How do I claim my overreported and underreported amount in Form 941?
82 views | Last modified 10/8/2020 1:27:00 AM EST | Added by ExpressEfile Team

Applicable To
Form 941 Form 1099 / W-2 Form 2290

You must file Form 941-X to report any errors in your previously filed Form 941. When you recognize an error on Form 941, you must file Form 941-X for that particular tax return with a detailed explanation for every correction that you are about to report on Form 941-X. If you had overreported or underreported your tax liability in your Form 941, you are required to file Form 941-X to make changes to your Form 941.
Overreported tax amount:
If you had reported an excessive amount than your original tax liability, you must file Form 941-X and inform about this error to the IRS. You will either receive a refund on the excessive tax amount or you can use it as credits while filing Form 941 for the next quarter.
Underreported tax amount: 
Similarly, if you had underpaid your tax liability erroneously, you have to file Form 941-X. You must file Form 941-X by the due date of the quarter in which you found the error and also pay the tax amount you owe the IRS.
 

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