Form 965-A
Forms

Form 965-A: Individual Report of Net 965 Tax Liability

This article provides an overview of Form 965-A, detailing the purpose of the form, definitions associated with it, who must file it, and when and where it is to be filed. Individuals and entities taxed as individuals must file this form to report their net 965 tax liability and pay any relevant amounts.

What is Form 965-A?

Form 965-A is a form used by individual taxpayers or entities taxed like individuals (e.g. trusts or estates) to report their net 965 tax liability for each tax year in which they must report or pay section 965 amounts. All taxpayers with any outstanding or unpaid net 965 tax liability must file this form, which should be submitted with their income tax return for the given reporting year. Additionally, the form is used to report any adjustments to or payments of an outstanding net 965 tax liability, as well as a shareholder’s net 965 liability with respect to an S corporation, and the beginning, ending, and adjustments to any deferred net 965 tax liabilities with respect to the S corporation.

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IRS Form 965-A – Who Needs to Fill It Out?

IRS Form 965-A must be filed by individual taxpayers (or those taxed like individuals) who have a net 965 tax liability for any tax year, or who have a net 965 tax liability remaining unpaid at any time during the tax year. The form must be filed with the income tax return for the reporting year, either as a paper document or electronically. Filing electronically is a simpler process and follows the instructions for the income tax return.

Step-by-Step: Form 965-A Instructions For Filling Out the Document

Filing Form 965-A is an important responsibility for individual taxpayers as well as entities taxed like individuals. This form is used to report and pay the taxpayer’s net 965 tax liability, including any deferred net 965 tax liabilities with respect to an S corporation, for each tax year, as well as record any adjustments of such liabilities. This form must be completed and filed with the income tax return of the taxpayer for the reporting year by the due date, with electronic filing accepted for most taxpayers. Those with any net 965 tax liabilities outstanding (including deferred net 965 tax liabilities with respect to an S corporation) must file this form as a cumulative record.

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Below, we present a table that will help you understand how to fill out Form 965-A.

Information Required for Form 965-A Details
Reporting Year The tax year for which Form 965-A is being filed
Net 965 Tax Liability Total net 965 tax liability for the reporting year
Deferred Net 965 Tax Liability (S Corp) Amount of deferred net 965 tax liabilities with respect to an S corporation
Adjustments to Liabilities Any adjustments made to the net 965 tax liabilities
Filing Deadline Due date for filing Form 965-A
Electronic Filing Whether electronic filing is accepted for most taxpayers
Cumulative Record Requirement to file as a cumulative record if there are outstanding net 965 tax liabilities
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Do You Need to File Form 965-A Each Year?

Do You Need to File Form 965-A Each Year? Yes. Any individual taxpayer (or taxpayer taxed like an individual) who has a net 965 tax liability for any given tax year or any net 965 tax liability remaining unpaid at any point during a tax year must file Form 965-A with their income tax return for the reporting year by the due date. If filing electronically, Form 965-A must be included with the electronic income tax return. This form should be used to report the determination of the taxpayer’s net 965 tax liability, payments of the net 965 tax liability, adjustments to any net 965 tax liabilities, and any deferred net 965 tax liabilities with respect to an S Corporation.

Download the official IRS Form 965-A PDF

On the official IRS website, you will find a link to download Form 965-A. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 965-A

Sources:

https://www.irs.gov/forms-pubs/about-form-965-a

https://www.irs.gov/instructions/i965a

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