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Student Loan Tax Forms

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Student Loan Tax Forms

Student loan tax forms 1. Student loan tax forms   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Student loan tax forms General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Student loan tax forms There are exceptions to this rule, discussed under Exceptions , later. Student loan tax forms Generally, you must include the canceled debt in your income. Student loan tax forms However, you may be able to exclude the canceled debt. Student loan tax forms See Exclusions , later. Student loan tax forms Example. Student loan tax forms John owed $1,000 to Mary. Student loan tax forms Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Student loan tax forms John has canceled debt of $600. Student loan tax forms Example. Student loan tax forms Margaret owed $1,000 to Henry. Student loan tax forms Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Student loan tax forms Margaret does not have canceled debt. Student loan tax forms Instead, she has income from services. Student loan tax forms A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Student loan tax forms Debt for which you are personally liable is recourse debt. Student loan tax forms All other debt is nonrecourse debt. Student loan tax forms If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Student loan tax forms See Discounts and loan modifications , later. Student loan tax forms However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Student loan tax forms As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Student loan tax forms For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Student loan tax forms There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Student loan tax forms See Exceptions and Exclusions, later. Student loan tax forms You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Student loan tax forms Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Student loan tax forms The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Student loan tax forms For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Student loan tax forms Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Student loan tax forms An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Student loan tax forms Identifiable event codes. Student loan tax forms    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Student loan tax forms The codes shown in box 6 are explained below. Student loan tax forms Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Student loan tax forms Note. Student loan tax forms Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Student loan tax forms However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Student loan tax forms Code A — Bankruptcy. Student loan tax forms Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Student loan tax forms See Bankruptcy , later. Student loan tax forms Code B — Other judicial debt relief. Student loan tax forms Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Student loan tax forms Code C — Statute of limitations or expiration of deficiency period. Student loan tax forms Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Student loan tax forms In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Student loan tax forms Code D — Foreclosure election. Student loan tax forms Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Student loan tax forms This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Student loan tax forms Code E — Debt relief from probate or similar proceeding. Student loan tax forms Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Student loan tax forms Code F — By agreement. Student loan tax forms Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Student loan tax forms Code G — Decision or policy to discontinue collection. Student loan tax forms Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Student loan tax forms For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Student loan tax forms Code H — Expiration of nonpayment testing period. Student loan tax forms Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Student loan tax forms The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Student loan tax forms This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Student loan tax forms Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Student loan tax forms Code I — Other actual discharge before identifiable event. Student loan tax forms Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Student loan tax forms Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Student loan tax forms Amount of canceled debt. Student loan tax forms    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Student loan tax forms The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Student loan tax forms Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Student loan tax forms Interest included in canceled debt. Student loan tax forms    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Student loan tax forms Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Student loan tax forms See Deductible Debt under Exceptions, later. Student loan tax forms Persons who each receive a Form 1099-C showing the full amount of debt. Student loan tax forms    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Student loan tax forms However, you may not have to report that entire amount as income. Student loan tax forms The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Student loan tax forms See Example 3 under Insolvency, later. Student loan tax forms Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Student loan tax forms However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Student loan tax forms The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Student loan tax forms For more details, see Exceptions and Exclusions, later. Student loan tax forms Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Student loan tax forms   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Student loan tax forms The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Student loan tax forms The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Student loan tax forms If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Student loan tax forms The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Student loan tax forms For more details, see Exceptions and Exclusions, later. Student loan tax forms Nonrecourse debt. Student loan tax forms   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Student loan tax forms The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Student loan tax forms The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Student loan tax forms The character of the gain or loss is determined by the character of the property. Student loan tax forms More information. Student loan tax forms    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Student loan tax forms Abandonments Recourse debt. Student loan tax forms   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Student loan tax forms You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Student loan tax forms For more details, see Exceptions and Exclusions, later. Student loan tax forms This income is separate from any amount realized from the abandonment of the property. Student loan tax forms For more details, see chapter 3. Student loan tax forms Nonrecourse debt. Student loan tax forms   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Student loan tax forms Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Student loan tax forms For more information, see Publication 542, Corporations. Student loan tax forms Prev  Up  Next   Home   More Online Publications
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Internal Revenue Manual (IRM) Materials Relating to Tax Exempt Bonds

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IRM 4.81.1 TEB Program
This manual section outlines the Tax Exempt Bonds (TEB) program responsibilities in the oversight, compliance and education related to arrangements that involve debt instruments or obligations of States, their political subdivisions and other entities entitled to issue tax-exempt and tax credit obligations.

IRM 4.81.2 Examination Selection
This manual section provides procedures for the TEB classification program through which examinations pertaining to tax-exempt bond transactions are selected in accordance with inventory requirements.

IRM 4.81.5 Examination Process (Sections 1 - 7.6) (Sections 7.7 - 9.6)
This manual section provides the basic techniques that are intended to ensure that a uniform approach is taken when conducting TEB examinations. The following guidance on general examination techniques and procedures used to conduct examinations of tax-exempt bonds and tax credit bonds is provided for TEB examiners. The procedures outlined within this manual are designed to be used as a guide for TEB examiners when examining a Form 8038 series information return and are not intended to be all inclusive.

