one month in the 3rd quarter, I sent in a payment that was short from what I reported on the 941. 2nd month of quarter should have $1128.00 but I only sent in &700. How do I fix.? Do I do another eftps and credit to the 3rd quarter? Amend the 941? The numbers are correct on the 941, except deposit amount. I put in what should have been deposited not what was deposited.
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Go to EFTPS and pay the $480 shortfall, crediting it to the 3rd quarter Form 941 (the system will let you do that with no problem).
Sometime in the next 60 days or so you'll get a correction letter, which will have some penalties & interest added. Whether or not it has the $480 showing will depend upon timing. If they credited you the $480 then you can pay the balance through EFTPS as well, selecting "Balance Due on a Notice" or some wording like that, and still selecting 3rd quarter Form 941.
If the notice did not take the $480 into account, just subtract it from the balance due on the notice.
Eventually their computers will sort it all out, PROVIDED you choose the correct forms, quarters, and reasons for payment on EFTPS."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
ok, thanks. I thought I could make up the payment that way. Didn't know I could pay interest and penalties that way.Comment
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Since your total due is under $2,500, the penalty and interest will be fairly small. I'm not sure if there will be a separate penalty for claiming a wrong deposit amount on the 941, but even if there is, it will only be assessed ion the $480. You'll probably be surprised at how low the penalty & interest turn out to be."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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