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IRSEmployment & Payroll Tax (940/941 Series)

Official form guide

Form 940-SP: 940 (sp)

Form 940‑SP is the Puerto Rico version of the Employer’s Annual Federal Unemployment (FUTA) Tax Return. Use it to report and pay FUTA tax for employees working in Puerto Rico.

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Form Overview

IRS Form 940-SP - 940 (sp)

Form 940‑SP is the Puerto Rico version of the Employer’s Annual Federal Unemployment (FUTA) Tax Return. Use it to report and pay FUTA tax for employees working in Puerto Rico.

It captures total wages subject to FUTA, the calculated tax, any credits, and the amount you are paying.

Risk Radar

Scan points
  • 1A single mis‑keyed wage total can cause a penalty that exceeds the tax due.
  • 2Using the mainland Form 940 instead of 940‑SP
  • 3Mis‑calculating the $7,000 wage base per employee
  • 4Omitting the Puerto Rico credit for local unemployment taxes
  • 5Signing the form with an unauthorized person

Plain English

If you run a business that has workers in Puerto Rico, you must tell the IRS each year how much you owe for federal unemployment tax. This form collects payroll totals, tax calculations, and any adjustments.

Submission Date

  • Filing date: 2025-11-25 08:10:07
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

federal

Hover a term to preview the meaning.

What this form is for

  • Use when you have employees in Puerto Rico subject to FUTA tax.
  • Do not use for employees located outside Puerto Rico.
  • If you only owe the standard FUTA credit, check Form 940 instructions.

Form selector

Use this form or another form?

No Puerto Rico employees

Regular FUTA filing

✓ Verify employee work location

Form 940 (mainland)

Employees in a U.S. territory other than PR

Different credit rules

✓ Confirm territory rules

Form 940 (territory specific)

Deadline or filing window

The filing deadline is January 31 of the year after the tax year. If you file after that date, penalties and interest may apply. Extensions are not available for Form 940‑SP; you must file on time or request a payment plan with the IRS.

  • —Total taxable wages | Sum of wages up to $7,000 per employee | FUTA tax base | Verify each employee’s wage cap
  • —FUTA tax before credit | FUTA tax base × 6% | Preliminary tax | Round to nearest cent
  • —Credit for Puerto Rico unemployment tax | Credit amount from Schedule 1 | Net FUTA tax due | Ensure credit does not exceed allowed limit

Checklist

What you need before filling it out

1

Total wages paid

Payroll register · Payroll system or records

⚠ Double‑counting employees✕ High
2

Employer identification number

EIN confirmation letter · IRS notice or prior filings

⚠ Transposed digits✕ Medium
3

Puerto Rico unemployment tax paid

State tax receipt · PR Department of Labor

⚠ Missing receipt✕ High
4

Signature

Signed Form 940‑SP · Authorized officer

⚠ Missing or unauthorized signature✕ High
5

Tax calculation worksheet

Internal spreadsheet · Accountant records

⚠ Formula errors✕ Medium

Before you submit

  1. 1Verify edition date matches 2024 version
  2. 2Confirm all employee wage totals are capped at $7,000
  3. 3Re‑calculate FUTA tax and credit independently
  4. 4Check EIN matches IRS records
  5. 5Attach Schedule 1 for Puerto Rico credit
  6. 6Sign the form with an authorized officer
  7. 7Include payment voucher if paying by check
  8. 8Mail to the correct IRS address or submit through approved e‑file
  9. 9Retain a copy of the filed form and proof of mailing
  10. 10Record filing date in your compliance calendar

How to file this form

  1. 1Gather payroll data for all Puerto Rico employees
  2. 2Calculate FUTA tax base and credit using the worksheet
  3. 3Complete Form 940‑SP fields line by line
  4. 4Attach Schedule 1 for the Puerto Rico credit
  5. 5Sign and date the form
  6. 6Choose mailing or e‑file method and send before Jan 31
  7. 7Save electronic receipt or certified mail proof

Known limitations

  1. 1Instructions may reference outdated mailing addresses; always double‑check the current IRS site.
  2. 2Electronic filing is limited to providers with IRS approval; not all software supports 940‑SP.
  3. 3The form does not calculate state unemployment credits automatically; you must supply the credit amount.
  4. 4IRS guidance on Puerto Rico credits can change; verify the latest credit rate each year.

