Get the free Instructions for Form 8963 (Rev. February 2016). Instructions for Form 8963, Report ...

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 8963

Instructions for Form 8963:

1. Gather all necessary information and documents before starting to fill out Form 8963. This includes your employer identification number (EIN), total research expenses for the qualified tax year, and any allocated research expenses.
2. Begin by providing your EIN and legal name at the top of the form.
3. Section A of the form requires you to report the total amount of qualified research expenses (QREs) for the tax year. Fill in the appropriate boxes with the corresponding amounts.
4. In Section B, you will allocate the total QREs between regular research credit and alternative simplified research credit. Follow the instructions provided to determine these allocations and enter the amounts accordingly.
5. Move on to Section C if you wish to claim an additional credit for energy research expenditures. Fill out this section only if applicable and follow the given instructions.
6. Section D requires you to allocate QREs between eligible small businesses and so-called "start-up" businesses. Refer to the instructions to correctly divide the expenses and input the allocated amounts.
7. Next, you may be eligible to claim a payroll tax credit by completing Section E. Review the instructions carefully to determine whether you qualify for this credit and follow the steps accordingly.
8. In Section F, report any carryforward or carryback of the research credit from prior years. Enter the relevant amounts in the appropriate boxes.
9. Finally, sign and date the form to certify its accuracy.

Who needs instructions for Form 8963?

1. Businesses that have conducted qualified research activities and wish to claim the research credit on their federal tax return need instructions for Form 8963.
2. Tax professionals and accountants handling the tax filings of businesses engaged in research and development activities may also require instructions for Form 8963 to ensure accurate completion.
3. Any individual or entity with eligible research expenses who wants to take advantage of the research credit should refer to the instructions for Form 8963 to understand the specific requirements and procedures for filling out the form correctly.

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