IRM 4.81.6 Closing Agreements
This manual section sets forth procedures under which the IRS will enter into closing agreements with governmental issuers and other parties to tax-exempt bond transactions with respect to the application of federal tax law requirements under the Code and corresponding Income Tax regulations (the " Regulations" or "ITR" ) in order to correct any compliance failures and preserve the tax-exempt status of the bonds. These procedures seek to ensure consistency of treatment and to encourage increased voluntary compliance throughout the municipal bond industry.

IRM 4.81.7 Bondholder Referrals
This manual section provides guidance for TEB examiners to refer bondholders in the event of an adverse bond examination.

IRM 4.81.10 Quality Review
This manual section provides guidance and procedures for the systematic review of cases for the purpose of measuring quality and to identify examination deficiency trends.

IRM 4.81.11 Referral Program
This manual provides procedures for the TEB Referral Program for Tax Exempt Bonds. It provides guidance for handling information items and referrals received or developed by TEB that relate specifically to compliance issues.

IRM 4.82.1 Examining Qualified Small Issue Bonds
This manual section provides procedures for examining qualified small issue bonds under section 144(a) of the Internal Revenue Code

IRM 7.2.3 Tax Exempt Bonds Voluntary Closing Agreement Program
This manual section provides procedures for the voluntary closing agreement program for tax-exempt bonds and tax credit bonds known as TEB VCAP.

IRM 22.42.1 Tax Exempt Bonds Customer Education and Outreach
This manual section provides procedures for the Tax Exempt Bonds Customer Education & Outreach ("TEB CE&O" ) program.

