Get Irs 8974 2017

The IRS 8974 form is essential for claiming the qualified small business payroll tax credit for increasing research activities. This guide provides a clear, step-by-step process for filling out the form online, ensuring you understand each section and field.

Follow the steps to complete your IRS 8974 form online.

1. Press the ‘Get Form’ button to access the IRS 8974 form and open it in your editor.
2. Begin by entering your employer identification number (EIN) in the designated field.
3. Select the appropriate calendar quarter for the filing period by checking one of the boxes provided.
4. In Part 1, specify which income tax return you filed that elected for the qualified small business payroll tax credit by checking the appropriate box (Form 1040, 1065, 1120, 1120-F, or 1120S).
5. Indicate the tax period covered by your income tax return by entering the start and end dates.
6. If the EIN listed is different from that used on Form 6765, enter the EIN from Form 6765.
7. In Part 2, input the amount from Form 6765, line 44, or the allocation to your EIN.
8. Record the amount of the credit that was taken in previous periods.
9. Subtract the previous credits from the current credit amount to find the available credit.
10. Enter amounts from Form 941 in relevant fields as specified to calculate your total credit.
11. Multiply the result to determine the credit amount that can be claimed this period.
12. Finally, enter the calculated credit on line 12 and ensure this total is transferred to Form 941 (941-PR or 941-SS) as needed.
13. Once all relevant fields are completed, save your changes, and download or print the final document for your records.

Complete your IRS 8974 form online today to accurately claim your qualified small business payroll tax credit.