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5558 Form: What You Should Know

July 7, 2022. For returns for the 2024 tax year, the extended due date is July 29, 2021. Top Tips for IRS Form 5558: Get Form 5558 Letter April 14, 2024 — Letter from IRS regarding Form 5558 must be received from  your employer(s) by April 15, 2022. Form 5558 can ONLY be applied for on Form 5500 series returns.  Top Tips for IRS Form 709 — Employment Tax Credit Jan 12, 2024 — This form has been made obsolete. Use Form 941 instead. Taxpayers who claim a tax credit for an employment tax credit under Section 36B of the Internal Revenue Code may have their claim approved without filing any additional tax returns. A person is eligible for a Section 36B employment tax credit if he or she filed a timely return for any months in the year for which the person received the Section 36B employment tax credit. A single taxpayer family claimed the Section 36B employment tax credit is entitled to an Employment Tax Credit of 500 per month for the first year of employment. No more than a total of a total of up to 2,500 (25 percent of the amount claimed as a credit under section 6012, tax code), multiplied by 12 months, is allowed as a credit for any month in the year. If a person claiming a Section 36B credit is entitled to more than the Section 36B Employment Credit for a full calendar year, any amounts from months included in a month when the person was not entitled to the Section 36B Employment Credit do not have to be included in the person's return for that month. The Credit for Taxed Benefits Received from a Trade or Business can be allowed on forms other than Forms 1040. However, no more than 500 (25 percent of the amount for which it was claimed) may be allowed as a credit on forms other than Forms 1040 to the credit limit allowed on Form 1040. (The credit limit on Form 1040 is not reduced if the credit was claimed in the preceding year from returns less than or equal to 10 to the 1st page of Form 1040 or if the number of Forms 1040 filed is less than 10 to the last page of Form 1040.) (Forms 1040-A and 1041-A and all other versions of Form 1040 are not subject to this limitation for a credit.) The credit is not available to individuals in any year on income from employment of a non-resident alien individual.

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