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8612 Return of Excise Tax on Undistributed Income of Real Estate Investment Trusts Form (Rev. December 2013) Department of the Treasury Internal Revenue Service Name of REIT Please Type or Print OMB

How to fill out form 8612 return of

How to Fill Out Form 8612 Return Of:

1. Gather all necessary information and documents: Before filling out Form 8612 (Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code), make sure you have all the required information and documents. This may include your personal information, any tax-exempt bond information, and details about any alcohol, tobacco, firearms, or wagering activities subject to excise taxes.
2. Understand the purpose of the form: Form 8612 is used to calculate the Alternative Minimum Tax (AMT) for certain types of excise taxes. Its purpose is to determine if you owe any additional tax under the AMT rules.
3. Provide accurate personal information: Fill out the top section of Form 8612 with your personal information, including your name, Social Security number or taxpayer identification number, address, and filing status.
4. Complete Part I: In Part I of the form, you need to provide information about your tax-exempt bonds. This includes the date the bond was issued, the purpose of the bond, your investment in the bond, and any prior adjustments.
5. Calculate your Modified Alternative Minimum Taxable Income (MATMI): In Part II, you need to calculate your MATMI by adding or subtracting certain adjustments from your regular taxable income. These adjustments consider factors such as depreciation, depletion, passive activities, and tax preferences.
6. Determine the tentative minimum tax: Using the calculated MATMI from Part II, complete Part III to determine your tentative minimum tax. This section accounts for the various exemptions, exemptions phase-out, and the applicable tax rate.
7. Compare the tentative minimum tax with regular tax liability: In Part IV, you will need to compare the tentative minimum tax from Part III with your regular tax liability. If the tentative minimum tax is higher, you may need to pay an additional tax under the AMT rules.
8. Complete the rest of the form: Follow the instructions provided on Form 8612 to complete the remaining sections, including any additional calculations or adjustments for specific activities subject to excise taxes.

Who needs Form 8612 Return Of:

1. Individuals with specific excise tax liabilities: Form 8612 is primarily required for individuals or entities that have excise tax liabilities related to certain activities, such as manufacturing and selling alcohol, tobacco products, firearms, or conducting wagering activities subject to federal excise taxes. It helps determine if they owe any additional tax under the AMT rules.
2. Taxpayers subject to the Alternative Minimum Tax: The form is used to calculate the Alternative Minimum Tax for taxpayers with certain types of excise tax obligations. If you are subject to the AMT and have relevant excise tax liabilities, you may need to fill out Form 8612.
3. Taxpayers meeting the filing requirements: If you meet the filing requirements set by the Internal Revenue Service (IRS) and have excise tax liabilities that fall under the scope of Form 8612, you will need to complete this form when filing your taxes. Make sure to consult the IRS guidelines or a tax professional to determine if you need to file this form for your specific situation.

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What is form 8612 return of?

Form 8612 is the 'Return of a Child Tax Credit.'

Who is required to file form 8612 return of?

Form 8612 is required to be filed by taxpayers who received the Child Tax Credit and need to calculate any potential excess credit.

How to fill out form 8612 return of?

To fill out form 8612, you will need to provide information about your child tax credit, including any excess credit you are claiming. Detailed instructions can be found on the IRS website or in the instructions accompanying the form.

What is the purpose of form 8612 return of?

The purpose of form 8612 is to calculate and claim any excess Child Tax Credit, which is the amount by which the total child tax credit exceeds the taxpayer's tax liability.

What information must be reported on form 8612 return of?

Form 8612 requires information about your child tax credit, including the total credit, the amount of credit claimed on your original return, and any excess credit you are requesting.