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Instructions for Form 8974Department of the Treasury Internal Revenue Service(Rev. December 2017)Qualified Small Business Payroll Tax Credit for Increasing Research Activities Section references are

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How to fill out about form 8974 qualified

01

Gather all necessary information such as employer identification number (EIN) for each related person, qualifying wages, allocable qualified research expenses (QREs), total QREs, and the related person's names and EINs.

02

Fill in the top section of the form with your name, address, and EIN.

03

Enter the name and EIN of each related person, along with their qualifying wages and allocable QREs in the provided columns.

04

Calculate the total QREs and enter the amount in the designated field.

05

Compute the percentage of total QREs for each related person and enter it in the appropriate column.

06

Multiply the percentage of total QREs by qualifying wages for each related person to determine the portion eligible for the credit.

07

Finally, enter the total eligible portion of the credit for all related persons in the last column.

08

Review the completed form for accuracy and attach it to your tax return.

Who needs about form 8974 qualified?

01

Form 8974 qualified is needed by taxpayers who are engaged in a qualified research activity and are section 41 credit eligible small businesses (ESBs), as well as members of a controlled group that includes an ESB.

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What is about form 8974 qualified?

Form 8974, Qualified Plug-in Electric Drive Motor Vehicle Credit, is used by taxpayers to claim a credit for qualified plug-in electric vehicles they have acquired.

Who is required to file about form 8974 qualified?

Taxpayers who have purchased or leased a qualified plug-in electric drive motor vehicle and wish to claim the credit must file Form 8974.

How to fill out about form 8974 qualified?

To fill out Form 8974, taxpayers need to provide their personal information, details about the qualified vehicle, and the credit they wish to claim, following the instructions provided by the IRS.

What is the purpose of about form 8974 qualified?

The purpose of Form 8974 is to enable eligible taxpayers to claim a tax credit for the purchase of qualified plug-in electric drive motor vehicles.

What information must be reported on about form 8974 qualified?

Form 8974 requires information such as the taxpayer's name and identification number, details about the vehicle, the overall tax credit amount, and any other relevant tax information.

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