What is a lookback period?
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Last modified 9/24/2020 5:29:57 PM 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 schedule deposit. If it is more than $50,000, you’re a semiweekly schedule depositor.
For 2020, the lookback period is classified as below.
- Jan 1, 2019, to Mar 31, 2019 - First Quarter
- Apr 1, 2019, to Jun 30, 2019 - Second Quarter
- Jul 1, 2018, to Sep 30, 2018 - Third Quarter
- Oct 1, 2018, to Dec 31, 2018 - Fourth Quarter