Page Last Reviewed or Updated: 26-Mar-2014

The Student Loan Tax Forms

Student loan tax forms Publication 15 - Introductory Material Table of Contents Future Developments What's New Reminders Electronic Filing and Payment Forms in Spanish Hiring New Employees Paying Wages, Pensions, or Annuities Information Returns Nonpayroll Income Tax Withholding Recordkeeping Change of Business Address or Responsible Party Private Delivery Services Telephone Help Ordering Employer Tax Forms and Publications Filing Addresses Dishonored Payments Photographs of Missing Children Calendar Introduction Future Developments For the latest information about developments related to Publication 15 (Circular E), such as legislation enacted after it was published, go to www. Student loan tax forms irs. Student loan tax forms gov/pub15. Student loan tax forms What's New Social security and Medicare tax for 2014. Student loan tax forms  The social security tax rate is 6. Student loan tax forms 2% each for the employee and employer, unchanged from 2013. Student loan tax forms The social security wage base limit is $117,000. Student loan tax forms The Medicare tax rate is 1. Student loan tax forms 45% each for the employee and employer, unchanged from 2013. Student loan tax forms There is no wage base limit for Medicare tax. Student loan tax forms Social security and Medicare taxes apply to the wages of household workers you pay $1,900 or more in cash or an equivalent form of compensation. Student loan tax forms Social security and Medicare taxes apply to election workers who are paid $1,600 or more in cash or an equivalent form of compensation. Student loan tax forms 2014 withholdng tables. Student loan tax forms  This publication includes the 2014 Percentage Method Tables and Wage Bracket Tables for Income Tax Withholding. Student loan tax forms Withholding allowance. Student loan tax forms  The 2014 amount for one withholding allowance on an annual basis is $3,950. Student loan tax forms Voluntary withholding on dividends and other distributions by an Alaska Native Corporation (ANC). Student loan tax forms  A shareholder of an ANC may now request voluntary income tax withholding on dividends and other distributions paid by an ANC. Student loan tax forms A shareholder may request voluntary withholding by giving the ANC a completed Form W-4V, Voluntary Withholding Request. Student loan tax forms For more information see Notice 2013-77, 2013-50 I. Student loan tax forms R. Student loan tax forms B. Student loan tax forms 632, available at www. Student loan tax forms irs. Student loan tax forms gov/irb/2013-50_IRB/ar10. Student loan tax forms html. Student loan tax forms Change of responsible party. Student loan tax forms  Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party — Business, to report the latest change to its responsible party. Student loan tax forms Form 8822-B must be filed within 60 days of the change. Student loan tax forms If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change. Student loan tax forms For a definition of “responsible party,” see the Form 8822-B instructions. Student loan tax forms Same-sex marriage. Student loan tax forms  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Student loan tax forms For more information, see Revenue Ruling 2013-17, 2013-38 I. Student loan tax forms R. Student loan tax forms B. Student loan tax forms 201, available at www. Student loan tax forms irs. Student loan tax forms gov/irb/2013-38_IRB/ar07. Student loan tax forms html. Student loan tax forms Notice 2013-61 provides special administrative procedures for employers to make claims for refunds or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. Student loan tax forms Notice 2013-61, 2013-44 I. Student loan tax forms R. Student loan tax forms B. Student loan tax forms 432, is available at www. Student loan tax forms irs. Student loan tax forms gov/irb/2013-44_IRB/ar10. Student loan tax forms html. Student loan tax forms Reminders Additional Medicare Tax withholding. Student loan tax forms  In addition to withholding Medicare tax at 1. Student loan tax forms 45%, you must withhold a 0. Student loan tax forms 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Student loan tax forms You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Student loan tax forms Additional Medicare Tax is only imposed on the employee. Student loan tax forms There is no employer share of Additional Medicare Tax. Student loan tax forms All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Student loan tax forms For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments , in section 15. Student loan tax forms For more information on Additional Medicare Tax, visit IRS. Student loan tax forms gov and enter “Additional Medicare Tax” in the search box. Student loan tax forms Work opportunity tax credit for qualified tax-exempt organizations hiring qualified veterans. Student loan tax forms  The work opportunity tax credit is available for eligible unemployed veterans who began work on or after November 22, 2011, and before January 1, 2014. Student loan tax forms Qualified tax-exempt organizations that hire eligible unemployed veterans can claim the work opportunity tax credit against their payroll tax liability using Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Student loan tax forms For more information, visit IRS. Student loan tax forms gov and enter “work opportunity tax credit” in the search box. Student loan tax forms Outsourcing payroll duties. Student loan tax forms  Employers are responsible to ensure that tax returns are filed and deposits and payments are made, even if the employer contracts with a third party to perform these acts. Student loan tax forms The employer remains responsible if the third party fails to perform any required action. Student loan tax forms If you choose to outsource any of your payroll and related tax duties (that is, withholding, reporting, and paying over social security, Medicare, FUTA, and income taxes) to a third-party payer such as a payroll service provider or reporting agent, visit IRS. Student loan tax forms gov and enter “outsourcing payroll duties” in the search box for helpful information on this topic. Student loan tax forms COBRA premium assistance credit. Student loan tax forms  The credit for COBRA premium assistance payments applies to premiums paid for employees involuntarily terminated between September 1, 2008, and May 31, 2010, and to premiums paid for up to 15 months. Student loan tax forms See COBRA premium assistance credit under Introduction. Student loan tax forms Federal tax deposits must be made by electronic funds transfer. Student loan tax forms  You must use electronic funds transfer to make all federal tax deposits. Student loan tax forms Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Student loan tax forms If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Student loan tax forms Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Student loan tax forms EFTPS is a free service provided by the Department of Treasury. Student loan tax forms Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Student loan tax forms For more information on making federal tax deposits, see How To Deposit in section 11. Student loan tax forms To get more