your
SUTA return ASAP get the over deposit refunded, to make up
for the discrepancy.

And file an accurate 941 with, ensuring the total taxes
accrued are paid before the return due date 1/31/2006!!!!!

To do what your suggesting, I suspect you will have to
tamper with the amount of accrued October taxes as you
or your payroll program is tracking the correct amount.

If you lower it NOW to match the accidental under deposit
to avoid the FTD penalty, you are only delaying the
eventual assessment penalty & compounding the problem,
another penalty FTP & interest will begin to accrue after
12/31/2006, all these problems will rear their ugly heads
when you file the 941-c with the under-deposited taxes
attached or deposited with EFTPS at the time you ~FIND~
your ~administrative error~

- quote -

I do not suggest this track be followed at all.

When you file the SUI return, you will be getting a refund
of over deposited taxes unless you chose to carry the
credit balance forward to 2006


Question: Why is top-posting frowned upon?
Answer: Because it reverses the logical order of information flow.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Answer: Because it reverses the logical order of information flow.
Question: Why is top-posting frowned upon?


Thanks for your response.
I understand the point on the under deposited amount, but the
problem is that the TOTAL amount deposited was correct -- the
amounts were put in the wrong buckets. So there is an OVER
deposit in SUI and an UNDER deposit in withholding. Adding
more to the under-deposited withholding total from October
won't really solve the situation will it, 'cause not fixing
SUI will be a bigger issue.

Can I file the 12/31/05 941, then submit a 941c later on,
since the error was administrative?? How much "later" can
I wait to do this??

Thanks again.


"TaxmanHog" <taxmanhog[at]comcast.net> wrote:
- quote -

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"alocksley" wrote...

- quote -

Your correct, a tax return can not be amended until it is
filed, do not confuse making deposit(s) (Weekly or Monthly)
with filing the returns (Quarterly or Annually)

When you prepare your January EFTPS deposit, include the under
deposited amount which -was- due 11/15 for the October accrual
with your accrued December tax deposit.

The form 941 should reflect the correct amount of each months
accrued taxes, when you file the 941 on 1/31/06, a Federal tax
Deposit penalty might be assessed. If it is your first offense,
seek abatement of the penalty.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

I have a small business and file my tax payments monthly
using EFTPS. I've just discovered that for October, the
amounts for SUI and withholding were switched when entered
into the system. The total amounts are correct, and
deductions were correctly taken on the employee's paychecks.
Only the total amounts on the EFTPS input were accidentally
switched.

Is there a way to correct this on the 941 for this quarter?
The 941c and lines 7d-7f of 941 seem to apply only to prior
quarters.

Thank you.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >