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Form 965A: Individual Report of Net 965 Tax Liability
IRS Form 965-A is the Individual Report of Net 965 Tax Liability, used to report net tax liability amounts for taxpayers. The form requires reporting installment payments and deferred S corporation liabilities.
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IRS Form 965A - Individual Report of Net 965 Tax Liability
IRS Form 965-A is the Individual Report of Net 965 Tax Liability, used to report net tax liability amounts for taxpayers. The form requires reporting installment payments and deferred S corporation liabilities.
Risk Radar
Scan points- 1Ensure you report any year where a net 965 tax liability was fully paid but no elections were made.
- 2Failing to check the 'amended return' box when filing Form 965-A with a Form 1045.
- 3Not reporting amounts for prior years (2017, 2018, or 2019) in Part I columns (b) through (i).
- 4Omitting the $60 transfer amount when assuming liability in year 6 of an installment plan.
- 5Forgetting to report the initial 8% payment on the corresponding line in Part II, column (b), if installments are elected.
Plain English
This form tells the IRS how much tax a taxpayer owes under section 965. It tracks yearly tax bills, especially when those taxes are paid over several years instead of all at once. Taxpayers use this to document transfers or changes in their net 965 tax obligations.
Submission Date
- Filing date: 2020-12-29 22:13:16
- 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 individual taxpayer or entity taxed like an individual (such as certain trusts and estates) must report a net 965 tax liability for a specific tax year, or has any unpaid net 965 tax liability during that year.
- Do not use this form when you are filing on behalf of a corporation taxed under Subchapter C, unless the entity is an S corporation reporting its own liability.
- Check Form 1040 (or equivalent) instead when reporting your primary individual income tax return.
Form selector
Use this form or another form?
Entity is a Trust or Estate
This form is used to report the net 965 liability for entities taxed like individuals.
✓ Check Part I for entity-specific reporting.
S Corporation shareholder reports their portion of tax
The S corporation's liability must be reported by the individual shareholder, often using this form to report their share.
✓ Ensure you are reporting your *share* of the net 965 liability.
Filing an amended return for prior years
Check the box at the top of page 1 if filing to change any section 965 reporting, regardless of whether a form was previously filed.
✓ Verify the amendment box is checked before submitting.
Deadline or filing window
For deferred S corporation-related net 965 tax liabilities, the information must be reported annually by the due date of that specific return. If an installment election is made, the first payment (8%) is generally reported in the year of the election. The instructions do not specify a general extension period.
Before you submit
- 1Check the amended report box on page 1 if this filing corrects a previously submitted Form 965-A.
- 2Verify that Part II accurately records all actual payments made against the liabilities reported in Part I.
- 3For S corporation reporting, ensure Column (f) correctly reflects whether you elected to defer payment ('Yes' or 'No').
- 4Confirm that if a deferred liability is triggered, it has been moved from Part IV to Part I, column (f).
- 5If paying in installments, confirm the amounts listed in Part II follow the 8% annual schedule.
- 6Ensure you have used the current edition: Rev. January 2021.
- 7Sign and date the form before sending it.
How to file this form
- 1Determine if a net 965 tax liability exists or is unpaid for the reporting year, then complete Part I of Form 965-A.
- 2Record all actual payments made against those liabilities in Part II of Form 965-A.
- 3For S corporation reporting, calculate and report the excess liability in Part I, ensuring Column (f) reflects any deferral election.
- 4File Form 965-A with your primary income tax return by its due date, checking the amended box if necessary, and retain a copy for proof of filing.
Known limitations
- 1The form should be used by individual taxpayers and entities taxed like individuals (such as certain trusts and estates).
- 2An S corporation shareholder must use Form 965-A to report their net 965 tax liability with respect to an S corporation, regardless of whether the liability is deferred.
- 3If lines 5 through 8 do not provide adequate space for reporting all transactions, an additional Form 965-A must be used.
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 January 2021 (Rev. January 2021). The instructions direct users to IRS.gov/Form965A for the latest information, noting that line 4 in Parts I, II, and III is designated for use for 2020 reporting.
What changed or needs a fresh check
- Edition date — confirm the revision date reads January 2021.
- OMB Number — confirm OMB No. 1545-0074 is present on the form.
- Filer Status — confirm you are reporting as an individual taxpayer or entity taxed like an individual.
- Amended Report Flag — check the box if filing this Form 965-A to change prior section 965 reporting.
- Reporting Year — confirm the tax year listed matches the return being filed.
Quick Facts
Downloads
After you file
- 1Keep a copy of the completed Form 965-A.
- 2File Form 965-A with the income tax return of the taxpayer for the reporting year by the due date (including extensions).
- 3If filing electronically, ensure Form 965-A is submitted along with the electronic income tax return.