information about EFTPS or to enroll in EFTPS, visit www. Student loan tax forms eftps. Student loan tax forms gov or call 1-800-555-4477 or 1-800-733-4829 (TDD). Student loan tax forms Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide To Getting Started. Student loan tax forms You must receive written notice from the IRS to file Form 944. Student loan tax forms  If you have been filing Forms 941, Employer's QUARTERLY Federal Tax Return (or Forms 941-SS, Employer's QUARTERLY Federal Tax Return—American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U. Student loan tax forms S. Student loan tax forms Virgin Islands, or Formularios 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono), and believe your employment taxes for the calendar year will be $1,000 or less, and you would like to file Form 944, Employer's ANNUAL Federal Tax Return, instead of Forms 941, you must contact the IRS to request to file Form 944. Student loan tax forms You must receive written notice from the IRS to file Form 944 instead of Forms 941 before you may file this form. Student loan tax forms For more information on requesting to file Form 944, visit IRS. Student loan tax forms gov and enter “file employment taxes annually” in the search box. Student loan tax forms Employers can request to file Forms 941 instead of Form 944. Student loan tax forms  If you received notice from the IRS and have been filing Form 944 but would like to file Forms 941 instead, you must contact the IRS to request to file Forms 941. Student loan tax forms You must receive written notice from the IRS to file Forms 941 instead of Form 944 before you may file these forms. Student loan tax forms For more information on requesting to file Form 944, visit IRS. Student loan tax forms gov and enter “file employment taxes annually” in the search box. Student loan tax forms Aggregate Form 941 filers. Student loan tax forms  Agents must complete Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, when filing an aggregate Form 941. Student loan tax forms Aggregate Forms 941 may only be filed by agents approved by the IRS under section 3504 of the Internal Revenue Code. Student loan tax forms To request approval to act as an agent for an employer, the agent files Form 2678, Employer/Payer Appointment of Agent, with the IRS. Student loan tax forms Aggregate Form 940 filers. Student loan tax forms  Agents must complete Schedule R (Form 940), Allocation Schedule for Aggregate Form 940 Filers, when filing an aggregate Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. Student loan tax forms Aggregate Forms 940 can be filed by agents acting on behalf of home care service recipients who receive home care services through a program administered by a federal, state, or local government. Student loan tax forms To request approval to act as an agent on behalf of home care service recipients, the agent files Form 2678 with the IRS. Student loan tax forms Electronic Filing and Payment  Now, more than ever before, businesses can enjoy the benefits of filing and paying their federal taxes electronically. Student loan tax forms Whether you rely on a tax professional or handle your own taxes, the IRS offers you convenient programs to make filing and payment easier. Student loan tax forms Spend less time and worry about taxes and more time running your business. Student loan tax forms Use e-file and the Electronic Federal Tax Payment System (EFTPS) to your benefit. Student loan tax forms For e-file, visit www. Student loan tax forms irs. Student loan tax forms gov/efile for additional information. Student loan tax forms For EFTPS, visit www. Student loan tax forms eftps. Student loan tax forms gov or call EFTPS Customer Service at 1-800-555-4477 or 1-800-733-4829 (TDD). Student loan tax forms For electronic filing of Forms W-2, Wage and Tax Statement, visit www. Student loan tax forms socialsecurity. Student loan tax forms gov/employer. Student loan tax forms If you are filing your tax return or paying your federal taxes electronically, a valid EIN is required. Student loan tax forms If a valid EIN is not provided, the return or payment will not be processed. Student loan tax forms This may result in penalties and delays in processing your return or payment. Student loan tax forms Electronic funds withdrawal (EFW). Student loan tax forms  If you file Form 940, Form 941, Form 944, or Form 945 electronically, you can e-file and e-pay (electronic funds withdrawal) the balance due in a single step using tax preparation software or through a tax professional. Student loan tax forms However, do not use EFW to make federal tax deposits. Student loan tax forms For more information on paying your taxes using EFW, visit the IRS website at www. Student loan tax forms irs. Student loan tax forms gov/e-pay. Student loan tax forms A fee may be charged to file electronically. Student loan tax forms Credit or debit card payments. Student loan tax forms  For information on paying your taxes with a credit or debit card, visit the IRS website at www. Student loan tax forms irs. Student loan tax forms gov/e-pay. Student loan tax forms However, do not use credit or debit cards to make federal tax deposits. Student loan tax forms Forms in Spanish You can provide Formulario W-4(SP), Certificado de Exención de Retenciones del Empleado, in place of Form W-4, Employee's Withholding Allowance Certificate, to your Spanish-speaking employees. Student loan tax forms For more information, see Publicación 17(SP), El Impuesto Federal sobre los Ingresos (Para Personas Físicas). Student loan tax forms For nonemployees, Formulario W-9(SP), Solicitud y Certificación del Número de Identificación del Contribuyente, may be used in place of Form W-9, Request for Taxpayer Identification Number and Certification. Student loan tax forms Hiring New Employees Eligibility for employment. Student loan tax forms  You must verify that each new employee is legally eligible to work in the United States. Student loan tax forms This includes completing the U. Student loan tax forms S. Student loan tax forms Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. Student loan tax forms You can get the form from USCIS offices or by calling 1-800-870-3676. Student loan tax forms Contact the USCIS at 1-800-375-5283, or visit the USCIS website at www. Student loan tax forms uscis. Student loan tax forms gov for more information. Student loan tax forms New hire reporting. Student loan tax forms  You are required to report any new employee to a designated state new hire registry. Student loan tax forms A new employee is an employee who has not previously been employed by you or was previously employed by you but has been separated from such prior employment for at least 60 consecutive days. Student loan tax forms Many states accept a copy of Form W-4 with employer information added. Student loan tax forms Visit the Office of Child Support Enforcement website at www. Student loan tax forms acf. Student loan tax forms hhs. Student loan tax forms gov/programs/cse/newhire for more information. Student loan tax forms W-4 request. Student loan tax forms  Ask each new employee to complete the 2014 Form W-4. Student loan tax forms See section 9. Student loan tax forms Name and social security number. Student loan tax forms  