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Form 945 IN: What You Should Know
Q. When will my first payment be reported on the federal form? If I filed my federal return today, what should I report? How to Report Withheld Tax on Income Tax Withheld on Taxable Income for Employees — Form 948, 1040, or 1041 June 2024 — IRS Form 948 is used to report backup withholding, which is a payment to the IRS that is made for reasons other than filing a tax return. Generally, backup withholding for the 2024 tax year applies to: · Payments made to the IRS as the result of an overpayment of a federal tax, such as a refund, credit, or payment for an amount of tax (e.g. federal tax withheld because of non-payment of income tax); · Payments to the IRS of the amount of estimated tax due; and · Payments that exceed the total withholding for the entire year. The IRS will withhold a backup withholding tax equal to the excess payments that are over 5% in the past year unless the payment is: · Substantially greater than the total cash payments made to the IRS for tax liabilities, less actual, statutory, or estimated taxes due or credits outstanding; or · Substantially greater than any payments made to the IRS during the 2024 calendar year by third parties and less than payments of a similar amount reported on a federal tax return by the payer. When can I apply for a refund? A. You can get a refund for amounts withheld on Forms 941, 942, and 943. However, this refund is not available if you failed to file your 2024 return by the deadline of April 19, 2018. See IRS Publication 970 for more information. Taxpayers must file a tax return every year to receive a refund. Q. When should I file my 2024 return? A. You should file by April 19, 2018. A reminder to file can be found on IRS.gov as the deadline approaches. How often should I file my tax return? Filing taxes can be a complex process. It depends on a number of factors, like your income, deductions, and credits. Here are some guidelines to help you plan ahead: Payroll or employment tax. Generally, taxpayers must file annual income tax returns on paper. However, you can file your tax return electronically every five years. You should file Forms 1040 with your taxes if you have no income or have earned less than 200 in the year.
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