The new Form 941-X is drafted to allow employers to fix mistakes they made while reporting COVID-19 related tax relief on new data-entry fields of Form 941. Here are the lines we can expect to see changes on in the revised version: 

Line 24 
Line 24 makes corrections on line 13b of Form 941 reflecting the federal payroll tax deferment decision for COVID-19.

Line 33a
Allows employers to adjust the qualified wages they reported for employee retention credit on Line 24 of Form 941. 
 
Line 33b
Allows employers to adjust the amounts they reported on Line 24 and Line 13b of Form 941 for deferring the employee portion of Social Security taxes. 

We can expect a finalized version of the Form 941-X as we get closer to the fourth quarter deadline of 2020.

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