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New Changes to the Form 941 for the 2024 Tax Year

Updated on June 20, 2024 - 10:30 AM by Admin, Tax bandits

The IRS has released changes to Form 941 for the 2024 tax year. There are a few changes to Form 941 that employers should be aware of before filing Form 941.

  • The Social Security wage base limit has been updated for 2024.
  • The revised instructions indicate the removal of COVID-19 credits.
  • These revisions could be applicable throughout all four quarters of 2024.
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Note: There are no changes observed in Form 941 for Q2, 2024.

This article contains detailed information about the Form 941 changes for the 2024 tax year.

1. What are the changes to Form 941 for Q1, 2024?

There are some major changes to Form 941 for 2024. The following changes are made for the 2024 tax year:

  • The Social Security wage base limit has now been increased from $160,200 to $168,600.
  • Social Security and Medicare taxes apply to the wages of household workers who are paid $2,700 or more in 2024.
  • Election workers who receive $2,300 or more in cash or its equivalent form of compensation are subject to Social Security and Medicare taxes in 2024.
  • Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on Form 941.
  • Form 941-SS and 941-PR are discontinued after 2023. Instead, employers in those U.S territories have the option to file using Form 941 or if they prefer a Form in Spanish, they can file using the new Form 941(sp).
  • Publications- 51, 80, and 179 are no longer required after 2023. Instead, information necessary for agricultural employers and employers in U.S Territories will be included in Publication 15 (Employer's Tax Guide). Also, a Spanish version of Publication 15 has been introduced starting from 2024.

Certain lines have been removed from Form 941 for 2024:

In Part 1, Lines 11a to 11g have been removed. Instead, Line 11 will have the information regarding Form 8974 (Payroll tax credit for Qualified small business for increasing research activities).

Lines 13a - 13i have also been removed. Instead, line 13 will contain information regarding the sum of deposits for the particular quarter which includes overpayment applied from a prior quarter and overpayments applied from Form 941-X, Form 941-X (PR), Form 944-X, or Form 944-X (SP) filed in the current quarter.

Revised Form 941 - Part 1

In Part 3, Lines 19 - 28 have been removed.

Revised Form 941 - Part 3

2. Are there any to Form 941 for Q2, 2024?

According to the IRS, there are no changes in Form 941 for the Second Quarter of 2024.

3. When are the Form 941 deadlines for the 2024 tax year?

Form 941 is required to be filed every quarter while the business is in operation. The 2024 Form 941 due dates are listed in the table below:

Reporting Period Deadline
January - March April 30, 2024
April - June July 31, 2024
July - September October 31, 2024
October - December January 31, 2025
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4. How do I file 941 online for Q2, 2024 with TaxBandits?

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