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What is magnet i?
Magnet I is a form that must be filed with the IRS to report certain financial information.
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Individuals or entities with specified financial activity are required to file Magnet I.
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Magnet I can be filled out electronically or by mail following the instructions provided by the IRS.
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The purpose of Magnet I is to report financial information to the IRS for tax compliance and enforcement purposes.
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Information such as income, expenses, assets, and liabilities must be reported on Magnet I.
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