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Form 8876 Rev December Fill in Capable Excise Tax on Structured Settlement Factoring Transactions
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People also ask
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What is form 8876?
Use this form to report and pay the 40% excise tax imposed under Internal Revenue Code section 5891 on the factoring discount of a structured settlement factoring transaction. -
What is the excise tax on a structured settlement?
In general, section 5891 applies to structured settlement factoring transactions entered into on or after February 22, 2002. The amount of the excise tax is 40% of the excess of (1) the aggregate undiscounted amount of the payments being acquired, over (2) the total amount actually paid to acquire them. -
What is a structured settlement factoring transaction?
The term “structured settlement factoring transaction” means a transfer of structured settlement payment rights (including portions of structured settlement payments) made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration. -
Is income from structured settlement taxable?
Under a structured settlement, all future payments are completely free from: Federal and state income taxes; Taxes on interest, dividends and capital gains; and. The Alternative Minimum Tax (AMT).
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