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Form 945-V IN: What You Should Know

Backup Withholding— Form 944 Form 944 is a form you use to back up withholding. Backup Withholding— Form 8886 Form 8886 is a form you use to back up withholding on interest income, self-employed individuals, and pensions received under the American Recovery and Reinvestment Act (AREA). Withholding with certain amounts on Form 1099 As you have probably noticed, we have to enter a dollar amount on the form. This is why you'll want to prepare a backup form with this information, so you don't have to include the form with your income tax return. If you have to enter more than one dollar amount with your tax return, make sure to include the backup forms you prepare with that second amount. There are specific IRS backup withholding forms for each type of withholding (Social Security and Medicare are the only federal withholding on Medicare payments). Form 1099 or Form 1095 You must complete Form 1099 and/or Form 1095 if you have to use Form 1095 instead of 1099. Form 1099— IRS If you're entering more than 1 payment of 600 or more, you must complete and submit Form 1099-SA. If you're entering more than 1 payment of 300 or more, you must complete and submit a Form 1099-PRS. Form 1099-PRS— IRS If you're entering more than 1 payment of less than 600, you must complete and submit Form 1099-RS. Form 1099-RS— IRS To file a backup withholding with more than 1 Form 1099 or Form 1095, you must also file additional Form 1099-PRS or Form 1095-PRS. Nonage and Social Security Withholding— Form 4968 The nonage withholding instructions on Form 4968 contain a table of dollar amounts for all the types of withholding. The table also tells you to use Form 4968 for Forms 1099 and 1095. Social Security Withholding Requirements— IRS You must use Form 4968 if you have to use Form 1099 or 1095. Form 4968— Self-Employed You should include the following information on Schedule C; all of that information is for Form 4968 only.

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