Get Irs 8860 2005

This guide provides clear instructions on how to fill out the IRS 8860 form online. Follow these steps to successfully claim the qualified zone academy bond credit as part of your tax return.

Follow the steps to accurately complete the IRS 8860 form online.

1. Click 'Get Form' button to obtain the form and open it in the editor.
2. In Part I, line 1, Column (a), enter the bond issuer's name, city or town, and state. For line 1, Column (b), provide the month and year the bond was issued.
3. In line 1, Column (c), input the outstanding principal amount of the bond, which is the face value minus any principal payments received.
4. Next, for line 1, Column (d), enter the credit rate applicable to the bond. This may vary based on when the bond was sold.
5. Calculate the credit in line 1, Column (e) by multiplying the amounts from line 1, Column (c) and line 1, Column (d).
6. If applicable, complete line 2 for the qualified zone academy bond credit received as a shareholder of an S corporation, and provide the required employer identification number (EIN) on line 2b.
7. Transfer the total current year credit to line 3, which adds line 2a and all amounts from line 1, Column (e).
8. Proceed to Part II only if you are not an S corporation. Here, enter the regular tax before credits in line 4 based on your filing type.
9. Continue filling out the allowable credit lines as applicable to your tax situation, considering any specific credits relevant to your filings on lines 7a through 7g.
10. Finally, calculate the credit allowed for the current year and enter it as instructed based on the smaller of line 3 or line 8. Ensure to review your entries for accuracy.
11. After completing the form, save your changes, and then download, print, or share the form as needed.

Complete your IRS 8860 form online today to claim your qualified zone academy bond credit!