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Form 8038R: Request for Recovery of Overpayments Under Arbitrage Rebate Provisions
Treasury Internal Revenue Service Form 8038-R is a Request for Recovery of Overpayments Under Arbitrage Rebate Provisions used by issuers of state and local bonds to request a refund of payments made with Form 8038-T. A specific recoverable payment includes the arbitrage rebate to the United States.
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IRS Form 8038R - Request for Recovery of Overpayments Under Arbitrage Rebate Provisions
Treasury Internal Revenue Service Form 8038-R is a Request for Recovery of Overpayments Under Arbitrage Rebate Provisions used by issuers of state and local bonds to request a refund of payments made with Form 8038-T. A specific recoverable payment includes the arbitrage rebate to the United States.
Risk Radar
Scan points- 1Ensure Line 6 (Date of Issue) matches Form 8038-T, Part I, line 6 exactly.
- 2Filing without entering the name of the governmental entity that issued the bonds on Line 1.
- 3Entering the name of the entity receiving the benefit instead of the issuer's name on Line 1.
- 4Not ensuring the date entered on Line 6 matches Form 8038-T, Part I, line 6.
- 5Failing to enter the CUSIP number on Line 8 when one exists for the latest maturity bond.
Plain English
This form allows companies that issue state or local bonds to ask the IRS for money back. The issuer uses Form 8038-R when they have overpaid amounts related to their bond financing, which were originally reported on Form 8038-T. It is used specifically to request refunds for items like yield reduction payments or arbitrage rebates.
Submission Date
- Filing date: 2021-10-14 22:10:46
- 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 state and local bonds requests a refund of amounts paid with Form 8038-T.
- Do not use it for payments made with Form 8038-T that are not yield reduction, the arbitrage rebate to the United States, a penalty in lieu of rebating arbitrage to the United States, or a penalty to terminate the election to pay a penalty in lieu of rebating arbitrage.
- Check Form 8038-T instead when making the initial payment for which this recovery request is being made.
Form selector
Use this form or another form?
Issuing bonds outstanding after June 30, 1993
These regulations apply to the issue unless otherwise specified on Form 8038-R.
✓ Check the box indicating the issue was outstanding prior to July 1, 1993, if applicable.
Current Regulations (Sec. 1.148-1 thru 1.148-11)
Issuing bonds outstanding prior to July 1, 1993 (but electing current rules)
This applies when the issuer chooses not to apply the 1992 regulations for an older issue.
✓ Ensure you check the appropriate box on Form 8038-R.
Current Regulations (Sec. 1.148-1 thru 1.148-11)
Issuing bonds outstanding prior to July 1, 1993 (using old rules)
These regulations were effective May 18, 1992 (T.D. 8418).
✓ Verify the box indicating the issue was outstanding prior to July 1, 1993.
Regulations sections 1.148-1 thru 1.148-12
Appealing a refund claim denial
This procedure is detailed in Revenue Procedure 2021-10 for appeal instructions.
✓ Refer to this document when the IRS denies your initial refund claim.
Deadline or filing window
The form does not state a specific filing deadline. However, issuers must ensure that they enter the Date of Issue on Line 6 to be identical to the date listed on their corresponding Form 8038-T, Part I, line 6. The source provides no further day-count requirements.
Checklist
What you need before filling it out
Issuer's name
The legal name of the entity filing the request · Part I (Lines 1)
Amount of overpayment (Line 16)
Calculated value: Line 15 minus Line 12 · Part I (Line 16)
Computations and relevant facts (Line 17)
Detailed calculation showing cash flows from issue date to computation date, plus interest if any · Part I (Line 17)
Schedule of payments (Line 18)
List of individual payment amounts contributing to the overpayment · Part I (Line 18)
Overpayment paid as penalty in lieu of rebate (Line 19)
Yes/No confirmation regarding section 148(f)(4)(C)(vii) payment type · Part III (Line 19)
Final computation date occurred (Line 20)
Yes/No confirmation that the final calculation date for the issue has passed · Part III (Line 20)
Before you submit
- 1Ensure a separate Form 8038-R is used for each distinct issue requesting recovery.
- 2Verify that the Issuer’s Employer Identification Number (EIN) is correctly entered on Line 2 of Part I.
- 3Confirm that the Amount of overpayment (Line 16) is calculated by subtracting Line 15 from Line 12.
- 4Attach all copies of Form 8038-T related to the refund claim along with the main form.
- 5Include computations on Line 17 showing all cash flows from the issue date to the computation date, including interest if applicable.
- 6Check the appropriate box on Part III (Line 19) indicating if the overpayment was paid as penalty in lieu of rebate under section 148(f)(4)(C)(vii).
- 7Sign and date the form using the issuer’s authorized representative signature block.
How to file this form
- 1Complete all required fields on Form 8038-R, including providing detailed computations of the overpayment and any interest on Line 17.
- 2Attach copies of all relevant Forms 8038-T and supplementary schedules (Line 18) to support the claim.
- 3Mail or submit the completed form package to the Internal Revenue Service at Ogden Submission Processing Center, Ogden, UT 84201, obtaining proof of mailing.
- 4Alternatively, use a designated Private Delivery Service (PDS) listed on www.irs.gov/PDS for timely filing and secure written proof.
Known limitations
- 1A separate Form 8038-R must be filed for each issue.
