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FAQ - Form 8824

What is the purpose of Form 8824?
The purpose of Form 8824 is to report to the Secretary of the Treasury any individual who meets the definition of an individual described in subsection (a) of 26 U.S.C. 6109 or (h) of section 102 of the Internal Revenue Code of 1986 on that person's tax return. When is Form 8824 made? Form 8824 is not to be filed with a tax return. It is used to report taxpayers who meet the requirements for filing Forms 1040X and 1040A and who have income in excess of the following amounts: 3,350 for married taxpayers filing a joint return; 2,750 for married taxpayers filing separate returns; 5,050 for unmarried taxpayers filing separate returns, including surviving spouses if either remarried or separated; and 7,000 for single individuals filing separate returns, including surviving spouses if either remarried or separated. Can Form 8824 be amended in the future? No, the amendments cannot be made after the last date on which you may file Form 8824. When and under what conditions will Form 8824 be filed? You can file Form 8824 for only one income tax return with any one individual. The period for reporting income under Form 8904 will begin on the earliest of: The date on which the income tax return was first reported; or The date you file Form 8824. Can an amended Form 8824 be used later by a later filer? Yes, you can include in the amended Form 8824 the amended information and amounts that were included under Item 5 on the original Form 8904. However, the additional amounts you include in the amended information are limited to the additional amounts that were previously reported in the original or amended Form 8904. (For example, you cannot include your unreported self-owned stock income on the amended Form 8824.) You can use a Form 8824 filed prior to July 31, 1984, if all the information in the original Form 8824 was not included. However, as the period for reporting income under Form 8904 begins to run, you cannot file a Form 8824 for all the previous periods.
Who should complete Form 8824?
If you are a naturalized United States citizen If you are not a United States citizen or a citizen of a foreign country If you plan to be in the United States for less than 90 days If you are a military veteran Who cannot file Form 8824: A person in the Armed Forces of the United States An officer or employee of the United Nations or an international organization of which the United States is a member If this is a notice of claim submitted by or on behalf of an alien, a member of the Armed Forces, or an officer or employee of a foreign government (e.g., a United Nations or governmental agency of a foreign country) on behalf of an alien who is not an alien. This list excludes officers or employees of the United States in the Armed Forces and their deputies (military and civilian) What if a person who is not a person of the above categories files Form 8824 or a notice of claim because he or she will be temporarily residing in the United States for a period of 90 days or less and intends to return to his or her home country? In that case, the person may elect to complete Form 8824 only if he or she plans to stay in the United States for more than 90 days (a “nonimmigrant”). For those who plan to stay in the United States for less than 9 months, they must complete Form 8824 and attach proof that they will remain outside the United States for at least one year (a “temporary nonimmigrant”). For more information, see Notice 903-F (or a copy of it, if the original is a paper form). How do I complete Form 8824? Use Instructions for Form 8802 to fill out Form 8824, Statement to Establish Continued Presence in the United States as a Nonimmigrant. Print the Statement and complete it on Form 8824, line 2 of Part V and attach it to the Form I-551, Application for Nonimmigrant visa. Or you can complete the statement on Form 8824, line 2 of Part IV, for: A spouse; or A dependent child under age 21, age 22, or age 23 if the person is unmarried and has no spouse or child. The spouse or dependent child must be age 21, age 22, or age 23 if the person is unmarried and has no spouse or child.
When do I need to complete Form 8824?
You are required to file Form 8824 (with a copy of your Form 5471 and a statement by you that includes: your full employment and social security number, your date and place of birth with a copy and Your social security account number and your place of birth. Once you file Form 8824, any other income tax return must be filed with the same information as the Form 8824. The Form 8824 must also include an amount for unemployment compensation payments. See IRC Section 409A(b). Am I required to file a Form 8949? You are a “taxpayer” for certain purposes in determining whether you are subject to tax under IRC Section 6013. See IRC Section 6013 — Tax on Individuals. If you are subject to tax under IRC Section 5061 and you file Form 4469, you are a taxpayer. For further information, see the Instructions for Form 4469. Am I required to file an IRS Form 8951? You are a tax taxpayer for certain purposes in determining whether you are subject to tax under IRC Section 6213. See IRC Section 6213 — Individual Business Entities. If you are subject to tax under IRC Section 6013, you are also a taxpayer for purposes of IRC Section 8951, but you are not a taxpayer for all other purposes. Because you are not a taxpayer for all other purposes, your tax liability is determined each time you file Form 8951. Generally, each year, you will file Form 8951 once. You must file Form 8951 by January 31. If you do not file Form 8951 by the deadline, you have to pay penalties, interest, and interest on the balance due date. See IRC Section 6721. Why do my tax returns and other income report information? You may file Form 4070 or Form 4061, Report of Foreign Bank and Financial Accounts (FAR). If you do not file either filing within the time limited under IRC Section 5636(c)(3), penalties may apply. Generally, filing the form within the time specified under IRC Section 5636(c)(3) is required each year. If you are self-employed and would not have to file Form 8951 if Form 8951 was not required, please see Filing your 1099-MISC return without withholding.
