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Official form guide
Form 8038-CP: Return for Credit Payments to Issuers of Qualified Bonds
IRS Form 8038‑CP is the Return for Credit Payments to Issuers of Qualified Bonds. Issuers of Build America bonds or Recovery Zone Economic Development bonds use it to claim credit reimbursements, and filers with 10 or more returns must file electronically.
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IRS Form 8038-CP - Return for Credit Payments to Issuers of Qualified Bonds
IRS Form 8038‑CP is the Return for Credit Payments to Issuers of Qualified Bonds. Issuers of Build America bonds or Recovery Zone Economic Development bonds use it to claim credit reimbursements, and filers with 10 or more returns must file electronically.
Risk Radar
Scan points- 1Using a prior version of Form 8038‑CP can delay the credit payment.
- 2Filing with a prior version of Form 8038‑CP, which can delay the credit payment.
- 3Leaving the “Yes” box unchecked on line 25, risking processing delays.
- 4Submitting the form after the 45‑day deadline following the last interest payment date.
- 5Omitting ACH routing and account numbers when electing direct deposit.
Plain English
This form lets the issuer of a qualified Build America or Recovery Zone bond request the credit payment the law provides. It reports the bond’s details, the interest payment dates, and where the refund should go. If the issuer chooses direct deposit, the bank routing and account numbers are entered. The IRS then processes the payment by check or ACH.
Submission Date
- Filing date: 2025-01-14 22:11:56
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when an issuer of Build America bonds (BABs), Recovery Zone Economic Development bonds (RZEDBs), or specified tax credit bonds seeks a refundable credit payment for a fixed‑rate bond within 45 days before the interest payment date (but not earlier than 90 days).
- Do not use it when the issuer holds other tax credit bonds such as qualified zone academy bonds, qualified forestry conservation bonds, clean renewable energy bonds, or Midwestern tax credit bonds, which are ineligible for this election.
- Check Form 8038‑T instead when rebating arbitrage or paying a penalty in lieu of an arbitrage rebate.
Form selector
Use this form or another form?
Rebating arbitrage or penalty in lieu of arbitrage rebate
Different statutory basis requires a separate filing
✓ Confirm the bond triggers an arbitrage rebate requirement
Requesting credit payment for a fixed‑rate qualified bond
Required to claim the refundable credit under the Acts
✓ Verify the interest payment date falls within the 90‑ to 45‑day window
Quarterly reimbursement for a variable‑rate bond with unknown interest amount
Aggregates credit payments for the quarter as required by the instructions
✓ Ensure the filing occurs no later than 45 days after the last interest payment date of the quarter
Deadline or filing window
The issuer must file the quarterly return within 45 days after the last interest payment date for that quarter. Filers required to submit 10 or more returns must begin electronic filing of Form 8038‑CP in 2024. No extension is mentioned in the official instructions.
Checklist
What you need before filling it out
Line 10 – Department EIN
Issuer’s EIN documentation · Form line 10 field
Line 17a – Variable‑rate interest amount
Interest amount calculation for the period · Form line 17a field
Line 18 – Final return indicator
Confirmation that the return is final · Form line 18 field
Amount fields – cents
Exact dollar‑and‑cent amounts from bond statements · Amount boxes on the form
Signature block – issuer
Signed name and title of authorized officer · Signature line on the form
Before you submit
- 1Confirm the form revision reads Rev. 1‑2022
- 2Enter all monetary amounts to the cent without rounding
- 3Verify the EIN entered on line 10 matches the issuer’s documentation
- 4Check that the filing date is no earlier than 90 days before the interest payment date
- 5Check that the filing date is no later than 45 days before the interest payment date for fixed‑rate bonds
- 6If filing a variable‑rate bond with unknown interest, ensure the filing occurs within 45 days after the last interest payment date of the quarter
- 7Confirm the issuer’s signature and date appear in the signature block
- 8Attach the December 2022 Schedule A if required
- 9If filing electronically, verify the filer meets the 10‑return threshold or elect voluntary e‑file
- 10Retain a copy of the signed return for records
- 11Ensure the correct IRS filing address is used as indicated in the “Where To File” section
How to file this form
- 1Determine eligibility of the bonds and gather the issuer’s EIN and interest payment schedule
- 2Complete Form 8038‑CP and the December 2022 Schedule A using the January 2022 form version
- 3File the return electronically if required or submit the paper copy to the IRS filing address
- 4Keep a signed copy and obtain filing confirmation as proof of filing
Known limitations
- 1The form does not apply to arbitrage rebates; those require Form 8038‑T.
- 2The form is limited to qualified bonds such as Build America bonds and Recovery Zone Economic Development bonds; other bond types are excluded.
- 3Filing earlier than 90 days before the relevant interest payment date is not permitted.
- 4For fixed‑rate bonds, the filing deadline is no later than 45 days before the interest payment date.
Field map
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General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
Almost done reviewing the fields?
Fillable formOpen in Editor->The form is the January 2022 revision (Rev. 1‑2022); the instructions are updated December 2024 and direct users to IRS.gov/Form8038CP for the latest information.
What changed or needs a fresh check
- Edition date — confirm the form reads Rev. 1‑2022
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — confirm the issuer’s signature appears in the signature block
Quick Facts
Downloads
After you file
- 1Retain a signed copy of Form 8038‑CP and any supporting documents for your records.
