File Form 1097-BTC Online with E-File Workforce Payroll
What Is Form 1097-BTC?
As the name implies, 1097 BTC is a bond tax credit form used to report tax credits on bonds. It matters to those who issue tax credit bonds and who receive bonds. The form is essential for a transparent record of all tax credits between bondholders and the IRS.
Do you need to submit a 1097 BTC?
Those who issue specific types of bonds should file this form and also send copies to recipients. Moreover, if you are a recipient who further distributes these bonds, for example:
- Mutual funds
- Partnerships
- Other intermediaries
Who Needs to File 1097 BTC?
You need to file Form 1097-BTC if you:
- Issue tax credit bonds
- Receive bond credits and redistribute them (for example, as a mutual fund, partnership, or broker)
- Handle bond instruments such as Build America Bonds or energy conservation bonds
Types of Bonds included in 1097-BTC
The 1097-BTC form covers various credit bonds. These include:
- Qualified school construction bonds.
- Qualified zone academy bonds.
- Build America bonds (Tax Credit).
- Qualified energy conservation bonds.
- New clean renewable energy bonds.
- Clean renewable energy bonds.
The brokers, nominees, mutual funds, and partnerships that further distribute these bonds are also responsible for filing 1097-BTC.
Deadlines for Form 1097 BTC
A copy of Form 1097-BTC must be sent to the recipient each quarter by the 15th of the second month after the quarter ends.
- 1st Quarter (January – March): May 15th
- 2nd Quarter (April – June): August 15th
- 3rd Quarter (July – September): November 15th
- 4th Quarter (October – December): February 15th
The IRS has different filing deadlines for 1097 BTC. Further, the deadlines can be moved if there are holidays on the last filing date.
Important to know: The IRS deadlines are only estimates. For the most up-to-date deadlines, always check the official IRS website.
Have Questions?
Simpler than you think!
FAQs
1097-BTC is a tax form issued by bond tax creditors. These forms include all necessary information about bond tax credits, recipient, and issuer. The recipient gets their copy on a quarterly basis, while issuers submit them yearly.
The purpose of Form 1097-BTC is to accurately report all credit bond tax to the IRS and federal authorities.
Form 1097 BTC is usually filed by issuers and recipients who subdivide bond credits with others.
Both forms are related to bonds. However, they have their distinct qualities. For instance:
1097-BTC:
- Reports tax credits from specific tax credit bonds.
- Used by bond issuers to detail credit distributions.
1099-B:
- Reports proceeds from sales of stocks, bonds, and other securities.
- Used by brokers to report transaction proceeds.
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