Record each new employee's name and number from his or her social security card. Student loan tax forms Any employee without a social security card should apply for one. Student loan tax forms See section 4. Student loan tax forms Paying Wages, Pensions, or Annuities Correcting Form 941 or Form 944. Student loan tax forms  If you discover an error on a previously filed Form 941 or Form 944, make the correction using Form 941-X, Adjusted Employer's QUARTERLY Federal Tax Return or Claim for Refund, or Form 944-X, Adjusted Employer's ANNUAL Federal Tax Return or Claim for Refund. Student loan tax forms Forms 941-X and 944-X are stand-alone forms, meaning taxpayers can file them when an error is discovered. Student loan tax forms Forms 941-X and 944-X are used by employers to claim refunds or abatements of employment taxes, rather than Form 843, Claim for Refund and Request for Abatement. Student loan tax forms See section 13 for more information. Student loan tax forms Income tax withholding. Student loan tax forms  Withhold federal income tax from each wage payment or supplemental unemployment compensation plan benefit payment according to the employee's Form W-4 and the correct withholding table. Student loan tax forms If you have nonresident alien employees, see Withholding income taxes on the wages of nonresident alien employees in section 9. Student loan tax forms Withhold from periodic pension and annuity payments as if the recipient is married claiming three withholding allowances, unless he or she has provided Form W-4P, Withholding Certificate for Pension or Annuity Payments, either electing no withholding or giving a different number of allowances, marital status, or an additional amount to be withheld. Student loan tax forms Do not withhold on direct rollovers from qualified plans or governmental section 457(b) plans. Student loan tax forms See section 9 and Publication 15-A, Employer's Supplemental Tax Guide. Student loan tax forms Publication 15-A includes information about withholding on pensions and annuities. Student loan tax forms Zero wage return. Student loan tax forms  If you have not filed a “final” Form 941 or Form 944, or are not a “seasonal” employer, you must continue to file a Form 941 or Form 944 even for periods during which you paid no wages. Student loan tax forms The IRS encourages you to file your “Zero Wage” Forms 941 or 944 electronically using IRS e-file at www. Student loan tax forms irs. Student loan tax forms gov/efile. Student loan tax forms Employer Responsibilities Employer Responsibilities: The following list provides a brief summary of your basic responsibilities. Student loan tax forms Because the individual circumstances for each employer can vary greatly, responsibilities for withholding, depositing, and reporting employment taxes can differ. Student loan tax forms Each item in this list has a page reference to a more detailed discussion in this publication. Student loan tax forms   New Employees: Page     Annually (By January 31 of the current year, Page □ Verify work eligibility of new employees 3     for the prior year):   □ Record employees' names and SSNs from     □ File Form 944 if required (pay tax with return if     social security cards 4     not required to deposit) 29 □ Ask employees for Form W-4 3     Annually (see Calendar for due dates):     Each Payday:     □ Remind employees to submit a new Form W-4   □ Withhold federal income tax based on each       if they need to change their withholding 20   employee's Form W-4 20   □ Ask for a new Form W-4 from employees   □ Withhold employee's share of social security       claiming exemption from income tax     and Medicare taxes 23     withholding 20 □ Deposit:     □ Reconcile Forms 941 (or Form 944) with Forms     • Withheld income tax       W-2 and W-3 31   • Withheld and employer social security taxes     □ Furnish each employee a Form W-2 7   • Withheld and employer Medicare taxes 24   □ File Copy A of Forms W-2 and the transmittal     Note:Due date of deposit generally depends       Form W-3 with the SSA 8   on your deposit schedule (monthly or semiweekly)     □ Furnish each other payee a Form 1099 (for example, Form 1099-MISC, Miscellaneous Income) 7   Quarterly (By April 30, July 31, October 31, and January 31):     □ File Forms 1099 and the transmittal Form   □ Deposit FUTA tax if undeposited amount       1096 8   is over $500 35   □ File Form 940 7 □ File Form 941 (pay tax with return if not     □ File Form 945 for any nonpayroll income tax     required to deposit) 29     withholding 8 Information Returns You may be required to file information returns to report certain types of payments made during the year. Student loan tax forms For example, you must file Form 1099-MISC, Miscellaneous Income, to report payments of $600 or more to persons not treated as employees (for example, independent contractors) for services performed for your trade or business. Student loan tax forms For details about filing Forms 1099 and for information about required electronic filing, see the General Instructions for Certain Information Returns for general information and the separate, specific instructions for each information return you file (for example, Instructions for Form 1099-MISC). Student loan tax forms Generally, do not use Forms 1099 to report wages and other compensation you paid to employees; report these on Form W-2. Student loan tax forms See the General Instructions for Forms W-2 and W-3 for details about filing Form W-2 and for information about required electronic filing. Student loan tax forms If you file 250 or more Forms 1099, you must file them electronically. Student loan tax forms If you file 250 or more Forms W-2, you must file them electronically. Student loan tax forms SSA will not accept Forms W-2 and W-3 filed on magnetic media. Student loan tax forms Information reporting customer service site. Student loan tax forms  The IRS operates the Enterprise Computing Center—Martinsburg, a centralized customer service site, to answer questions about reporting on Forms W-2, W-3, 1099, and other information returns. Student loan tax forms If you have questions related to reporting on information returns, call 1-866-455-7438 (toll free), 304-263-8700 (toll call), or 304-267-3367 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability). Student loan tax forms The center can also be reached by email at mccirp@irs. Student loan tax forms gov. Student loan tax forms Do not include tax identification numbers (TINs) or attachments in email correspondence because electronic mail is not secure. Student loan tax forms Nonpayroll Income Tax Withholding Nonpayroll federal income tax withholding (reported on Forms 1099 and Form W-2G) must be reported on Form 945, Annual Return of Withheld Federal Income Tax. Student loan tax forms Separate deposits are required for payroll (Form 941 or Form 944) and nonpayroll (Form 945) withholding. Student loan tax forms Nonpayroll items include: Pensions (including distributions from tax-favored retirement plans, for example, section 401(k), section 403(b), and governmental section 457(b) plans) and annuities. Student loan tax forms Military retirement. Student loan tax forms Gambling winnings. Student loan tax forms Indian gaming profits. Student loan tax forms