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Printable Form 945 Wisconsin: What You Should Know

Form 8332 (U.S. Trust Fund Return) is an annual report of the account and payment of distributions from a United States trust fund to the individual owners. This form contains information from the Form W-2, the Employer's Withholding Allowance Certificate, to report the amount of federal income tax withheld from the paychecks of employees of such organizations for the year, along with the employee's reportable wages and taxes withheld from such wages. “An amount equal to such federal income tax withheld must be reported on Form 8332 by the employer and reported separately by each covered individual (and his or, in the case of a foreign corporation, such corporation's owner) on his Form 1040NR, U.S. Income Tax Return for Each Year of Residence After 2007. A Form 8332 should also be filed with the U.S. Treasury Department” (U.S. Revenue Service, Treasury Directive on Employer Reporting and Payroll Tax Guide). The IRS provides instructions for both the form 945 for the annual return of federal tax and Schedule C which shows the information on the tax from the Form 8332 that you are required to present to the IRS and to the IRS for your state taxes. The instructions for Form 945 for the annual return of tax are the same for both forms 945 and for Schedule C. Each form also does not provide additional information beyond what is in the other. Form 8332 for the 2024 tax year is now available but does not appear to be as current as you need it.  A review of the instructions for form 945 shows they are very current with the latest updates being from October 27, 2008, when they were updated to reflect that you may now also use the Form 8332 for non-electronic returns. A quick check on the tax rate that is reported on Form 945 does say if you are in the 30% tax bracket that you will get income tax on the tax withheld from your paycheck, rather than the income tax that actually was withheld on your paychecks. A quick review of the Form 8332 for 2024 also states that a person may choose to report the amount withheld from his or her paycheck in box 31 (Form 8332). So, in 2016, you should report the amount paid in box 31 of Form 8332 in box 31 on Schedule C.  This is good because we will be reporting on a paper tax return instead of an electronic document (the 1040).

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