Can I create my own Form 8824?
There are two ways to create a new Form 8824 document: On the Internet or by using one of the web-based forms. To get a Form 8824 signed by a bank, broker, securities dealer (or other licensed professional), and any other entity that is required to file such a report. How often should I make changes to my Form 8824? A company must make changes to its Form 8824 no more frequently than every two years. A change is made on an amended Form 8824 only if the information for which the report was originally submitted was subsequently added or changed. A change to Form 8824 that involves the amendment of the information required by Regulation 17a-17 relates to a change to an investor. Can an entity that has filed Form 8824 to obtain investor reports on Form 4786, Report of Foreign Bank and Financial Accounts in the United States, make any changes to the information in its Form 8824 after a filing? Investors are encouraged to make changes in their Form 8824 if they believe the information is incorrect, incomplete, or inaccurate by mistake. What happens if my Form 8824 is signed, but no further information is received from the bank on which you reported the income, property, or sales? If no information has been received from the bank on which you reported the income, property, or sales, you may file a Form 4952, Application for Correction of Errors of Bank and Financial Accounts. For additional information regarding filing a Form 4952, please visit the website of the IRS. Why did I file a Form 4789, but received neither a Form 4786 nor Form 4786? You may have filed a Form 4789 with the IRS on the earlier filing deadline. However, you did not receive any information about your property sales that would be reported on Forms 4786 or 4786EZ. If the Form 4758 did not have “PCT/I-114” in the title, you would have received Form 4787. What information does Form 4758 provide? Form 4758, Statement of Financial Information and Certification under the Foreign Account Tax Compliance Act of 1982, is used for the certification of foreign account information and the furnishing of certain reports to the IRS. The Form 4758 can be either filed directly, as a Form 8824, or filed by mail, with the mailing address designated in the statement of financial information.
What should I do with Form 8824 when it’s complete?
Form 8824 may be sent to the U.S. Postal Service for mailing. However, it is not a Federal record and is not required to be sent. A copy may be sent directly to the U.S. Citizenship and Immigration Services (USCIS). For more information, see our Frequently Asked Questions.
How do I get my Form 8824?
The form is not issued by us. To get your Form 8824, tell us about the person or company who is responsible for the child's care. Then tell us: Who is the legal guardian? Which state of residence is the legal guardian? How long has the relative lived with the child? You do not have to submit this information to us. See the instructions to the right for the form you need to fill out. What should I do if there is a gap in my information? Contact the local police department for a description of the relative that is being cared for. If you are unable to get a police report or cannot submit the form in person, use our Online Form to submit your request. Please keep your mailing address with your application. What about Form 8802? You must provide the information in the same manner with the following exceptions: If you are filing because of a relative's death or an attorney's retirement, the information is not needed. If you are filing the application because of an emergency with the child's safety or well-being, we may take further steps to help protect the child.
What documents do I need to attach to my Form 8824?
We will use the information you provide in your filing to: determine if this account is being held for any purpose, and to determine what information you will need to supply when submitting supplemental information; determine any additional information you will need to supply when submitting the Form 8824; and Disclose to you any additional information that you may need to supply when submitting Form 8824. If applicable to this account, we will also notify you of: the reason for any non-compliance with the reporting requirements; the type of account and the type of transactions; any additional fees or penalties resulting from non-compliance; and Information about how to complete your report, including the type of report we will use to send you copies of the completed copies of your report. To supplement your Form 8824, you must attach as many copies of documents as you wish to support your information, unless a smaller number of documents would demonstrate the nature of your compliance. Any information you choose to include in your supplemental documents must be relevant to the information you submitted in your original Form 8824. We do not consider these documents to be attachments unless they comply with the requirement to show how the information you supply is relevant to the reporting requirement. All relevant documentation must be received by us no later than 30 days after you file Form 8824 and no later than 12 business days after you furnish us with your supplemental information if there is a reasonable belief that you cannot obtain the necessary supporting information in writing. We consider a reasonable belief to exist in a particular case if you or your representative can satisfy us that you are not able to provide the needed documents in writing before 12 business days of receiving your complete report. How do I report accounts with foreign banks as domestic accounts under § 104,100(b)(3) of Revenue Procedure 2014-34? If an account with a foreign bank (see above) is reported to you under § 104,100(b)(3) of Revenue Procedure 2014-34, you must furnish us a report that explains: the nature of the account with a foreign bank; the extent or pattern of transactions from the account with a foreign bank; and The extent to which any amount, foreign or U.S. tax liability on any amount (other than transfers between unrelated business accounts) received or receivable by the account with a foreign bank as of the close of the quarter under § 104.
What are the different types of Form 8824?
