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Form 965-A

  1. Country USA
  2. Language English
  3. Activity Taxes
  4. Department Internal Revenue Service
Form 965-A

Individual Report of Net 965 Tax Liability

Rev. January 2021

Form 965-A is used by S corporations to report the deferred net 965 tax liability related to 965 amounts allocated from the S corporation. It includes information on election or transfer year, S corporation name, tax identification number, and beginning deferred 965 net tax liability transferred (out) or transferred in by agreement. The form also has space for reserved lines.

Instructions

FAQ
  • What is Form 965-A?

    Form 965-A, also known as the 'Installment Sale Income' form, is used by taxpayers who are reporting an installment sale or an involuntary conversion of a capital asset. This form allows taxpayers to calculate and report their income from the sale, as well as any related deductions or credits.

  • What is a deferred 965 net tax liability?

    A deferred 965 net tax liability refers to the amount of taxes that are due from a taxpayer but have been deferred under certain provisions of the Internal Revenue Code. This means that the taxpayer does not have to pay the taxes immediately, but instead has more time to do so.

  • What information do I need to fill out Form 965-A?

    To fill out Form 965-A, you will need to provide information such as the name and address of the buyer and seller, the sale price or fair market value of the asset being sold, any down payments received, and any outstanding installment obligations. Additionally, you may need to report any related deductions or credits.

  • What are the different columns in Form 965-A?

    Form 965-A has several columns that are used to report various pieces of information related to an installment sale or involuntary conversion. These include columns for the name and address of the buyer and seller, the sale price or fair market value of the asset being sold, any down payments received, outstanding installment obligations, deferred S corporation-related net 965 tax liability, transfers in and out, and the total amount of income from the sale.

  • What is an involuntary conversion?

    An involuntary conversion refers to a situation where a taxpayer is forced to sell a capital asset for less than its adjusted basis. This can occur due to events such as a casualty loss or foreclosure.

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ABOUT

Internal Revenue Service (IRS) Forms

Form 965-A is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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