Form 970, Application to Use LIFO Inventory Method, is the official IRS document you file to elect the Last‑In, First‑Out (LIFO) inventory accounting method under Section 472 of the Internal Revenue Code. Whether you’re a corporation, partnership, or sole proprietor, filing Form 970 is the first step to start using LIFO and to protect your election for future tax years.
What Is Form 970 and When Do You Need It?
Form 970 is required the first year you intend to use LIFO for any inventory items. The election is irrevocable without IRS consent, so it’s critical to file accurately and on time with your tax return.
How to Complete the Fillable Form 970 Online
Instead of downloading a static PDF and editing it in a separate program, simply click the "Fill out this form" button on this page. The Formize PDF Filler app will load the fillable version of Form 970, allowing you to enter data directly in your browser.
- Step 1: Click the "Fill out this form" button.
- Step 2: Wait a few seconds while the Formize PDF Filler loads.
- Step 3: Complete each field – name, EIN, tax year, inventory details, and method selection.
- Step 4: Review for errors, then click Save & Download to get a completed PDF.
- Step 5: Attach the finished Form 970 to your federal income tax return and file as instructed.
Common Mistakes & Tips for a Successful LIFO Election
Don’t forget the signature. An unsigned Form 970 is rejected.
Provide a detailed inventory analysis. Attach a separate statement showing opening and closing inventories for the first LIFO year.
Choose the correct LIFO method. Whether you use the specific‑goods (unit) method, dollar‑value method, or IPIC method, the corresponding parts of the form must be completed.
Download the Official Form 970 PDF
If you prefer the original IRS PDF, you can download it directly from the link below. The fillable version on Formize mirrors this official document, ensuring compliance with IRS requirements.
Download IRS Form 970 (PDF)
