Form 433-F – Collection Information Statement
Form 433-F, the Collection Information Statement, is an IRS form used to gather financial information from taxpayers who owe back taxes. This information helps the IRS determine how to best collect the debt.
Form 8820 – Orphan Drug Credit
Form 8820 is used to claim the orphan drug credit, a tax incentive for companies that develop treatments for rare diseases. This credit helps make these much-needed drugs more available.
Form 3800 – General Business Credit (highlighted previously for business owners)
Form 3800 is used by businesses to claim various tax credits that can reduce their overall tax liability. It's a crucial form for business owners looking to maximize their tax savings.
Form 1099-SA – Distributions From an HSA, Archer MSA, or Medicare Advantage MSA (noted earlier under health savings)
Form 1099-SA reports distributions you receive from a Health Savings Account (HSA), Archer MSA, or Medicare Advantage MSA. It's important for tax reporting because it helps determine if your withdrawals are taxable.
Form 8880 – Credit for Qualified Retirement Savings Contributions (cross-referenced under tax credits)
Form 8880 is used to claim the Retirement Savings Contributions Credit, also known as the Saver's Credit. This credit helps low-to-moderate-income individuals reduce their tax burden while saving for retirement.
Form 6251 – Alternative Minimum Tax – Individuals (previously mentioned, added for completeness here)
Form 6251 is used to calculate the Alternative Minimum Tax (AMT), a separate tax system designed to ensure higher-income taxpayers pay a fair share. This form helps determine if you owe AMT in addition to your regular income tax.
Form 8801 – Credit for Prior Year Minimum Tax (mentioned earlier but relevant under AMT categories)
Form 8801 is used to claim a tax credit for any Alternative Minimum Tax (AMT) you paid in prior years. It can reduce your regular tax liability in future years.
Form 8396 – Mortgage Interest Credit
Form 8396 is used to claim the mortgage interest credit, which can help certain lower-income homeowners reduce their tax burden. It's not the same as the mortgage interest *deduction*.
Form 5405 – Repayment of the First-Time Homebuyer Credit
Form 5405 is used to repay the first-time homebuyer credit, a benefit given to some home purchasers years ago. It's important to understand if this form applies to you and how to correctly fill it out.
Form 8971 – Information Regarding Beneficiaries Acquiring Property From a Decedent
Form 8971 is an IRS form used to report the value of property inherited from a deceased person. It ensures beneficiaries have the correct information for future tax purposes.