IRS Form 1097-BTC 2018 Bond Tax Credit

What Is IRS Form 1097?

IRS Form 1097-BTC, Bond Tax Credit - also referred to as the IRS Form 1097 for short - is a document used for an annual report of the tax credit amount you are allowed for every month of the calendar year. The latest version of the document was issued by the Internal Revenue Service (IRS) in 2019. This document is renewed every year by the IRS and is available for download below.

You are required to file the IRS 1097 Form if you are an issuer of a certain tax credit bond, issuer's agent, or a recipient of the form from the bond issuer or an agent (partnership or mutual fund who further distributes the credit). The document must be filled out for every one of the following credit bonds:

  • Qualified zone academy bonds;
  • New clean renewable energy bonds;
  • Qualified school contribution bonds;
  • Build America Bonds;
  • Qualified energy conservation bonds; and
  • Clean renewable energy bonds.
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VOID
CORRECTED
5050
FORM 1097-BTC ISSUER'S name, street address, city or town, state or
1
Total
OMB No. 1545-2197
province, country, ZIP or foreign postal code, and telephone no.
18
20
$
Bond
2a Code
Tax
Credit
1097-BTC
Form
2b Unique Identifier
FORM 1097-BTC ISSUER'S TIN
RECIPIENT'S TIN
3
4
Bond type
Copy A
RECIPIENT'S name
For
5a January
5b February
Internal Revenue
$
$
Service Center
Street address (including apt. no.)
5c March
5d April
$
$
File with Form 1096.
5e May
5f June
$
$
City or town, state or province, country, and ZIP or foreign postal code
For Privacy Act
5g July
5h August
and Paperwork
$
$
Reduction Act
Form 1097-BTC issuer is (check one):
5i September
5j October
Notice, see the
$
$
2018 General
Issuer of bond or its agent filing 2018
5k November
5l December
Instructions for
Form 1097-BTC for credit being reported
$
$
Certain Information
Returns.
An entity or a person that received or should have received
6
Comments
a 2018 Form 1097-BTC and is distributing part or all of that
credit to others
1097-BTC
Form
Cat. No. 54293T
www.irs.gov/Form1097BTC
Department of the Treasury - Internal Revenue Service
Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page
VOID
CORRECTED
5050
FORM 1097-BTC ISSUER'S name, street address, city or town, state or
1
Total
OMB No. 1545-2197
province, country, ZIP or foreign postal code, and telephone no.
18
20
$
Bond
2a Code
Tax
Credit
1097-BTC
Form
2b Unique Identifier
FORM 1097-BTC ISSUER'S TIN
RECIPIENT'S TIN
3
4
Bond type
Copy A
RECIPIENT'S name
For
5a January
5b February
Internal Revenue
$
$
Service Center
Street address (including apt. no.)
5c March
5d April
$
$
File with Form 1096.
5e May
5f June
$
$
City or town, state or province, country, and ZIP or foreign postal code
For Privacy Act
5g July
5h August
and Paperwork
$
$
Reduction Act
Form 1097-BTC issuer is (check one):
5i September
5j October
Notice, see the
$
$
2018 General
Issuer of bond or its agent filing 2018
5k November
5l December
Instructions for
Form 1097-BTC for credit being reported
$
$
Certain Information
Returns.
An entity or a person that received or should have received
6
Comments
a 2018 Form 1097-BTC and is distributing part or all of that
credit to others
1097-BTC
Form
Cat. No. 54293T
www.irs.gov/Form1097BTC
Department of the Treasury - Internal Revenue Service
Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page
CORRECTED (if checked)
FORM 1097-BTC ISSUER'S name, street address, city or town, state or
1
Total
OMB No. 1545-2197
province, country, ZIP or foreign postal code, and telephone no.
18
20
$
Bond
2a Code
Tax
Credit
1097-BTC
Form
2b Unique Identifier
FORM 1097-BTC ISSUER'S TIN
RECIPIENT'S TIN
3
4
Bond type
Copy B
RECIPIENT'S name
For Recipient
5a January
5b February
$
$
Street address (including apt. no.)
5c March
5d April
$
$
This is important tax
5e May
5f June
information and is
being furnished to the
$
$
City or town, state or province, country, and ZIP or foreign postal code
IRS. If you are required
5g July
5h August
to file a return, a
negligence penalty or
$
$
other sanction may be
Form 1097-BTC issuer is (check one):
5i September
