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Form 8288-B North Carolina: What You Should Know

The new forms now are expected to be issued for use in the first quarter of fiscal year 2015, and will go into effect on the beginning of the third quarter of fiscal year 2015. Underwriters that have completed all their accounting must have a copy to ensure that the amount collected exceeds the amount paid. The amount that a taxpayer pays in excess of the amount collected by an Underwriter is the amount exempt from tax because of the Filing of Statement of Information on Form 8288. In those instances where a Form 8288-B was not filled out and filed, that amount becomes a tax-exempt amount (excluded from taxation) under Sec. 6331(h)(1) of the Code. The IRS may also refund the amount paid on a Form 8288-B, in whole or in part. This refund would be available only to the tax year in which the Form 8288-B was filed. The taxpayer would be responsible for making the appropriate tax payment before the refund could be made. In any case, a refund of any taxes paid on excess withholding (as provided above) should be made by filing Form 8288-B by March 15, and the form and instructions must be received by the IRS as soon as possible. With the new withholding rate, the estimated excess income is eliminated entirely once a Form 8288-B is filed. To obtain a refund of a form 8288-B, the following instructions must be entered on the completed form: To determine the total amount of tax withheld and paid, add the total amounts withheld and paid (not taxed) on Form 8288-B and Form 8288-C, as well as the aggregate amounts withheld on Form 8288 of Forms 8288-A and 8288-D to the amount taxed or exempt on Form 1040 as of December 31, 201 4(a). In all cases, make appropriate adjustments for estimated amounts paid on other forms of income. If, in making this adjustment, one or more amounts or portions of amounts previously withheld on Form 8288-B remain in a zero amount column and no other amount has a positive or negative amount in that column, those amounts are includible in gross income on Form 1040. The taxpayer must file a Form 1040A. For the purposes of the Form 1040A, any amounts includible in gross income in the prior year on Form 8288-B are taken into account as tax on income reported in the current year.

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