Certain government payments, such as unemployment compensation, social security, and Tier 1 railroad retirement benefits, subject to voluntary withholding. Student loan tax forms Payments subject to backup withholding. Student loan tax forms For details on depositing and reporting nonpayroll income tax withholding, see the Instructions for Form 945. Student loan tax forms All income tax withholding reported on Form W-2 must be reported on Form 941, Form 943, Employer's Annual Federal Tax Return for Agricultural Employees, Form 944, or Schedule H (Form 1040), Household Employment Taxes. Student loan tax forms Distributions from nonqualified pension plans and deferred compensation plans. Student loan tax forms  Because distributions to participants from some nonqualified pension plans and deferred compensation plans (including section 457(b) plans of tax-exempt organizations) are treated as wages and are reported on Form W-2, income tax withheld must be reported on Form 941 or Form 944, not on Form 945. Student loan tax forms However, distributions from such plans to a beneficiary or estate of a deceased employee are not wages and are reported on Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Student loan tax forms ; income tax withheld must be reported on Form 945. Student loan tax forms Backup withholding. Student loan tax forms  You generally must withhold 28% of certain taxable payments if the payee fails to furnish you with his or her correct taxpayer identification number (TIN). Student loan tax forms This withholding is referred to as “backup withholding. Student loan tax forms ” Payments subject to backup withholding include interest, dividends, patronage dividends, rents, royalties, commissions, nonemployee compensation, and certain other payments you make in the course of your trade or business. Student loan tax forms In addition, transactions by brokers and barter exchanges and certain payments made by fishing boat operators are subject to backup withholding. Student loan tax forms Backup withholding does not apply to wages, pensions, annuities, IRAs (including simplified employee pension (SEP) and SIMPLE retirement plans), section 404(k) distributions from an employee stock ownership plan (ESOP), medical savings accounts, health savings accounts, long-term-care benefits, or real estate transactions. Student loan tax forms You can use Form W-9 or Formulario W-9(SP) to request payees to furnish a TIN and to certify the number furnished is correct. Student loan tax forms You can also use Form W-9 or Formulario W-9(SP) to get certifications from payees that they are not subject to backup withholding or that they are exempt from backup withholding. Student loan tax forms The Instructions for the Requester of Form W-9 or Formulario W-9(SP) includes a list of types of payees who are exempt from backup withholding. Student loan tax forms For more information, see Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). Student loan tax forms Recordkeeping Keep all records of employment taxes for at least 4 years. Student loan tax forms These should be available for IRS review. Student loan tax forms Your records should include the following information. Student loan tax forms Your EIN. Student loan tax forms Amounts and dates of all wage, annuity, and pension payments. Student loan tax forms Amounts of tips reported to you by your employees. Student loan tax forms Records of allocated tips. Student loan tax forms The fair market value of in-kind wages paid. Student loan tax forms Names, addresses, social security numbers, and occupations of employees and recipients. Student loan tax forms Any employee copies of Forms W-2 and W-2c returned to you as undeliverable. Student loan tax forms Dates of employment for each employee. Student loan tax forms Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third party payors made to them. Student loan tax forms Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4P, W-4(SP), W-4S, and W-4V). Student loan tax forms Copies of employees' Earned Income Credit Advance Payment Certificates (Forms W-5 and W-5(SP)). Student loan tax forms Dates and amounts of tax deposits you made and acknowledgment numbers for deposits made by EFTPS. Student loan tax forms Copies of returns filed and confirmation numbers. Student loan tax forms Records of fringe benefits and expense reimbursements provided to your employees, including substantiation. Student loan tax forms Change of Business Address or Responsible Party To notify the IRS of a change in business address or responsible party, file Form 8822-B. Student loan tax forms Do not mail Form 8822-B with your employment tax return. Student loan tax forms Private Delivery Services You can use certain private delivery services designated by the IRS to mail tax returns and payments. Student loan tax forms The list includes only the following: DHL Express (DHL): DHL Same Day Service. Student loan tax forms Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority, and FedEx International First. Student loan tax forms United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. Student loan tax forms M. Student loan tax forms , UPS Worldwide Express Plus, and UPS Worldwide Express. Student loan tax forms For the IRS mailing address to use if you are using a private delivery service, go to IRS. Student loan tax forms gov and enter “private delivery service” in the search box. Student loan tax forms Your private delivery service can tell you how to get written proof of the mailing date. Student loan tax forms   Private delivery services cannot deliver items to P. Student loan tax forms O. Student loan tax forms boxes. Student loan tax forms You must use the U. Student loan tax forms S. Student loan tax forms Postal Service to mail any item to an IRS P. Student loan tax forms O. Student loan tax forms box address. Student loan tax forms Telephone Help Tax questions. Student loan tax forms   You can call the IRS Business and Specialty Tax Line with your employment tax questions at 1-800-829-4933. Student loan tax forms Help for people with disabilities. Student loan tax forms  You may call 1-800-829-4059 (TDD/TTY for persons who are deaf, hard of hearing, or have a speech disability) with any tax question or to order forms and publications. Student loan tax forms You may also use this number for assistance with unresolved tax problems. Student loan tax forms Recorded tax information (TeleTax). Student loan tax forms  The IRS TeleTax service provides recorded tax information on topics that answer many individual and business federal tax questions. Student loan tax forms You can listen to up to three topics on each call you make. Student loan tax forms Touch-Tone service is available 24 hours a day, 7 days a week. Student loan tax forms TeleTax topics are also available on the IRS website at www. Student loan tax forms irs. Student loan tax forms gov/taxtopics. Student loan tax forms Most tax topics listed below are also available in Spanish. Student loan tax forms For a complete list of TeleTax topics in Spanish, visit the IRS website at www. Student loan tax forms irs. Student loan tax forms gov/Spanish/Índice-de-Temas-Tributarios-Año-2013. Student loan tax forms A list of employment tax topics is provided next. Student loan tax