- 2The form is used by issuers of state and local bonds to request a refund of amounts paid with Form 8038-T, which covers yield reduction payments, the arbitrage rebate to the United States, a penalty in lieu of rebating arbitrage to the United States, or a penalty to terminate the election to pay a penalty in lieu of rebating arbitrage.
- 3If an entity other than a governmental entity is using proceeds, its name and EIN must be entered on Form 8038-R; if there is more than one such entity, an attached schedule is required.
Field map
Compact field-by-field guide
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 current edition is Revision October 2021 (Rev. 10-2021). The source directs users to www.irs.gov/Form8038R for the latest information regarding developments related to Form 8038-R.
What changed or needs a fresh check
- Edition date — confirm the revision reads October 2021 (Rev. 10-2021).
- OMB Control Number — confirm it is 1545-0047.
- Mailing address — confirm the IRS Submission Processing Center address is Ogden, UT 84201.
- Signature — ensure the issuer’s authorized representative signs the form.
- Required attachment check — confirm you have attached all copies of Form 8038-T related to the refund claim.
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Form 8038-R.
- 2Provide a copy of the return to the issuer when signing it.
- 3If an issue has more than one entity using its proceeds, attach a schedule listing those entities (Line 21).
- 4Attach copies of Form(s) 8038-T that accompanied payments made to the United States (Part III).
- 5When filing via Private Delivery Services (PDS), obtain written proof of the mailing date.
Sources
- SRCForm 8038-R is used by issuers of state and local bonds to request a refund of amounts paid with Form 8038-T (Instructions p.2).
- SRCA separate Form 8038-R must be filed for each issue (Form p.1, Instructions p.2).
- SRCThe final computation date is the date the issue is discharged (Part III, Line 20, Form p.3).
- SRCPayments recoverable include yield reduction payments, the arbitrage rebate to the United States, a penalty in lieu of rebating arbitrage to the United States, or a penalty to terminate the election to pay a penalty in lieu of rebating arbitrage (Form p.2).
- SRCThe IRS mailing address for filing Form 8038-R is Ogden Submission Processing Center, Ogden, UT 84201 (Instructions p.2).
- SRCIf an entity other than a governmental entity uses the proceeds, its name and EIN must be entered on Line 21 of Form 8038-R (Part III, Line 21, Form p.3).
Common confusion points
Should I file one form or many?
The instructions state to use a separate Form 8038-R for each issue.
→ Confirm on Line 1 that you are filing for only one specific issue.
What is the 'final computation date'?
This is defined as the date the issue is discharged (Line 20).
→ Check the instructions or confirm this date corresponds to the discharge date of the bond issue.
Where do I send the form?
File with the Internal Revenue Service at Ogden Submission Processing Center, Ogden, UT 84201.
→ Do not send it to the Tax Forms and Publications Division address (though they accept comments).
If my overpayment was paid as a penalty in lieu of rebate, what line do I check?
Check box Line 19 if the overpayment was paid as penalty in lieu of rebate under section 148(f)(4)(C)(vii) (Part III).
→ Ensure this specific statutory reference matches your payment type.
Do I need to list all payments on the form itself?
No, you must provide a schedule showing amounts and dates that payments were made to the United States (Part III).
→ Review Part III requirements to ensure the schedule is attached.
What if there are multiple entities using the proceeds?
Enter the name and EIN of each entity on Line 21; attach an additional schedule if there is more than one.
→ Verify that the schedule matches all entities listed in Line 21.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Rev. Proc. 2017-50 (This procedure modifies Form 8038-R and is referenced in instructions.)
Questions about IRS Form 8038R
What is IRS Form 8038R used for?
This form allows companies that issue state or local bonds to ask the IRS for money back. The issuer uses Form 8038-R when they have overpaid amounts related to their bond financing, which were originally reported on Form 8038-T. It is used specifically to request refunds for items like yield reduction payments or arbitrage rebates.
Who must file IRS Form 8038R?
Issuers of state and local bonds must file IRS Form 8038-R. This form is used by these issuers when they are requesting a refund of amounts paid with Form 8038-T.
What information does IRS Form 8038R require?
Part I collects details about the issuer, including their name, EIN, and address. Other sections collect specific information such as the date and name of the issue (Line 6 & 7) and the bond’s CUSIP number (Line 8).
When is IRS Form 8038R due?
The source does not state a specific filing deadline, but it requires that Line 6 (Date of Issue) be identical to the corresponding Form 8038-T, Part I, line 6.
Where do I file IRS Form 8038R?
Filers must send IRS Form 8038-R and attachments to the Internal Revenue Service at the Ogden Submission Processing Center in Ogden, UT 84201. Designated private delivery services (PDSs) can also be used for filing.
How do I complete IRS Form 8038R?
The filer must first complete Part I, providing their name, EIN, and address details. Next, specific instructions require entering the bond's CUSIP number (if applicable) and identifying an officer or designated person whom the IRS can call for more information. Finally, the issuer’s authorized representative must sign the return.
What happens if IRS Form 8038R is filed incorrectly?
Failure to provide correct information means the issuer may not receive the refund they are requesting. The IRS requires this information to ensure compliance with Internal Revenue laws of the United States.
Should I file one form or many?
The instructions state to use a separate Form 8038-R for each issue. Confirm on Line 1 that you are filing for only one specific issue.
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