Form 945 a Rev October Annual Record of Federal Tax Liability People Sc Fsu

Instructions and help about Form 945 A Rev October Annual Record Of Federal Tax Liability People Sc Fsu

IRS form 945 annual return of withheld federal income tax generally speaking this is a form used to report withheld federal income tax from non-payroll payments so some of these would include pensions like distributions from retirement plans or 401K plans 457 plans things of that nature military military retirement gambling winnings Indian gaming profits certain government payments and backup withholding so this is a fairly straightforward form generally speaking uh most taxpayers will not see this form and there are a couple of things to keep in mind like just because this is an annual form doesn't mean you should be paying your entire withheld federal income tax all at once when you file it just like the IRS has late late payment penalties for failure to pay appropriate amount of taxes throughout the tax year the IRS expects same thing here withheld federal income tax needs to be paid pretty much as you go so if you're filing this form at the end of your tax year and you owe more tha