Federal Mine Rescue Team Training Credit
Extracted from PDF file 2016-federal-form-8923.pdf, last modified January 2016
Mine Rescue Team Training Credit8923 Form (Rev. January 2016) Department of the Treasury Internal Revenue Service Mine Rescue Team Training Credit Identifying number Name(s) as shown on return 1 OMB No. 1545-2067 Attach to your tax return. ▶ Information about Form 8923 and its instructions is at www.irs.gov/form8923. ▶ Total training program costs of qualified mine rescue team employees paid or incurred during the tax year (up to $50,000 per qualified employee) . . . . . . . . . . . . . . . . . 1 2 Multiply line 1 by 20% (0.20) (see instructions for the adjustment you must make) . . . . . . 2 3 Mine rescue team training credits from partnerships and S corporations . . . . . . 3 4 Add lines 2 and 3. Partnerships and S corporations, report this amount on Schedule K; all others, report this amount on Form 3800, line 1u . . . . . . . . . . . . . . . . . . . 4 For Paperwork Reduction Act Notice, see instructions. . . Cat. No. 37735E . Form 8923 (Rev. 1-2016) Page 2 Form 8923 (Rev. 1-2016) General Instructions Specific Instructions Section references are to the Internal Revenue Code unless otherwise noted. Line 2 For the latest information about developments related to Form 8923 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form8923. In general, you must reduce your allowable training program costs by the amount on line 2. This is required even if you cannot take the full credit this year and must carry part of it back or forward. If you capitalized any costs included on line 1, reduce the amount capitalized by the credit on line 2 attributable to these costs. Purpose of Form Line 3 Future Developments Taxpayers who employ individuals as miners in U.S. underground mines use Form 8923 to claim the mine rescue team training credit. This credit applies to training program costs paid or incurred for qualified mine rescue team employees. This credit is scheduled to expire for tax years beginning after 2016. To find out if the mine rescue team training credit is extended beyond 2016, go to www.irs.gov/form8923. Definitions Training program costs. Taxpayers who employ individuals as miners in U.S. underground mines can claim a credit of 20% of the training program costs paid or incurred during the tax year for training of qualified mine rescue team employees. The maximum amount of training program costs that may be taken into account annually for each qualified employee is $50,000. The training costs include wages paid or incurred while the qualified employee is attending a training program. Qualified employee. A qualified mine rescue team employee is any full-time employee of the taxpayer who is a miner eligible to serve for more than 6 months of the year as a mine rescue team member. The employee must have completed, at a minimum, an initial 20-hour course of instruction, as prescribed by the Mine Safety and Health Administration’s Office of Educational Policy and Development, or received at least 40 hours of refresher training in such instruction. See 30 CFR section 49.8 for refresher training requirements. Wages. Wages qualifying for the credit generally have the same meaning as wages subject to the Federal Unemployment Tax Act (FUTA), but without regard to any dollar limit. Enter the total mine rescue team training credit from: • Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., box 15 (code P); or • Schedule K-1 (1120S), Shareholder's Share of Income, Deductions, Credits, etc., box 13 (code P). Partnerships and S corporations must always report the above credit on line 3. All other filers can report the above credits directly on Form 3800, Part III, line 1u and do not need to file this form. Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax. You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103. The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is shown below. The estimated average time is: Recordkeeping . . . . . . . . . . Preparing the form . . . . . . . . . 1 hr., 25 min. . . . 1 min. If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.
Form 8923 (Rev. January 2016)
More about the Federal Form 8923 Other Tax Credit TY 2016
We last updated the Mine Rescue Team Training Credit in May 2017, so this is the latest version of Form 8923, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form 8923 directly from TaxFormFinder. You can print other Federal tax forms here.
Other Federal Other Forms:
|Form Code||Form Name|
|Form 8962||Premium Tax Credit|
|Form 12277||Application for Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien (Internal Revenue Code Section 6323(j))|
|Form 8840||Closer Connection Exception Statement for Aliens|
|Form 14039||Identity Theft Affidavit|
|Form 13844||Application For Reduced User Fee For Installment Agreements|
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 8923 from the Internal Revenue Service in May 2017.
Form 8923 is a Federal Other form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
Historical Past-Year Versions of Federal Form 8923
We have a total of four past-year versions of Form 8923 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Form 8923 (Rev. January 2016)
Form 8923 (Rev. January 2016)
Form 8923 (Rev. December 2012)
Form 8923 (Rev. December 2010)
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