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What is an irs 8888 Form: What You Should Know
You can download it from the IRS Tax Relief website. • This form works for people who own more than one qualified individual retirement or individual retirement account (IRA). Individuals must use the form to claim the amount of the balance or contribution in each IRA of 50,000 or more, regardless of the balance of the other individual retirement plans. • This form is not an alternative to filing a tax return, including Form 1040 or Form 1040A. It is required by the IRS (through the IBR program), but you do not have to complete the form if you do not plan to claim your tax refund (including savings bond purchase). • The maximum balance of any qualified IRA in excess of 50,000 cannot be deposited in a savings bond account. • Only IRA participants with qualifying retirement plans may direct the distribution of their account balances to a savings account. • There are two scenarios for the allocation in the form. Individuals must allocate their balances in accordance with the current market value of their account. In other words, you can designate a desired allocation within the current market. Individuals must allocate their balances according to the current market value, even if they pay less than the market value of their balance. Individuals may allocate their balances in cash as long as they specify the amount of interest they want to pay on a given balance. The final step is to specify how much of the balance they would like to pay out as interest each year. The allocation in the form allows you to avoid the confusion that comes from the fact that you have to pay tax on part of your account balance. You can allocate your entire account in either of these 2 different ways. • You can allocate the entire balance in cash and use the tax-free portion of the proceeds for your specific emergency purpose. (Example: 50,000 from a savings bond with a balance of 50,000 would be able to buy: • An emergency vehicle • A new computer • A bicycle for use during your period of unemployment. • A vacation home in the Caribbean. All of this may be accomplished within 6 months after you receive the return of the 50,000. This is the only time for you to do it.
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