Screen 965-A - Section 965 Transition Tax (1040)

Use Screen 965-A in the Taxes to complete Form 965-A for the following: report of liability and election to pay in installments, record of amounts paid, report of S Corporation Shareholder amounts and election to defer, and annual reporting of deferred amount. Amounts related to prior-year inclusion amounts report on Form 965-A only and don't flow to Form 1040. Amounts for current-year inclusion amounts and current-year triggering events flow to Form 1040.
To report 965 inclusion amounts on Form 965 and related schedules, complete Screen 965 in the income folder.
The IRS Q&A for Section 965 provides additional information about section 965 reporting requirements, such as the following:
  • How to report section 965(h) installment election amounts for elections made on a 2017 tax return.
  • Which forms to file on the 2018 tax return when income is reported under section 965 for either 2017 or 2018.
  • How estimated tax payments and withholding for 2018 are applied to regular and section 965 tax liability.
  • The requirement to pay any calculated section 965 liability separate from any regular tax liability.
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