Get the free Instructions for Form 8928 (Rev. July 2016). Instructions for Form 8928, Return of C...

Caution: DRIFTNET FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information as a courtesy. Do not file draft forms.

How to fill out instructions for form 8928

How to fill out instructions for form 8928:

1. Understand the purpose of form 8928: Form 8928 is used to report and pay the excise tax on certain transactions or entities, such as failure to maintain minimum essential health coverage or excessive compensation for select individuals. Make sure you have a clear understanding of the requirements for reporting on form 8928.
2. Gather all necessary information: Before filling out the form, gather all relevant information, such as the taxpayer identification number, name, and address of the individual or entity in question. Additionally, gather information on the specific transaction or event that triggers the need to file form 8928.
3. Use the correct tax year and filing instructions: Ensure that you are using the appropriate tax year for reporting on form 8928. The instructions for form 8928 provide guidance on how to properly fill out the form and report the required information based on the specific circumstances.
4. Complete the required sections: Follow the instructions provided on form 8928 to complete all necessary sections. This may include entering personal or entity information, identifying the specific type of transaction or event, calculating the excise tax owed, and providing any additional required details.
5. Review and double-check: Once you have filled out form 8928, review all the information entered to ensure accuracy and completeness. Double-check that you have included all necessary attachments, such as supporting documentation or schedules. Mistakes or omissions can lead to delays or penalties, so take the time to review everything carefully.

Who needs instructions for form 8928?

1. Individuals or entities subject to excise tax: Any individual or entity that has engaged in a transaction or event that requires reporting and payment of excise tax may need to refer to the instructions for form 8928. This includes situations such as failure to maintain minimum essential health coverage or excessive compensation for select individuals.
2. Taxpayers unfamiliar with form 8928 requirements: If you are not familiar with the reporting requirements of form 8928 or have never filed this form before, it is advisable to refer to the instructions. The instructions provide detailed guidance on how to properly fill out the form, ensuring compliance with tax regulations.
3. Tax professionals or advisors: Tax professionals who assist clients in fulfilling their tax obligations may need to consult the instructions for form 8928 to accurately prepare and file the form on behalf of their clients. The instructions can provide valuable information and guidance for professionals working in the taxation field.

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