How do I claim my overreported and underreported amount in Form 941?
920 views | Last modified 3/19/2021 9:30:46 AM EST | Added by ExpressEfile Team

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.