What this notice is about
You’re receiving this notice because you may be subject to backup withholding. This can occur if you haven’t filed Form 1040, U.S. Individual Income Tax Return, to report interest or dividend income and pay any taxes owed on that income.
What you need to do
- File Form 1040, if you haven’t done so already.
- Review your Form 1040 for any underreported interest or dividend income.
- File Form 1040-X, Amended U.S. Individual Tax Return, if you need to report additional interest or dividend income.
- Pay any taxes owed on the interest or dividend income reported on your Form 1040 or Form 1040-X.
You may want to
- Learn more about backup withholding.
- Review Publication 1335, Backup Withholding Questions and Answers PDF.
- Visit your personal tax account to view your payoff amount, payment history, or order transcripts.
Frequently asked questions
What is backup withholding? (updated Oct. 21, 2024)
Backup withholding is a tax that applies mainly to interest and dividend income. It occurs when the IRS instructs payers to withhold a percentage of payments to ensure that taxes are collected.
What is the backup withholding rate? (updated Oct. 21, 2024)
The current rate is 24%, though this may change with tax laws.
ob体育 long will the payer continue backup withholding? (updated Oct. 21, 2024)
Backup withholding will continue until the IRS instructs the payer to stop or you provide written certification from the IRS stating you’re no longer subject to backup withholding.
ob体育 do I report backup withholding when I file my taxes? (added Oct. 21, 2024)
You would report backup withholding as you would with any other withholding on your return.
Helpful information
- Publication 17, Your Federal Income Tax (For Individuals)
- Full list of tax forms, instructions and publications
Tips for next year
- File your tax return timely. Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free.
- Report all interest and dividend income.
- Pay all taxes due.
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