Complete Form 1128 In 5 Easy Steps

Quick Links :

Completing Form 1128, also known as the "Application to Adopt, Change, or Retain a Tax Year," can be a straightforward process if you understand the requirements and follow the correct steps. This form is used by businesses and individuals to request a change in their tax year or to adopt a new tax year. In this article, we will guide you through the process of completing Form 1128 in 5 easy steps.

Step 1: Determine Your Eligibility

Before starting the application process, it is essential to determine if you are eligible to file Form 1128. You can file this form if you are:

• A new business or individual taxpayer who wants to adopt a tax year other than the calendar year
• An existing taxpayer who wants to change their tax year
• A taxpayer who wants to retain their current tax year, but needs to file this form to comply with IRS regulations

Check the IRS website or consult with a tax professional to ensure you meet the eligibility criteria.

Who is Eligible to File Form 1128?

• Sole proprietors
• Partnerships
• S corporations
• C corporations
• Estates and trusts
• Individuals who want to adopt a tax year other than the calendar year

Step 2: Gather Required Documents

To complete Form 1128, you will need to gather certain documents and information, including:

• Your business or individual tax identification number (TIN)
• Your current tax year (if applicable)
• The new tax year you want to adopt (if applicable)
• Your business or individual financial statements (if applicable)
• Any supporting documentation for your request (if applicable)

Make sure you have all the required documents and information before starting the application process.

Required Documents for Form 1128

• Tax identification number (TIN)
• Current tax year (if applicable)
• New tax year (if applicable)
• Financial statements (if applicable)
• Supporting documentation (if applicable)

Step 3: Complete Form 1128

Form 1128 is a relatively simple form that requires basic information about your business or individual tax situation. You will need to provide the following information:

• Your name and address
• Your TIN
• Your current tax year (if applicable)
• The new tax year you want to adopt (if applicable)
• A statement explaining why you want to adopt, change, or retain your tax year

Make sure to complete the form accurately and thoroughly.

Completing Form 1128

• Provide your name and address
• Enter your TIN
• Enter your current tax year (if applicable)
• Enter the new tax year (if applicable)
• Explain why you want to adopt, change, or retain your tax year

Step 4: Sign and Date the Form

Once you have completed Form 1128, you will need to sign and date it. Make sure to sign the form in the presence of a notary public, if required.

Signing and Dating Form 1128

• Sign the form in the presence of a notary public (if required)
• Date the form

Step 5: File the Form with the IRS

Finally, you will need to file Form 1128 with the IRS. You can file the form electronically or by mail. Make sure to follow the IRS instructions for filing the form.

Filing Form 1128 with the IRS

• File the form electronically or by mail
• Follow the IRS instructions for filing the form

By following these 5 easy steps, you can complete Form 1128 and submit it to the IRS. Remember to carefully review the form and instructions to ensure you meet the eligibility criteria and provide all required information.

We hope this article has helped you understand the process of completing Form 1128. If you have any further questions or concerns, please feel free to comment below or share this article with others who may find it helpful.