- 4If an amended report is filed to change Section 965 reporting, check the amended report box at the top of page 1.
Sources
- SRCInstructions p.1 — This form is used to report a taxpayer’s net 965 tax liability for each tax year in which a taxpayer must report or pay section 965 amounts.
- SRCInstructions p.1 — Form 965-A should be used by individual taxpayers and entities taxed like individuals (e.g., certain trusts and estates).
- SRCInstructions p.2 — File Form 965-A with the income tax return of the taxpayer for the reporting year by the due date (taking into account extensions, if any).
- SRCInstructions p.3 — If the taxpayer does not elect to pay the triggered deferred net 965 tax liability in installments, report the amount from column (f) in column (h).
- SRCInstructions p.3 — If the taxpayer elects to pay the triggered liability in installments, skip column (h) and report the amount from column (f) in column (i).
- SRCInstructions p.5 — For the year of transfer, a new line in Part IV must be completed, skipping columns (d), (e), and (f), and entering in both columns (g) and (i) the deferred S corporation-related net 965 tax liability transferred in as a positive number.
Common confusion points
What do I report in column (h) if I don't elect to pay in installments?
Report the amount from column (f) in column (h). This amount should match the payment reported on the corresponding line in Part II, column (b), Paid for Year 1.
→ Check that Column (h) equals the entry in Part II, Line X, Column (b).
What do I report in column (i) if I elect to pay in installments?
Report the amount from column (f) in column (i). The corresponding line in Part II, column (b), Paid for Year 1, must show an 8% payment of the elected installment amount.
→ Verify that Column (i) is the amount from Column (f) and Part II, Line X, Column (b) shows 8%.
How do I report a transferred S corporation liability in the year of transfer?
Complete a new line in Part IV, skipping columns (d), (e), and (f), and entering the deferred liability amount as a positive number in both columns (g) and (i).
→ Confirm that when transferring, Columns (d), (e), and (f) are blank/skipped.
What do I report for transferred S corporation liabilities after the year of transfer?
Report the transferred deferred S corporation-related net 965 tax liability in the same way as all other deferred S corporation-related net 965 tax liabilities.
→ Ensure you follow the standard reporting procedure unless it is the initial transfer year.
What happens if my net 965 liability was fully paid but I made no elections?
The taxpayer must still complete the appropriate line in Part I and report the related payment on the corresponding line in Part II, column (b).
→ Confirm that even with zero balance/payment reported elsewhere, the relevant lines are completed.
What is required for a liability assumed by another taxpayer or one the taxpayer assumes?
The form allows reporting adjustments of any net 965 tax liabilities outstanding, including those assumed by or assuming the taxpayer.
→ Check Part I to ensure you have accounted for these liability changes.
Workflow map
Related forms and next steps
Before
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⚠ If something goes wrong
- Additional sheets must be attached if more lines are needed for any Part of Form 965-A.
Questions about IRS Form 965A
What is IRS Form 965A used for?
This form tells the IRS how much tax a taxpayer owes under section 965. It tracks yearly tax bills, especially when those taxes are paid over several years instead of all at once. Taxpayers use this to document transfers or changes in their net 965 tax obligations.
Who must file IRS Form 965A?
Taxpayers must file IRS Form 965-A to report their individual net 965 tax liability and any related election payments or adjustments.
What information does IRS Form 965A require?
The form collects data on the net 965 tax liability in Part I, details installment payments in Part II, and tracks deferred S corporation liabilities in Part IV. It also includes a section for reporting transfers of liability.
Where do I file IRS Form 965A?
The instructions state to go to IRS.gov/Form965A for future developments, implying filing is done through standard IRS channels or electronically via the website.
How do I complete IRS Form 965A?
First, complete Part I to report the net 965 tax liability amounts. Next, detail payments on the corresponding line in Part II. If electing installments, record the initial 8% payment in Part II, column (b), and transfer triggered liabilities from Part IV to Part I, column (f).
What happens if IRS Form 965A is filed incorrectly?
If a taxpayer fails to report required information under section 965(i)(7) by the due date of the return for that year, 5% of the deferred net 965 tax liability shall be assessed as an addition to tax for that reporting year.
What do I report in column (h) if I don't elect to pay in installments?
Report the amount from column (f) in column (h). This amount should match the payment reported on the corresponding line in Part II, column (b), Paid for Year 1. Check that Column (h) equals the entry in Part II, Line X, Column (b).
What do I report in column (i) if I elect to pay in installments?
Report the amount from column (f) in column (i). The corresponding line in Part II, column (b), Paid for Year 1, must show an 8% payment of the elected installment amount. Verify that Column (i) is the amount from Column (f) and Part II, Line X, Column (b) shows 8%.
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