Filing Instructions: Form 8824 is filed during the IRS's regular business day. A return is filed during the 10th day of the following month (or such later date as the IRS may permit). Filing requirements for Form 8824 are very simple. First, we must find out who paid the tax and the year the tax was paid. For any return, the person from whom payment is requested must be identified. The IRS will also provide the address and other information to whom payment should be made. It is not necessary to state how much is due, but we do need to know the amount because the Form 8824 will indicate that the tax is due within 30 days of the receipt of the invoice. If the bill is for over 50,000, we are not required to file a return. Instead, a bill of lading may be accepted if there are not enough documents proving payment. When there are insufficient documents to file a return, the bill of lading will be accepted for payment. The tax will not be assessed without a clear bill of lading. Note: Forms 8824 are not filed automatically when there is a change in circumstances that resulted in the change in filing status. What documentation should be filed with Form 8824? For a Form 8824 that is the first installment of a series, the following items are required: The original form of insurance; A detailed accounting of the amounts paid for services; A copy of the bill of lading from the place of origin; and The original bill of lading must be accompanied by a bill of lading receipt. Where to file: We may not be able to locate Form 8824. Please contact us at if we cannot locate the form. I paid an electrician to repair water damage to the property. We had filed Form 5498. Do we need to file Form 8824, or can we file that tax return jointly? The form is not required to be filed with Form 5498. However, you must file a joint return when filing Form 8824. For example, if you and your property manager make a joint return, you should add all amounts paid together. This would ensure that your water service charges would not be taxed twice. However, if a joint return is not made, you must file Form 8824.
How many people fill out Form 8824 each year?
Form 8824 is a form that will be used to report to the IRS your tax-efficient IRA distributions from qualified plans (such as 401(k) plans, SEP, SIMPLE, and SEP IRAs). You may file Form 8824 for a single year or multiple years. Most people who complete this form will owe a tax of 0. For instance, when you file your most recent tax return, your tax-efficient IRA distribution of 25,000 from a 401(k) will likely only be a tax of 1 – 2.00 in the year of the distribution. However, the IRS may decide to assess a tax of 5% per year on your non-Tax-Efficient IRA distributions from qualified plans. For example, if you had 50,000 in IRA savings at the end of 2012, and you were able to distribute 25,000 to your employer-sponsored retirement plan (typically, a 401(k)), the IRS may decide to assess a 5% tax on the excess (25,000 x 5% = 50,000), and if you have not yet received any distributions from your employer plan, then the total tax due on the distribution would be 25,000 + (50,000 × 0.05%) = 50,000. In this example, it would appear a little odd to have 50,000 in non-tax-efficient IRA distributions in 2012 as the Tax-Efficient IRA distribution amount will be much lower than the amount in tax-efficient distributions the next year — that's because 25,000 was less than what is owed. So, it's best to let the IRS assess your non-Tax-Efficient IRA distributions for you. Don't let the IRS know what you plan to do with the excess 25,000 since you shouldn't be expected to give specifics about your tax-efficient IRA distributions. Filling out this form requires some work; it's best if you have a skilled, professional CPA prepare the forms and prepare them for you. The fee is 35 (including a 15 filing/penalty). What if the IRS decides not to assess a 5% tax? If the IRS says you do not owe a tax, then you should follow their instructions.
Is there a due date for Form 8824?
Yes. This information has been included in Form 8824 for more than 20 years. If you have a Form 8824 with an effective date before your account is transferred, you can request a transfer of the Form 8824 by completing Application for the transfer of a Form 8824. If your account is transferred to a family member, be sure to update the information on the account with the new account information. (For example, if you had a personal or home equity line of credit with the name of the account owner, update this to your loan owner. For more information on account ownership, see “Who's Responsible for the Assets in My Account?” later in this FAQ.) If you can't update your loan information, you cannot request a transfer of a Form 8824. If the information on the loan isn't accurate, don't transfer the Form 8824. Instead, complete and sign the required Statement of Account as evidence of ownership. Once you verify ownership and the new ownership information matches, you can request a Form 8888. You can also submit Form 8980, Statement of Account Requesting a Statement of Account. This form is available only online (with a minimum balance of 2,000) and only to individuals who have a checking account at banks that serve the continental United States, Alaska, Hawaii, Puerto Rico, the U.S. Virgin Islands, all military bases in the continental United States, and U.S. Territories such as Guam and the Northern Mariana Islands. (If you do not meet any of these requirements, call for assistance.) Once your loan account has been transferred, follow the instructions on the form to complete and submit a Statement of Account. You can review this statement at any time. It may include a statement of account transfer fee. Do I need to update my tax return annually, so I know how much I owe? You will also need to update your Form 1040 if you are in the top bracket. If you are outside the top bracket, you will not need to update your Form 1040. However, if you are in the bottom bracket, contact your taxpayer identification number and ask for a Form 8903, Annual Tax Return for Individuals in the Bottom 90% of the Income Tax Form Taxable Income Exclusion Range, if applicable. See the instructions for your tax return for a list of what you must include and what is not.
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