Field map

Compact field-by-field guide

7 fields

Employer Info

1 items

Employer Name and EIN

Full legal name and Employer Identification Number.

Requiredtext

Quarter

1 items

Reporting Quarter

Select the calendar quarter this return covers.

Requiredselect

Wages

1 items

Total Wages and Tips

Sum of all wages, tips, and other compensation paid to employees during the quarter.

Requiredamount

Withholding

1 items

Federal Income Tax Withheld

Total federal income tax withheld from employee paychecks.

Requiredamount

SS & Medicare

1 items

Social Security and Medicare Wages

Wages subject to Social Security tax (capped) and Medicare tax (uncapped).

Requiredamount

Deposit

1 items

Deposit Schedule

Indicate your deposit schedule: monthly, semiweekly, or next-day rule if over $100k.

Requiredselect

Signatures

1 items

Authorized Officer Signature

Must be signed by an authorized officer or agent of the employer.

Requiredsignature
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Current form status
IRS

Form 940‑SP is currently in the 2024 edition. The IRS updates the form annually; verify the edition date before filing.

What changed or needs a fresh check

  • Edition date – confirm 2024 version
  • Fee – no filing fee for Form 940‑SP
  • Mailing address – use the address in the 2024 instructions
  • Electronic filing – only via approved e‑file providers
  • Signature line – ensure authorized officer signs

Form Preview

Form 940-SP page 1

Page 1

Form 940-SP page 2

Page 2

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Quick Facts

Employers with one or more employees in Puerto Rico who are subject to FUTA tax file this form.
It captures total wages subject to FUTA, the calculated tax, any credits, and the amount you are paying.
The return is due by January 31 of the year following the tax year, the same deadline as the regular Form 940.
Mail the completed form to the IRS address listed in the instructions for Form 940‑SP, or file electronically if you have an approved e‑file provider.
Errors can trigger penalties, interest, or a denied credit, which increase the amount you owe.
1. Gather total wages paid to Puerto Rico employees for the calendar year. 2. Compute the FUTA tax using the 6 % rate on the first $7,000 per employee, then apply any allowable credit for state unemployment taxes. 3. Complete the form fields, sign, and attach any required schedules. 4. Submit by mail or approved e‑file before the deadline.

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After you file

  1. 1File the acknowledgment or receipt in your tax record folder
  2. 2Reconcile the FUTA tax paid with your accounting ledger
  3. 3Monitor IRS notices for any adjustments or penalties
  4. 4Update your payroll system to reflect the FUTA credit for the next year
  5. 5Keep all supporting documents for at least four years
  6. 6If payment was made by check, retain the cleared copy

Sources

  • SRCForm 940‑SP title and purposeIRS official form description
  • SRCFUTA tax rate (6%) and $7,000 wage baseIRS FUTA guidelines
  • SRCJanuary 31 deadlineIRS filing deadline for Form 940
  • SRCNo filing feeIRS fee schedule for Form 940‑SP
  • SRCMailing addressIRS instructions for Form 940‑SP (2024 edition)
  • SRCElectronic filing availabilityIRS e‑file provider list
  • SRCSignature requirementForm 940‑SP signature line
  • SRCCredit for Puerto Rico unemployment taxForm 940‑SP Schedule 1 instructions

Common confusion points

FUTA vs. Puerto Rico unemployment tax

Both appear on payroll

→ Confirm which tax you are reporting

Wage cap per employee

$7,000 limit applies per employee, not total

→ Review each employee’s wages

Credit amount

Varies by Puerto Rico law

→ Use the current credit rate from the instructions

Form number

940‑SP vs. 940

→ Use the SP version only for Puerto Rico employees

Electronic filing eligibility

Not all e‑file vendors support 940‑SP

→ Verify vendor capability before planning e‑file

Workflow map

Related forms and next steps

4 signals

Before

Review payroll records and Puerto Rico unemployment tax payments

Current

940-SP

After

Reconcile FUTA tax on Form 941 quarterly filings

Often used with

Schedule 1 (Form 940) for credit calculation

⚠ If something goes wrong

  • File Form 941‑X to correct quarterly deposits

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Source transparency

Copyright & Licensing - US Government Forms

Independent guide

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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