What is a lookback period?
302 views |
Last modified 3/23/2021 2:27:35 AM EST |
Added by ExpressEfile Team
Applicable To
Form 941
Form 1099 / W-2
Form 2290
The lookback period is 12 months, which starts from July 1 and ends on June 30. Usually, the employment taxes reported during the lookback period decides the tax deposit schedule. If the employment taxes reported during the lookback period is $50,000 or less, you fall under the monthly deposit schedule. If it is more than $50,000, you’re a semiweekly schedule depositor.
For 2021, the lookback period is classified as below.
- Jan 1, 2020, to Mar 31, 2020 - First Quarter
- Apr 1, 2020, to Jun 30, 2020 - Second Quarter
- Jul 1, 2019, to Sep 30, 2019 - Third Quarter
- Oct 1, 2019, to Dec 31, 2019 - Fourth Quarter