What is the purpose of Form 982?
The purpose of Form 982 is to record all transactions and activities of the employer which in his judgment will aid the employee in meeting his goals and objectives. These goals and objectives are to be:
(1) Informed and knowledgeable of, and able to utilize the information received from, his supervisor in an individual's performance of duties;
(2) Informed and knowledgeable of the employee's rights and his responsibilities; and
(3) Aware of and able to adjust to the possibility that the financial institution that processed the payment may require the employee to use a different form of payment than originally received or may alter the amount of the transaction by reason of an increase or decrease in the amount of the employee's pay, so that payments on both accounts may be made in a reasonable period of time.
983983 When does a Form 982 have to be filed?
A Form 982 cannot be filed without an actual written request. However, the employer may, at its election, file a Form 982 to supplement the actual records required to be kept in accordance with the regulations when:
(1) A financial institution will accept a claim for an unemployment compensation pay on account of unemployment benefits or a claim for a pension, retirement or survivors' benefit;
(2) A financial institution will accept a cashier's check or other negotiable instrument on account of unemployment compensation or payment of a pension or a survivor's benefit; or
(3) A financial institution will maintain for the employee a claim or claim of any other type, which has a direct bearing on the employee's duties.
A financial institution must record the transfer of funds to the employee of a cashier's check or similar negotiable instrument unless it could not maintain the claim for an unemployment compensation or a pension or survivors' benefit. If, due to lack of records, the transfer of funds cannot be recorded, the financial institution must promptly notify the employer through a written notice giving the date of the failure to maintain the claim of any claim for compensation.
984984 The rules for filing a claim of another type must be explained to the employee in writing.
Who should complete Form 982?
If you plan to use your refund for investment in an annuity or any type of long-term savings, you should complete “Investment.” If the income you earned from work is more than enough to qualify for a tax-free annuity, select “Investment only.”
If you plan to use your refund for a home equity line of credit, select “Home Equity Loan,” and enter the amount of the loan in box 3.
Form 982 is not available if you are a student at an eligible institution and your income did not exceed 65,700 during tax year 2013. Find more information about student loan repayment.
What is the purpose of Form 982?
Form 982 helps you prepare and file an income tax return that is fair, accurate, and complete. The IRS will use the information on Form 982 to correct any tax mistakes that you make. Once an IRS error has been corrected on paper and on the screen, the IRS automatically forwards copies of Form 982 to the appropriate IRS field personnel. For example, if you make a mistake in calculating the amount of interest you must pay, a Field Associate will look at your Form 982 to help determine how much you are required to deposit into your escrow account and where money should be reinvested.
What about filing Form 982 with paper IRS Forms W-2, W-3, and W-4?
Yes, you may file Form 982 with your paper IRS Forms W-2, W-3, and W-4. You will use the information on Form 982 to correct any tax mistakes you make, unless you request a paper copy of Forms W-2, W-3, and W-4.
What happens if there are mistakes on the Form 982 I return?
If there are mistakes on your Forms 982, you should file them before you enter the amount of your refund into the system.
If you file Form 982 using a paper form, you can either mail it back with proof of any corrections, or file it electronically. For electronic filing, you will use the system to select the correct box for your taxpayer information. If there are no boxes to choose from, select the correct box to be correct the amount of the refund.
When do I need to complete Form 982?
You must file Form 982, U.S. Information Returns with the IRS by the due date of such statements as the Secretary of the Treasury or a designated agent prescribes. To find the due date, you can use the IRS website's Filing Time Limit Calculator (). In most cases, Form 982 is due every April 15th. You can obtain Form 982 by completing Form 982-EZ, Application for Annual Return of Foreign Generous Income (). If the foreign country has no withholding (such as Canada, Germany, Denmark, and some other countries), the Form 982 can be completed electronically.
You can also obtain a copy of Form 982 ( ) by printing and mailing a blank Form 982 along with your original Form 1040 tax return to the address specified in instructions. Keep a copy of the approved Form 982. You should file Forms 982 with the same address and mail a copy to the same address. The mailing address should match the address with which you filed the completed Form 1040, as well as your U.S. mailing address.
How do I report my foreign source income?
You should report amounts earned as a foreign resident in your foreign income. Include this income on Schedule A, Itemized Deductions, unless the income was earned from sources within Canada or any U.S. possession during the income tax year. Report nonresident income reported in your Form 1040 using Form 1120-SEP, Application To Report Foreign Source Income. If there is no U.S. source income during the taxable year, include this income on Line 15 of box 14 of Form 1040. Include the foreign source income when you itemize deductions on Schedule A.
Can I apply a foreign tax credit to the amount shown on Form 1040?
Yes, you can use a foreign tax credit on Form 1040 () or Form 1120-SEP ().
Can I create my own Form 982?
It's easy and free!
