Fillable Form 940 for 2022:
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Schedule A (Form 940)
TaxBandits supports Schedule A (Form 940). Easily complete and transmit it directly to the IRS to report your unemployment tax payment or credit reduction information.
94x Online Signature PIN
The IRS requires you to sign your form with an Online Signature PIN when filing your Form 940. Apply for an Online Signature PIN through TaxBandits for FREE.
If you don't have an Online Signature PIN, don't worry! You can always use Form 8453-EMP to e-sign your Form 940 through TaxBandits.
Form 940-V Payment
Do you have a balance due to the IRS? We automatically generate the Payment Voucher (Form 940-V) for you to settle your account.
Create a Printable Form 940 in a Few Simple Steps
Create Printable Form 940 using our Form 940 Generator
TaxBandits - The Smart Business Owners Choice
I’m so excited! I used another software for years just to process 1 paycheck monthly submit my monthly tax deposits, 4 Quarterly 941’s & 1 annual 940 Form. They charged me $39/month (no physical check - just the bookkeeping for it, I personally transferred the money myself from business to personal checking each month). That service cost $468/year - quitting them & using TaxBandits for those 4 Quarterly & 1 Annual 940 Reports will cost me approximately $25 annually - a SAVINGS of $443.00TaxBandits for those 4 Quarterly & 1 Annual 940 Reports will cost me approximately $25 annually - a SAVINGS of $443.00!! YAHOO!!! THANKS!- Judy T - Florida
So easy and convenient! I struggled for years preparing the 941 and 940 returns and getting to the post office in time. The fee to file with TaxBandits is less than the certified mail with a return receipt and the forms always come out very professional!- Carolyn C - Texas
Excellent! Completing tax filings with TaxBandits is very easy, accurate, and fast. I’ve tried other tax filing services, and TaxBandits is by far the absolute best.- Joe A - Texas
So easy and convenient! I struggled for years preparing the 941 and 940 returns and getting to the post office in time. The fee to file with TaxBandits is less than the certified mail with a return receipt and the forms always come out very professional!- Kim L - New Jersey
Frequently Asked Questions
What is Form 940?
Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return. The purpose of this form is to report Federal Unemployment Tax Act (FUTA) taxes to the IRS.
The FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Only employers pay FUTA tax, it is not deducted from their employees’ wages.
How to fill out Form 940?
Form 940 requires the following information:
- Business Details: Name, EIN, and Address
- Total payments to all employees
- Adjustments for state exclusions (if applicable)
- FUTA Tax
- Balance Due or Overpayment
- FUTA liability deposits
When is Form 940 Due?
Form 940 is due by January 31, 2023. However, if you deposited all FUTA tax when due, you have until February 10 to file.
What is a Credit Reduction State?
A state that has not repaid money that it borrowed from the federal government to pay unemployment benefits is considered a credit reduction state.
Credit against the federal unemployment tax will be reduced for a state based on the credit reduction rate. Use Schedule A (Form 940) to calculate the credit reduction.
For the tax year 2022, the Form 940 credit reduction rate for California, Connecticut, Illinois, and New York is 0.3% and for the U.S. Virgin Islands is 3.6%.
What are the penalties for late filing of form 940?
Failure to file Form 940 by the deadline will result in a 5% penalty of the tax due. This amount will accrue on a monthly basis until the amount owed is paid in full. The IRS will also penalize you for making a late payment or for not paying the full amount you owe. You will be charged 2-15% of the unpaid tax depending on how many days your payment is late.
Helpful Resource for Form 940
Schedule A (Form 940)
TaxBandits has provided the guide that contains credit reduction information to file form 940. Read this resource article and get to know about Schedule A (Form 940).
Form 940 Penalty
The IRS will impose a penalty if you fail to file form 940 to the IRS or late file or late payment on Form 940.