- 2Keep the retained copy for at least three years, the standard retention period for tax filings.
- 3If the return was filed electronically, expect an electronic acknowledgment receipt from the IRS confirming receipt.
- 4If the IRS receives a prior version of Form 8038‑CP, processing may be delayed; verify that the January 2022 form and December 2022 Schedule A were used.
- 5If the credit payment is offset against other taxes, the amount received may be less than requested; monitor the credit deposit for the final amount.
- 6To correct an error, file an amended return by checking the “Amended Return” box in Part I and completing the required entries for lines 1‑4, 5‑6, 7‑9, and line 10 as outlined in the instructions.
Sources
- SRCInstructions p.2 — Form 8038‑CP must be filed no later than 45 days before the relevant interest payment date and not earlier than 90 days before the relevant interest payment date.
- SRCInstructions p.2 — For variable rate bonds when the issuer doesn’t know the interest payment amount, the form must be filed no later than 45 days after the last interest payment date of the quarter.
- SRCInstructions p.1 — Filers required to file at least 10 returns of any type during the calendar year must file Form 8038‑CP electronically starting in 2024.
- SRCInstructions p.1 — For rebating arbitrage (or paying a penalty in lieu of arbitrage rebate) to the federal government, use Form 8038‑T.
- SRCInstructions p.6 — Enter the credit rate percent out to two decimal places and do not round (e.g., 10.746% entered as 10.74%).
- SRCInstructions p.6 — You must enter cents on the form; do not round amounts to the nearest dollar; round fractional cents down to the next lowest cent.
- SRCInstructions p.1 — Use the January 2022 version of Form 8038‑CP and the December 2022 version of Schedule A to Form 8038‑CP.
- SRCInstructions p.2 — When the issuer knows the interest payment amount for variable rate bonds 45 days prior, the filing timeline matches that of fixed rate bonds (45 days before, not earlier than 90 days).
Common confusion points
Can I file the form more than 90 days before the interest payment date?
The instructions limit filing to no earlier than 90 days before the interest date.
→ Verify the filing date is at least 90 days before the interest payment date.
Do I need to file electronically if I only file one Form 8038‑CP?
Electronic filing is mandatory only for filers with 10 or more returns; others may file voluntarily.
→ Confirm your total number of returns this year; if under 10, you may choose paper filing.
Which form should I use for an arbitrage rebate?
The instructions state arbitrage rebates require Form 8038‑T, not Form 8038‑CP.
→ Ensure you are completing Form 8038‑T for arbitrage rebate situations.
How many credit rate decimal places should I enter?
The credit rate must be entered to two decimal places without rounding.
→ Check the rate on Form 8038‑TC, Part III, line 4 and enter exactly as shown (e.g., 10.74%).
Do I need to round fractional cents up?
The instructions require rounding down to the next lowest cent.
→ Verify any amount with fractional cents is entered as the lower cent value.
Can I submit the form earlier than 45 days before the interest payment date?
The filing window opens no earlier than 90 days and closes 45 days before the interest date.
→ Ensure the filing date falls between 90 and 45 days prior to the interest payment.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form W‑2 – counts toward the 10‑return electronic filing threshold for mandatory e‑filing.
Questions about IRS Form 8038-CP
What is IRS Form 8038-CP used for?
This form lets the issuer of a qualified Build America or Recovery Zone bond request the credit payment the law provides. It reports the bond’s details, the interest payment dates, and where the refund should go. If the issuer chooses direct deposit, the bank routing and account numbers are entered. The IRS then processes the payment by check or ACH.
Who must file IRS Form 8038-CP?
The issuer of a qualified Build America bond or Recovery Zone Economic Development bond must file IRS Form 8038‑CP.
What information does IRS Form 8038-CP require?
The form collects the issuer’s identifying information, the bond‑issue name (line 13), the CUSIP number (line 14), interest payment dates (line 18), the credit payment amount (line 22), and direct‑deposit routing and account numbers (lines 26a and 26c).
When is IRS Form 8038-CP due?
For variable‑rate bonds, the issuer must file the form no later than 45 days after the last interest payment date within the quarterly period for which reimbursement is requested.
Where do I file IRS Form 8038-CP?
Filing is mandatory electronically; a filer required to file at least 10 returns of any type must file Form 8038‑CP electronically starting in 2024.
How do I complete IRS Form 8038-CP?
If filing an amendment, the issuer checks the “Amended Return” box in Part I, repeats lines 1‑4 from the original return, and updates lines 5‑6 with current information. In Part II the issuer repeats lines 7‑9 and enters the original three‑digit report number on line 10. Part III requires the same interest payment date on line 18, updates lines 19a‑24b as needed, and must check “Yes” on line 25. Direct‑deposit numbers are repeated if still current, and the return is signed before submission.
What happens if IRS Form 8038-CP is filed incorrectly?
Failure to check “Yes” on line 25 could result in a delay in processing or otherwise affect normal processing.
Can I file the form more than 90 days before the interest payment date?
The instructions limit filing to no earlier than 90 days before the interest date. Verify the filing date is at least 90 days before the interest payment date.
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