If you need to establish a company in the United States, you only need to get a tax ID and go to the Office of the Revenue Agents of the Federal Deposit Insurance Corp (FDIC) website to get the necessary files that you need to establish your corporation.
To create your own Form 982 you only need to have your documents available. The files you need include a completed form 1 which tells you how your company should look, as well as a completed form 982 which asks you about your business plan and a Certificate of Authority.
What should I do with Form 982 when it’s complete?
You should keep Form 982 at the address of the business in which the employee has an arm's‑length relationship (whether an employer or a partner, etc.). You should not:
Send Form 982 directly to the IRS to report the amount of employer contributions you have withheld under the FICA tax. Send Form 982 to the IRS to make a refundable credit or refund and to request deductions from the refund. Send Form 982 to the IRS to request a tax refund. Call the IRS toll-free at 1‑800‑926‑5626; or Send Form 982 to the IRS (for a refund, for tax credit or refund request).
Suspend reporting on Form 982 until all IRS requirements are met (for income tax, unemployment tax and foreign withholding).
If you are a member of a partnership or corporation you must send Form 982 to any partner, shareholder (other than a controlled foreign corporation) or officer who is required to report Form 982. Report Form 982 for any partner, shareholder (other than a controlled foreign corporation), officer or any agent and secretary you hire. This does not apply to you or to any of your employees.
If you are a member of an S corporation (or a pass‑through corporation), you must report Form 982 to, and the partner, shareholder (other than a controlled foreign corporation), officer or any agent and secretary you hire must report Form 982. (See Pub. 515, Corporations.)
If you have made non-employee contributions.
You can report the amount or rate of the non-employee contributions to the form.
If the employees are treated as employees of an S corporation.
You cannot report as taxable income or deductions non‑employee contributions that are effectively connected with your regular course of business. You cannot determine the business relationship for non‑employee contributions unless and until you have taken into account them under your business deductions and exclusions.
If you need to report Form 982 electronically, use our electronic filing section. If you are in a group with other taxpayers filing Form 982, you can use a single electronic filing system under which you can file Form 982 on our website.
This is not a summary of all the information you must provide with Form 982. For more detailed instructions, see the instructions for Form 982.
How do I get my Form 982?
Visit your nearest Social Security office. If an office cannot provide the form, take the following steps:
If you are a survivor of an immediate family member who was deceased as of December 31, 1998, or a member of a qualifying trust, the Form 982 must be mailed or submitted by mail to: Social Security Administration, P.O. Box 346075, Washington, D.C. 20.
If you were an employee immediately prior to June 17, 1998, the Form 982 should be mailed to: Social Security Administration, P.O. Box 346075, Washington, D.C. 20.
Send a copy of your completed Form 982 to:
Social Security Administration
P.O. Box 346075
Washington, D.C. 20
You may also contact the National Office of Social Security Benefit (SBS) toll-free at, Monday through Friday from 8:30 a.m. to 8:00 p.m. Eastern Standard Time (EST), or to obtain Form 982.
What documents do I need to attach to my Form 982?
To be eligible for any tax credit, your return must be complete and accurate. Attach all of your original receipts from all of your transactions. Attach copies of any documents or statements that support your return, such as a W-2, 599, 1099, 1098, or 1099-MISC. Also attach schedules and descriptions of all of your expenses, such as your payroll tax, employer withheld income taxes, employee expenses, or miscellaneous deductions. Include Form 982 if you were self-employed or a sole proprietor, if your total income is not reported on your return, or if you claimed the standard deduction but did not itemize your deductions. File Form 982 for every year your business was active. Form 982 does not have information about transactions that occurred before June 30, 2018. To make sure your return is correct, file it at least 3 years after the year in which you incurred the last amount deducted. If your activity is reported on Form 990S, Form 990-PR, or other Form 990, do not file this return. Form 982 is not required if you are an individual and did not have anyone else claim the credit, or you are filing Form 942, the joint return of a sole proprietor and his or her spouse.
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What if I am claiming a refund from an IRS tax return?
You cannot claim a credit on your current Form 982 based on a refund from an IRS tax return. However, you can claim a refund on your Form 5329, Request for Refund and Statement for Credit or Refund, if the refund you are requesting is not for the current tax year.
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Why is a refund for a previous year's tax return not accepted?
Most credits are only available through the end of the year in which they were claimed (that is, you lose the credit if you continue to claim it for a later tax year).
If you are claiming a refund for a previous year's tax return, then it must be for a tax year that ended at least 120 days before the credit you are asking for was claimed in the current year. That means if your credit was claimed in 2015, and you claimed your credit in 2016, then the refund you would request must be for a tax year that ends at least 120 days before you filed your 2016 tax return.
What are the different types of Form 982?
Form 982 can be any one of the following.
