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FormDepartment of the Treasury Internal Revenue Service15620OMB Number 15450074Section 83(b) Election(October 2024)The undersigned taxpayer hereby elects, pursuant to 83(b) of the Internal Revenue

How to fill out section 83b election official

How to fill out section 83b election official

1. Obtain the Section 83(b) election form from the IRS or your company's equity plan.
2. Fill out your name, address, and taxpayer identification number (TIN) at the top of the form.
3. Provide the description of the property (e.g., number of shares of stock) you are electing.
4. Include the date of the property transfer and the vesting schedule, if applicable.
5. State the fair market value of the property at the time of transfer and any amount you paid for the property.
6. Sign and date the form to certify that the information is true and correct.
7. Mail the completed Section 83(b) election form to the IRS office where you file your tax return.
8. Keep a copy of the form for your records.

Who needs section 83b election official?

1. Individuals receiving restricted stock or other forms of equity compensation.
2. Employees who want to recognize income earlier for tax purposes.
3. Founders and key employees who are granted stock options or shares subject to vesting.

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What is section 83b election official?

Section 83(b) election is a provision in the Internal Revenue Code that allows taxpayers to elect to include in their income the value of property received in connection with the performance of services, such as stock options, at the time of transfer rather than when the property becomes vested.

Who is required to file section 83b election official?

Individuals who receive property in connection with the performance of services, such as employees who are granted stock options or restricted stock, may choose to file a Section 83(b) election if they wish to recognize the income immediately.

How to fill out section 83b election official?

To fill out a Section 83(b) election, the taxpayer must complete a written statement that includes their name, address, taxpayer identification number, the description of the property, the date of transfer, and the amount paid for the property, and then file it with the IRS.

What is the purpose of section 83b election official?

The purpose of the Section 83(b) election is to allow taxpayers to accelerate the recognition of income related to the transfer of property, potentially benefiting them by locking in a lower tax rate and starting the holding period for long-term capital gains.

What information must be reported on section 83b election official?

The information that must be reported includes the taxpayer's name, address, taxpayer ID number, a description of the property, the date of transfer, the amount paid for the property, and a statement that the election is being made under Section 83(b).