Get the free Form 8804-W (WORKSHEET) - Internal Revenue Service - irs

2013 Department of the Treasury Internal Revenue Service Instructions for Form 8804-W (WORKSHEET) Installment Payments of Section 1446 Tax for Partnerships Section references are to the Internal Revenue

How to fill out form 8804-w worksheet

1. To fill out Form 8804-W worksheet, start by gathering all the necessary information and documents related to your partnership or limited liability company (LLC).
2. Complete the header of the worksheet by entering the tax year, the name of the partnership or LLC, and its employer identification number (EIN).
3. Next, you will need to provide the total effectively connected taxable income (ECTI) of the partnership or LLC, as well as the total distributive share of ECTI for each foreign partner or member.
4. Calculate the withholding ratio by dividing the distributive share of ECTI for each foreign partner or member by the total distributive share of ECTI.
5. Determine the applicable withholding rate based on the country of residence of each foreign partner or member. This rate can be found in the instructions for Form 8804.
6. Multiply the distributive share of ECTI for each foreign partner or member by the applicable withholding rate to calculate the amount of withholding tax to be withheld for each partner or member.
7. Complete the worksheet by entering the name, address, and country of residence for each foreign partner or member, along with their respective withholding tax amounts.
8. Once you have completed the worksheet, it is recommended to review all the information for accuracy before submitting it.
9. Form 8804-W worksheet is typically used by partnerships and LLCs to calculate the withholding tax on effectively connected taxable income (ECTI) allocated to foreign partners or members.
10. It is important to note that this worksheet is not a standalone form and should be used in conjunction with Form 8804, which is used to report and pay the withholding tax.
11. Partnerships and LLCs that have foreign partners or members are required to use Form 8804-W worksheet to calculate the withholding tax amount for each partner or member.
12. The completed Form 8804-W worksheet will help ensure compliance with the withholding tax requirements and facilitate the accurate reporting and payment of the withholding tax to the Internal Revenue Service (IRS)

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What is form 8804-w worksheet?

Form 8804-W Worksheet is a worksheet used to calculate the withholding tax payments for partners in a partnership engaged in a US trade or business.

Who is required to file form 8804-w worksheet?

Partnerships engaged in a US trade or business are required to file Form 8804-W Worksheet to calculate withholding tax payments for their partners.

How to fill out form 8804-w worksheet?

To fill out Form 8804-W Worksheet, you need to provide information about the partnership, its partners, the income subject to withholding, and calculate the withholding amount based on the prescribed rates and rules.

What is the purpose of form 8804-w worksheet?

The purpose of Form 8804-W Worksheet is to calculate the withholding tax payments that partnerships need to make on behalf of their partners who are foreign persons or entities.

What information must be reported on form 8804-w worksheet?

Form 8804-W Worksheet requires information such as the partnership's name, employer identification number (EIN), total effectively connected taxable income (ECTI), the total distribution of current-year ECTI to partners, and the withholding tax amount calculated based on the prescribed rates and rules.