Individual return
Individual return FM summary (includes 1040NR and 1040 form summary)
Line 1 of Form 982
Line 1 and Schedule A1 or Schedule A may be used to file your return on Schedule A (Form 1040). If you use either or both forms and need additional information, submit Forms 5500 (Line 13) and Form 5498 (Line 15) to your local U.S. tax agency. You can get free paper forms or downloadable forms using the following links.
Forms 5500 and 5498: These forms are electronically available on IRS.gov, and you'll be able to use them right away.
Your local tax agency may charge a fee for filling out a paper forms. Find your local tax agency on IRS.gov, or contact your local IRS office.
Form 982-EZ: For information on filing an individual return or Form 982-EZ, see Form 982-EZ.
The following information doesn't apply to Form 982-EZ.
Forms 1040-ES and 1040-F for people married for more than one year.
Forms 1040-ES/F for people who file separately.
The following information applies only to Form 982-NR.
Forms 1120, 1120-EZ, 1120-J, 1120-NR, or 1005 in certain circumstances.
What are the exceptions to the 10% penalty for failures to file a return? You can't be fined this penalty if you have timely filed your return.
I'm not sure what Form 982-NR means. Who should I call? The IRS website has information about Form 982 and the instructions. Also, you can use the IRS Direct Online Filing or call 800-TAX-FORM) or 800-TAX-FORM). You can also consult an IRS-approved tax professional. Form 982-NR doesn't have any special restrictions. It applies regardless of which form you file.
Form 982-NR is filed for information about your business. Can I claim these as business expenses? Yes. Business expenses include salaries, wages, tips, and interest you pay to anyone other than your employers. These expenses are deductible.
How many people fill out Form 982 each year?
Yes. The vast majority of the people who fill out Form 982 are individuals who:
are 18 of age or older;
in the past 12 months have provided the IRS with information relating to the amount of money they owe the IRS; or
Had a non-filing federal tax return or have had a non-filing federal tax return filed that includes information related to their spouse or child.
What will your form 982 request include?
Form 982 will request a variety of information from the taxpayer. The forms will require an applicant to answer a series of questions, identify a specific IRS identification number, and write a signature. The answers to the questions can be used to estimate the amount of tax you owe the IRS. For example, you could report that you have a child who lives with you and an unborn baby. This would likely increase your tax liability on the child's income and reduce your tax liability on the unborn baby's income.
Do you know what it will cost 25 to file Form 982?
No. Form 982 can be executed in person or online on a secure website. You can file your request for Form 982 online at IRS.gov (by selecting “File” at the top of the home page) or by mail to:
IRS
Employment Tax
P.O. Box 17280
Charleston, WV 25
How long does it take to complete the online instructions?
You will receive an email from the Social Security Administration (including instructions on how to get an SSA identification number), which you can then use to apply online for an IRS identification number.
How long does it take to complete the online instructions?
Online is easy, flexible and quick. If you need assistance, please go to IRS.gov/help for contact information.
Does the process take a long time?
It depends upon your local telephone company. In many areas, a federal tax return that has been filed online will be processed and approved in one working day.
Who should you contact if you run into problems during online filing?
First, try using IRS.gov to locate your local telephone number. To locate your local telephone number, go to IRS.gov/GetTaxForms and select the state your filing is done in. Then enter your zip code or telephone number, and select your area code.
Is there a due date for Form 982?
Yes. The due date to file Form 982 varies by income classification and the tax year in which you filed your income tax return. You must file Form 982 by the due date of the return for the tax year in which the tax arose if you received a refund for that year, or if the last day of the tax year was before December 31. You must file Form 982 for each year (other than a year that you didn't pay any taxes) in which you claimed a refund as a result of a tax penalty for any taxable period that falls before the due date of the return.
Example: You paid 5,000, and you filed a timely 540X, your refund was 50 (a tax of 5,000 less a 10% penalty). Because you claim a standard deduction of 5,000 in 2017 and because you owe 20,000 in taxes, you must file both Form 982 and Form 945 by the due date for 2017. If you file Form 982 when the due date to file is April 15, 2018, it must be filed by that date. If you file Form 945 later than April 15, 2018, it need not be filed until the due day of the return for the year in which the tax arose.
What if I'm a U.S. citizen? Is Form 982 considered an income tax return?
Yes. Form 982 is a return filed by persons living in the United States.
May I use Form 982 in conjunction with the 1040X Form I received?
Yes. You may use Form 982 to figure the deduction (tax credit) for your standard deduction on Schedule A (Form 1040), line 15, subject to the restrictions discussed in (a) above.
If I filed Form 982, when and where do I file it?
Each Form 982 must be filed with the appropriate Form 940 for the tax year for which it will be used. If you owe no taxes for a given tax year, you can file Form 940 and then make any available late filing penalty and interest. You may use Form 982 on a return for any year for which you did not receive the refund of the tax paid on that return. If you received a refund of tax paid for the year, but you filed your taxes before April 15, 2018, you must file your return on or before April 15, 2019.
