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ID Form 5330: What You Should Know
Form 8965 for employees of government contractors. Oct 26, 2023 — The IRS is reissuing Form 5330, Return of Excise Taxes Related to Employee (EFT) Plans. The Form 5330 has many subparts and can be complicated. We want you to understand it. New Tax Rates for 2019 The rate structure changes will kick in on January 1, 2019, and apply for individual income tax returns filed (beginning with 2023 tax year, that is, April 22, 2018, which is the first day for filing Form 1040s) that are filed after that date. You can also use the 2023 Table of Contents in the FAQ to know when rates will be in effect. Form 8965, Employee's Withholding Tax, Income Tax Returns Based on Form 5330 (EFT and 401k) For tax year 2019, and after, the standard tax rate becomes : 8.35 percent if 0 to 9,525, a nonrefundable tax of 9.65 percent applies on all amounts more than 9,526. In addition, for those individuals filing a joint return, a tax of 1.4 percent of the portion of Social Security benefits over 1,350, or the total tax, is imposed on each qualifying individual. A tax of 1.35 percent is imposed on all amounts over 9,526. A tax of 1.4 percent of the portion of Social Security benefits over 1,350, or the total tax, is imposed on all individuals and corporations. A taxable return may be filed by filing Form 8965, Income Tax Return for Individuals Filing a Joint Tax Return on One Business Day. Individuals must file by 10/23/18. Individuals who file Form 8965 by November 4, 2018, may receive a refund if the refund will be available during February 2019. For filers filing by December 31, 2018, a refund will be issued no later than February 20, 2020. Taxpayers can view their refund status at the IRS website, Individuals filing a Joint Return are subject to an additional rate on the part of Social Security benefits for one employee that exceeds 1,350, or the total tax, is imposed. This rate is 1.35 percent of the portion of Social Security benefits over 1,350, or the total tax, as shown on Form 8965, depending on the amount of the additional tax.
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