Get Irs 8860 2006-2026

Completing the IRS Form 8860 online is essential for users seeking to claim the qualified zone academy bond credit. This guide provides clear and detailed instructions tailored for all users, ensuring a smooth filing process.

Follow the steps to complete the form accurately and efficiently.

1. Click ‘Get Form’ button to obtain the form and open it in the electronic editor.
2. In Part I, enter the name and employer identification number of the bond issuer in the provided fields. Record the bond issuer's name, city or town, and state.
3. Fill in the month and year the bond was issued in the designated field.
4. Enter the outstanding principal amount of the bond in the corresponding column. Ensure this is the face amount minus any principal payments received.
5. Input the credit rate as specified, which varies depending on when the bond was sold, referencing the appropriate federal rate.
6. Calculate the credit value by multiplying the outstanding principal amount by the credit rate, and enter this value in the required field.
7. If applicable, complete line 2 for qualified zone academy bond credits received from an S corporation, including the S corporation’s employer identification number.
8. Sum all applicable amounts to determine the current year credit, entering the total in the specified location.
9. For Part II, begin by documenting the regular tax amount before credits based on your specific tax return form.
10. Subsequently, complete the fields regarding any applicable credits and adjust the net income tax as necessary.
11. Conclude by entering the smaller of the current year credit or the net income tax in the final section of the form.
12. Review your entries for accuracy before saving the changes, downloading, printing, or sharing the completed form.

Complete your Form 8860 online today to ensure accurate tax reporting.