IRS 945 2015 free printable template
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Who needs Form 945?
Whether you are withholding federal income tax from non-payroll payments, you should use IRS Form 945 to report.
What is Form 945 Used For?
This Form is for an Annual Return of Withheld Federal Income Tax. It is used for withholding income tax reported on Forms 1099 and W-2G. This Form is not used for improving the mistakes made in previous Forms 945. For this purpose you should use Form 945-X.
Is Form 945 Accompanied by Other Forms?
This form is not accompanied by other forms.
What Information should be Provided in Form 945?
While filling out Form 945 you should mention the following information:
Location (city/town, state/province, country and ZIP)
Federal income tax withheld from pensions, annuities, gambling winnings etc.
Monthly summary of Federal Tax liability
Whether you want third-party to discuss the return with the IRS, you should mention the third-party designee in the appropriate field. You should also provide the signature on the very bottom of the form.
When is Form 945 Due?
This form should be filed before or on January 31 each year. However, there are several circumstances allowing you to send it before or on February 10. To get more information about these bases visit official IRS web-site.
Where do I Send Form 945?
There is a special table where you can find the dependency between your location and the address you should file Form 945. To discover this connection look the Instructions to the Form 945 on the official IRS web-site.
What information must be reported on form 945?
Form 945 is used to report annual federal income tax withholding on nonpayroll items such as backup withholding on payments made to vendors and reportable gaming (gambling) winnings. The form must include information about the taxpayer, such as name, address, and taxpayer identification number, as well as the amount of federal income tax withheld during the tax year from nonpayroll items.
What is the penalty for the late filing of form 945?
The penalty for the late filing of Form 945 is 5% of the unpaid taxes for each month or part of a month that the form is late, with a maximum penalty of 25% of the unpaid taxes.
What is form 945?
Form 945 is a tax return form used by employers who withhold federal income tax from nonpayroll payments throughout the year. Nonpayroll payments typically include pensions, annuities, and gambling winnings. Form 945 is used to report the total amount of federal income tax withheld and to remit the tax to the IRS. The form must be filed annually by January 31 of the following year, or by the next business day if that date falls on a weekend or holiday.
Who is required to file form 945?
Form 945, also known as Annual Return of Withheld Federal Income Tax, is required to be filed by employers who withhold federal income tax from nonpayroll payments. This includes the withholding of federal income tax on payments such as pensions, annuities, gambling winnings, and backup withholding.
How to fill out form 945?
Form 945 is used to report income tax withheld on non-payroll items, such as backup withholding or withholding on pensions, annuities, IRAs, gambling winnings, or barrels of alcoholic beverages. Here are the steps to fill out Form 945: 1. Provide basic information: Provide your name, address, and Employer Identification Number (EIN) on the top left corner of the form. 2. Determine the tax year: Indicate the tax year you are filing for in the space provided. 3. Complete Part 1: In Part 1, report the total federal income tax withheld from non-payroll payments. This could include backup withholding, withholding on pensions, annuities, gambling winnings, or barrels of alcoholic beverages. Enter the total on the appropriate lines. 4. Complete Part 2: Part 2 is used to report non-payroll tax liability. It involves calculating the liability for each month of the year and then adding them together. Review the instructions provided with the form to calculate the liability accurately. 5. Complete Part 3: Part 3 is used to report any deposits made during the year. Enter the total amount of federal tax deposits made in the appropriate section. 6. Complete Part 4: In Part 4, you need to reconcile the total tax liability for the year with the total deposits made. Subtract the total deposits from the total tax liability and enter the balance due or overpayment amount. 7. Complete the Payment Voucher: If you have a balance due, complete Form 945-V, the Payment Voucher. This voucher is used to send the payment to the IRS along with the form. 8. Sign and date the form: At the bottom of the form, sign and date it. If you are a business, the form must be signed by an authorized person. 9. Submit the form: Send the completed and signed Form 945, along with Form 945-V and a check for any balance due, to the appropriate IRS address. Make sure to keep a copy for your records. It is recommended to review the instructions provided with the form or consult with a tax professional to ensure accuracy and compliance.
What is the purpose of form 945?
Form 945 is used by employers to report federal income tax withheld from non-payroll payments, such as pensions, annuities, and gambling winnings. This form helps the IRS track the taxes withheld and ensure that the appropriate amount is paid to the federal government. Additionally, Form 945 also allows employers to report any backup withholding being done on certain types of non-employee compensation.
When is the deadline to file form 945 in 2023?
The deadline to file Form 945 in 2023 is generally January 31st. Note that this information is based on the current guidelines provided by the Internal Revenue Service (IRS), and it is always recommended to double-check for any updates or changes closer to the filing period.
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