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Rainflurry
Level 15

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@julius831 

 

When you make the deposit, under 'Received From" select the IRS.  Under 'From Account' choose 'Employee Retention Credit' (Other Income).  If you don't have that account, make sure to set it up.

 

Also, be aware that when you receive the ERC, the IRS requires that you amend your income tax return for the year in which the wages that gave rise to the credit applies.  So, if this was for wages paid in 2020, you will reduce your 2020 wages by the amount of the credit received, thereby increasing your income by a corresponding amount and possibly creating tax due.

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