forms Select, by number, the topic you want to hear and call 1-800-829-4477. Student loan tax forms For the directory of all topics, select Topic 123. Student loan tax forms Teletax Topics Topic No. Student loan tax forms Subject 751 Social Security and Medicare Withholding Rates 752 Form W-2—Where, When, and How to File 753 Form W-4—Employee's Withholding Allowance Certificate 755 Employer Identification Number (EIN)—How to Apply 756 Employment Taxes for Household Employees 757 Form 941 and Form 944—Deposit Requirements 758 Form 941—Employer's QUARTERLY Federal Tax Return and Form 944—Employer's ANNUAL Federal Tax Return 759 Form 940—Employer's Annual Federal Unemployment (FUTA) Tax Return—Filing and Deposit Requirements 760 Reporting and Deposit Requirements for Agricultural Employers 761 Tips—Withholding and Reporting 762 Independent Contractor vs. Student loan tax forms Employee 763 The “Affordable Care Act” of 2010 Offers Employers New Tax Deductions and Credits Additional employment tax information. Student loan tax forms  Visit the IRS website at www. Student loan tax forms irs. Student loan tax forms gov/businesses and click on the Employment Taxes link under Businesses Topics. Student loan tax forms Ordering Employer Tax Forms and Publications You can order employer tax forms and publications and information returns online at www. Student loan tax forms irs. Student loan tax forms gov/businesses. Student loan tax forms To order 2013 and 2014 forms, click on the Online Ordering for Information Returns and Employer Returns link. Student loan tax forms You may also order employer tax forms and publications and information returns by calling 1-800-TAX-FORM (1-800-829-3676). Student loan tax forms Instead of ordering paper Forms W-2 and W-3, consider filing them electronically using the Social Security Administration's (SSA) free e-file service. Student loan tax forms Visit the SSA's Employer W-2 Filing Instructions & Information website at www. Student loan tax forms socialsecurity. Student loan tax forms gov/employer to register for Business Services Online. Student loan tax forms You will be able to create Forms W-2 online and submit them to the SSA by typing your wage information into easy-to-use fill-in fields. Student loan tax forms In addition, you can print out completed copies of Forms W-2 to file with state or local governments, distribute to your employees, and keep for your records. Student loan tax forms Form W-3 will be created for you based on your Forms W-2. Student loan tax forms Filing Addresses Generally, your filing address for Forms 940, 941, 943, 944, 945, and CT-1 depends on the location of your residence or principal place of business and whether or not you are including a payment with your return. Student loan tax forms There are separate filing addresses for these returns if you are a tax-exempt organization or government entity. Student loan tax forms See the separate instructions for Forms 940, 941, 943, 944, 945, or CT-1 for the filing addresses. Student loan tax forms Dishonored Payments Any form of payment that is dishonored and returned from a financial institution is subject to a penalty. Student loan tax forms The penalty is $25 or 2% of the payment, whichever is more. Student loan tax forms However, the penalty on dishonored payments of $24. Student loan tax forms 99 or less is an amount equal to the payment. Student loan tax forms For example, a dishonored payment of $18 is charged a penalty of $18. Student loan tax forms Photographs of Missing Children The IRS is a proud partner with the National Center for Missing and Exploited Children. Student loan tax forms Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Student loan tax forms You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Student loan tax forms Calendar The following is a list of important dates. Student loan tax forms Also see Publication 509, Tax Calendars. Student loan tax forms   If any date shown below for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or legal holiday, use the next business day. Student loan tax forms A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. Student loan tax forms However, a statewide legal holiday does not delay the due date of federal tax deposits. Student loan tax forms See Deposits on Business Days Only in section 11. Student loan tax forms For any filing due date, you will meet the “file” or “furnish” requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U. Student loan tax forms S. Student loan tax forms Postal Service on or before the due date, or sent by an IRS-designated private delivery service on or before the due date. Student loan tax forms See Private Delivery Services under Reminders for more information. Student loan tax forms Introduction This publication explains your tax responsibilities as an employer. Student loan tax forms It explains the requirements for withholding, depositing, reporting, paying, and correcting employment taxes. Student loan tax forms It explains the forms you must give to your employees, those your employees must give to you, and those you must send to the IRS and SSA. Student loan tax forms This guide also has tax tables you need to figure the taxes to withhold from each employee for 2014. Student loan tax forms References to “income tax” in this guide apply only to “federal” income tax. Student loan tax forms Contact your state or local tax department to determine if their rules are different. Student loan tax forms Additional employment tax information is available in Publication 15-A. Student loan tax forms Publication 15-A includes specialized information supplementing the basic employment tax information provided in this publication. Student loan tax forms Publication 15-B, Employer's Tax Guide to Fringe Benefits, contains information about the employment tax treatment and valuation of various types of noncash compensation. Student loan tax forms Most employers must withhold (except FUTA), deposit, report, and pay the following employment taxes. Student loan tax forms Income tax. Student loan tax forms Social security tax. Student loan tax forms Medicare tax. Student loan tax forms FUTA tax. Student loan tax forms There are exceptions to these requirements. Student loan tax forms See section 15 for guidance. Student loan tax forms Railroad retirement taxes are explained in the Instructions for Form CT-1. Student loan tax forms Comments and suggestions. Student loan tax forms   We welcome your comments about this publication and your suggestions for future editions. Student loan tax forms   You can write to us at the following address: Internal Revenue Service Tax Forms & Publications Division 1111 Constitution Ave. Student loan tax forms NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Student loan tax forms Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Student loan tax forms   You can also send us comments from www. Student loan tax forms irs. Student loan tax forms gov/formspubs. Student loan tax forms Click on More Information and then click on Comment on Tax Forms and Publications. Student loan tax forms   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. Student loan tax forms Federal Government employers. Student loan tax forms   The information in this publication, including