Submit Form 8867 in the manner required and D. Keep all five of the following records for 3 years from the latest of the dates specified in the Form 8867 instructions under Document Retention. 1. A copy of Form 8867 2. The applicable worksheet s or your own worksheet s for any credits claimed 3. Complete this Form 8867 truthfully and accurately and complete the actions described in this checklist for all credits claimed C. Submit Form 8867 in the manner required and D. Keep all five of the...following records for 3 years from the latest of the dates specified in the Form 8867 instructions under Document Retention. 1. Do you certify that all of the answers on this Form 8867 are to the best of your knowledge true correct and complete. By the taxpayer or reasonably obtained by you. AOTC retention requirement you must keep a copy of your documentation referenced in 4b a copy of this Form 8867 a copy of applicable worksheets a record of how when and from whom the information used to...prepare Form 8867 and worksheet s was obtained and a copy of any document s provided by the taxpayer that you relied on to determine eligibility or to compute the amount for the credit s. A copy of Form 8867 2. The applicable worksheet s or your own worksheet s for any credits claimed 3. Copies of any taxpayer documents you may have relied upon to determine eligibility for and the amount of the credit s 4. N/A For Paperwork Reduction Act Notice see separate instructions. Cat. No. 26142H 8867...2017 Page 2 Form 8867 2017 9a Have you determined that this taxpayer is in fact eligible to claim the EIC for the number of children for whom the EIC is claimed or to claim EIC if the taxpayer has no qualifying child Skip 9b and 9c if the taxpayer is claiming EIC and does not have a qualifying child. Person. Did the taxpayer provide substantiation such as a Form 1098-T and/or receipts for the qualified tuition and related expenses for the claimed AOTC Part V Credit Eligibility Certification You...have complied with all due diligence requirements with respect to the credits claimed on the return of the adequate information to determine if the taxpayer is eligible to claim the credit s and in what amount s B. Complete this Form 8867 truthfully and accurately and complete the actions described in this checklist for all credits claimed C. Form Paid Preparer s Due Diligence Checklist OMB No. 1545-1629 Earned Income Credit EIC American Opportunity Tax Credit AOTC Child Tax Credit CTC and...Additional Child Tax Credit ACTC Department of the Treasury To be completed by preparer and filed with Form 1040 1040A 1040EZ 1040NR 1040SS or 1040PR. Internal Revenue Service Go to www.irs.gov/Form8867 for instructions and the latest information. Attachment Sequence No. 70 Taxpayer identification number Taxpayer name s shown on return Enter preparer s name and PTIN Part I Due Diligence Requirements EIC Please check the appropriate box for the credit s claimed on this return and complete the...related Parts I IV for the credit s claimed check all that apply. CTC/ACTC Yes No Did you complete the applicable EIC and/or CTC/ACTC worksheets found in the Form 1040 1040A 1040EZ 1040SS 1040PR or 1040NR instructions and/or the AOTC worksheet found in the Form 8863 instructions or your own worksheet s that provides the same information and all related forms and schedules for each credit claimed. Did you satisfy the knowledge requirement To meet the knowledge requirement you must do both of the...following Interview the taxpayer ask questions and document the taxpayer s responses to determine that the taxpayer is eligible to claim the credit s Review information to determine that the taxpayer is eligible to claim the credit s and for what amount.
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How to fill out IRS 8867
Instructions and Help about IRS 8867
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How to fill out IRS 8867
Filling out IRS 8867 requires several steps to ensure compliance with IRS regulations. First, gather necessary information regarding the taxpayer and their dependents. Next, follow these steps:
01
Enter your name and identifying information at the top of the form.
02
Provide details about the qualifying child or relative for whom you are claiming the credit.
03
Complete all relevant sections regarding eligibility criteria for the Earned Income Tax Credit or other applicable credits.
04
Sign and date the form at the bottom.
About IRS 8 previous version
What is IRS 8867?
IRS 8867 is the Refundable Credits Due Diligence Form. It is designed to ensure that tax preparers conduct the appropriate level of due diligence when filing claims for refundable tax credits, such as the Earned Income Tax Credit (EITC) and others.
Who needs the form?
Tax preparers must utilize IRS 8867 when preparing taxes for clients who are claiming refundable credits. It applies to any paid preparer who assists in filing tax returns that include these credits.
Components of the form
The components of IRS 8867 include sections for the taxpayer's name and identification number, spaces to provide details of the qualifying children, and checkboxes related to eligibility for the refundable credits. Each part must be filled out accurately to avoid penalties.
What information do you need when you file the form?
When filing IRS 8867, you need specific information, including:
01
The taxpayer's Social Security number.
02
Details about the qualifying children, such as their names and Social Security numbers.
03
Earned income amount and other relevant financial details.
Where do I send the form?
IRS 8867 must be submitted with the taxpayer’s tax return to the address designated for the specific return type (Form 1040 or Form 1040-SR). For electronic submissions, the form is typically included automatically.”
What is the purpose of this form?
The primary purpose of IRS 8867 is to confirm that taxpayers meet the criteria to claim refundable credits. Tax preparers are required to complete the form to demonstrate compliance with due diligence requirements. This helps reduce improper claims and ensures taxpayers are accurately reported.
When am I exempt from filling out this form?
Exemptions from filling out IRS 8867 occur mainly for tax returns that do not include refundable credits. If a taxpayer is not claiming refundable credits, the preparer does not need to complete this form. Additionally, if the preparer is not compensated for the service, they may also be exempt.
What are the penalties for not issuing the form?
Failure to issue IRS 8867 can result in significant penalties. A tax preparer may face penalties up to $530 for each failure to comply. Furthermore, tax preparers may also risk losing their tax preparation credentials or face additional disciplinary actions from the IRS.
Is the form accompanied by other forms?
IRS 8867 is often submitted alongside Form 1040 or Form 1040-SR when refundable credits are claimed. It is crucial to check if additional supporting documentation is required based on the specific credits claimed.
FAQ about IRS 8867
What should I do if I discover an error in my submitted form 8867?
If you find a mistake in your submitted form 8867, you should file an amended return. Ensure you indicate that the form is corrected and provide the necessary documentation to support the changes. Always keep a copy of the original and amended form for your records.
How can I check the status of my submitted form 8867?
To verify the receipt or processing status of your form 8867, you can use the IRS's online tracking tools or contact their customer service. It's essential to have your details handy, such as your name, Social Security number, and the tax year of the form to facilitate the inquiry.
Are there special considerations for filing form 8867 on behalf of someone else?
When filing form 8867 on behalf of another individual, you must have a valid power of attorney (POA) in place. Ensure that all necessary signatures are included, and be aware of any specific requirements related to nonresidents or foreign payees.
What common errors should I avoid when submitting form 8867?
Common errors when submitting form 8867 include incorrect amounts, missing signatures, and failure to provide necessary supporting documents. Double-check each section before submission to prevent delays in processing or potential rejections.
Can I e-file my form 8867, and what are the requirements?
Yes, you can e-file your form 8867 provided you meet certain technical requirements, such as using compatible software and browsers. Ensure your e-filing software supports form 8867 and follow the guidelines for electronic submission to avoid common pitfalls.
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