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Get your Illinois Form 941 in 3 easy steps
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Overview: State of Illinois Form 941
The Illinois 941 form is designed to report the amount of taxes withheld from employee wages. It includes federal income tax deductions, and social security and Medicare taxes. As a business owner or employer in Illinois, you will use this form to report the number of employees you have, the total wages you paid during the quarter, and the total tax withheld.
Deadlines for filing the Il-941 form
The Illinois 941 form must be filed on a quarterly basis. The deadlines are respectively May 1, July 31, October 31, and January 31 for the four quarters of the year. It is crucial to submit the form promptly to avoid penalties.
Filling out Illinois Form 941 Online
Filing your tax Illinois gov form IL 941 can seem complex, but with the right information, it becomes a straightforward process. Here are the steps.
- Under the 'Provide your information' section, enter your Federal employer identification number (FEIN) and Sequential number (Seq. number) in the provided fields.
- Enter your Business name, C/O, Mailing address, city, state, and ZIP in the designated areas accurately.
- Under the 'Reporting Period' section, check the quarter you are reporting for.
- Move on to the section titled 'Tell us about your business'. In this section, under A1- enter the total number of Forms W-2 reporting Illinois withholding you issued for the entire year.
- For A2, input the total number of Forms 1099 reporting Illinois withholding you issued for the entire year. Lines A1 and A2 need to be filled out only when filing the declaration for the 4th quarter or the final declaration.
- In the same section, if your business has permanently stopped withholding because it has closed, or you no longer pay Illinois wages or withhold Illinois taxes from other payments, check Box B and enter the date you stopped withholding. This is considered your final return.
- Under 'Tell us about the amount subject to withholding', type the total dollar amount subject to withholding tax at Illinois source for this reporting period, including wages, compensation, and other amounts.
- In the next section, 'Tell us about the amount withheld', enter the exact amount of Illinois Income Tax you actually withheld from your employees or others on the date you paid the compensation for each month of the quarter. Do this for the first, second, and third months of the quarter.
- Under 'Tell us about your payments and credits' section, input the relevant data accurately.
- Then, move to 'Figure your balance' and calculate the balance as per the instructions given in the form.
- Once you've reviewed all the information and ensured its accuracy, sign the form in the 'Sign here' section. Add your title and phone number as well.
- If a paid preparer filled out the form on your behalf, they should fill out their information in the 'Paid Preparer Use Only' section. This should include their name, signature, PTIN, and their firm's name, address, and FEIN. They should also check the 'self-employed' box if applicable.
Impact of not filling the Illinois 941 tax form
If you fail to fill out the Illinois 941 form or submit it after the stipulated deadline, your business may face severe consequences. The Illinois Department of Revenue may assess penalties, and you could be subject to paying interest surcharges on the unpaid tax.
- Penalty for Non-Disclosure: Non-disclosure or late submission of the IL-941 form can result in penalties imposed by the Department of Revenue. The penalties may involve a surcharge, which is generally a percentage of the unpaid liability.
- Interest on Unpaid Tax: Along with the penalties, there may also be interest imposed on any unpaid tax liability. The interest is generally a percentage of the unpaid tax, calculated from the due date of the return until the day the department receives your payment.
Fillable online Illinois Form 941