the rules for making federal tax deposits, applies to federal agencies. Student loan tax forms State and local government employers. Student loan tax forms   Payments to employees for services in the employ of state and local government employers are generally subject to federal income tax withholding but not FUTA tax. Student loan tax forms Most elected and appointed public officials of state or local governments are employees under common law rules. Student loan tax forms See chapter 3 of Publication 963, Federal-State Reference Guide. Student loan tax forms In addition, wages, with certain exceptions, are subject to social security and Medicare taxes. Student loan tax forms See section 15 for more information on the exceptions. Student loan tax forms   If an election worker is employed in another capacity with the same government entity, see Revenue Ruling 2000-6 on page 512 of Internal Revenue Bulletin 2000-6 at www. Student loan tax forms irs. Student loan tax forms gov/pub/irs-irbs/irb00-06. Student loan tax forms pdf. Student loan tax forms   You can get information on reporting and social security coverage from your local IRS office. Student loan tax forms If you have any questions about coverage under a section 218 (Social Security Act) agreement, contact the appropriate state official. Student loan tax forms To find your State Social Security Administrator, visit the National Conference of State Social Security Administrators website at www. Student loan tax forms ncsssa. Student loan tax forms org. Student loan tax forms Disregarded entities and qualified subchapter S subsidiaries (QSubs). Student loan tax forms   Eligible single-owner disregarded entities and QSubs are treated as separate entities for employment tax purposes. Student loan tax forms Eligible single-member entities that have not elected to be taxed as corporations must report and pay employment taxes on wages paid to their employees using the entities' own names and EINs. Student loan tax forms See Regulations sections 1. Student loan tax forms 1361-4(a)(7) and 301. Student loan tax forms 7701-2(c)(2)(iv). Student loan tax forms COBRA premium assistance credit. Student loan tax forms   The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) provides certain former employees, retirees, spouses, former spouses, and dependent children the right to temporary continuation of health coverage at group rates. Student loan tax forms COBRA generally covers multiemployer health plans and health plans maintained by private-sector employers (other than churches) with 20 or more full and part-time employees. Student loan tax forms Parallel requirements apply to these plans under the Employee Retirement Income Security Act of 1974 (ERISA). Student loan tax forms Under the Public Health Service Act, COBRA requirements apply also to health plans covering state or local government employees. Student loan tax forms Similar requirements apply under the Federal Employees Health Benefits Program and under some state laws. Student loan tax forms For the premium assistance (or subsidy) discussed below, these requirements are all referred to as COBRA requirements. Student loan tax forms   Under the American Recovery and Reinvestment Act of 2009 (ARRA), employers are allowed a credit against “payroll taxes” (referred to in this publication as “employment taxes”) for providing COBRA premium assistance to assistance eligible individuals. Student loan tax forms For periods of COBRA continuation coverage beginning after February 16, 2009, a group health plan must treat an assistance eligible individual as having paid the required COBRA continuation coverage premium if the individual elects COBRA coverage and pays 35% of the amount of the premium. Student loan tax forms   An assistance eligible individual is a qualified beneficiary of an employer's group health plan who is eligible for COBRA continuation coverage during the period beginning September 1, 2008, and ending May 31, 2010, due to the involuntarily termination from employment of a covered employee during the period and elects continuation COBRA coverage. Student loan tax forms The assistance for the coverage can last up to 15 months. Student loan tax forms   Employees terminated during the period beginning September 1, 2008, and ending May 31, 2010, who received a severance package that delayed the start of the COBRA continuation coverage, may still be eligible for premium assistance for COBRA continuation coverage. Student loan tax forms For more information see Notice 2009-27, 2009-16 I. Student loan tax forms R. Student loan tax forms B. Student loan tax forms 838, available at www. Student loan tax forms irs. Student loan tax forms gov/irb/2009-16_irb/ar09. Student loan tax forms html. Student loan tax forms   Administrators of the group health plans (or other entities) that provide or administer COBRA continuation coverage must provide notice to assistance eligible individuals of the COBRA premium assistance. Student loan tax forms   The 65% of the premium not paid by the assistance eligible individuals is reimbursed to the employer maintaining the group health plan. Student loan tax forms The reimbursement is made through a credit against the employer's employment tax liabilities. Student loan tax forms For information on how to claim the credit, see the Instructions for Form 941 or the Instructions for Form 944. Student loan tax forms The credit is treated as a deposit made on the first day of the return period (quarter or year). Student loan tax forms In the case of a multiemployer plan, the credit is claimed by the plan, rather than the employer. Student loan tax forms In the case of an insured plan subject to state law continuation coverage requirements, the credit is claimed by the insurance company, rather than the employer. Student loan tax forms   Anyone claiming the credit for COBRA premium assistance payments must maintain the following information to support their claim, including the following. Student loan tax forms Information on the receipt of the assistance eligible individuals' 35% share of the premium, including dates and amounts. Student loan tax forms In the case of an insurance plan, a copy of invoice or other supporting statement from the insurance carrier and proof of timely payment of the full premium to the insurance carrier required under COBRA. Student loan tax forms In the case of a self-insured plan, proof of the premium amount and proof of the coverage provided to the assistance eligible individuals. Student loan tax forms Attestation of involuntary termination, including the date of the involuntary termination for each covered employee whose involuntary termination is the basis for eligibility for the subsidy. Student loan tax forms Proof of each assistance eligible individual's eligibility for COBRA coverage and the election of COBRA coverage. Student loan tax forms A record of the SSNs of all covered employees, the amount of the subsidy reimbursed with respect to each covered employee, and whether the subsidy was for one individual or two or more individuals. Student loan tax forms   For more information, visit IRS. Student loan tax forms gov and enter “COBRA” in the search box. Student loan tax forms Prev  Up  Next   Home   More Online Publications