5j October
imposed on you if an
amount of tax credit
$
$
exceeding the amount
Issuer of bond or its agent filing 2018
5k November
5l December
reported on this form is
Form 1097-BTC for credit being reported
claimed on your
$
$
income tax return.
An entity or a person that received or should have received
6
Comments
a 2018 Form 1097-BTC and is distributing part or all of that
credit to others
1097-BTC
(keep for your records)
Form
www.irs.gov/Form1097BTC
Department of the Treasury - Internal Revenue Service
Instructions for Recipient
hyphen and then an account number or other unique identifying
Issuers of certain tax credit bonds or their agents, and recipients of
number.
Form 1097-BTC from the bond issuer or agent who are further
distributing the credit, such as brokers, nominees, mutual funds, or
If no CUSIP number is available, the account number, or other
partnerships, must report to you on at least a quarterly basis, and file
unique identifying number by which the bond transaction is tracked by
with the IRS annually on a separate Form 1097-BTC, the amount of
the issuer, is shown in box 2b.
tax credit you are allowed for each month of the calendar year (see
C—CUSIP number
instructions).
A—Account number
Recipient's taxpayer identification number (TIN). For your
O—Any other identifier
protection, this form may show only the last four digits of your TIN
(social security number (SSN), individual taxpayer identification
Box 2b. Shows the unique identifier assigned by the Form 1097-BTC
number (ITIN), adoption taxpayer identification number (ATIN), or
issuer, limited to 39 alphanumeric characters.
employer identification number (EIN)). However, the issuer has
Box 3. Shows the codes for tax credit bonds that are reported on
reported your complete TIN to the IRS.
separate Forms 1097-BTC:
You will not receive a separate fourth quarter report. The
!
101—Clean renewable energy bond
credits for the fourth quarter will be reported together with
199—Other
the annual aggregate total amount of allowable credits
provided to you by February 15, 2019.
CAUTION
Boxes 5a–5l. Shows the amount of the credit you are allowed for the
month during the calendar year.
Note: The first three quarters reported on the annual report are
duplicative amounts previously reported. You are allowed to take the
You may be entitled to claim a credit against your income tax
credit amount from each quarter only once.
liabilities, subject to certain limitations under section 54A(c).
The check box shows if the filer is the issuer of the bond or its
Additionally, clean renewable energy bond credits received from a
agent, or is an entity or a person that received or should have received
pass-through entity are limited to the income received from the pass-
this form and is making a further distribution of the credit.
through entity. New clean renewable energy bond and qualified
energy conservation bond credits are limited to 70% of the credit
Box 1. Shows the aggregate total of credits allowed for the calendar
amounts determined under section 54A(b); the credit reported on
year.
Form 1097-BTC is the credit amount after the 70% limit has been
Box 2a. Indicates if the unique identification number is your account
applied. For more information, see Form 8912.
number, the CUSIP number of the bond, or another identifier. For
Box 6. May show any additional information provided by the form
filings of Form 1097-BTC by the issuer of the bond or its agent (as
issuer.
indicated by the first checkbox being checked), the first nine
Future developments. For the latest information about
characters of the unique identifier in box 2b must be the CUSIP
developments related to Form 1097-BTC and its instructions, such as
number, if available. For further identification, if necessary or desired
legislation enacted after they were published, go to www.irs.gov/
by the issuer, the CUSIP number can be followed by an optional
Form1097BTC.
VOID
CORRECTED
FORM 1097-BTC ISSUER'S name, street address, city or town, state or
1
Total
OMB No. 1545-2197
province, country, ZIP or foreign postal code, and telephone no.
18
20
$
Bond
2a Code
Tax
Credit
1097-BTC
Form
2b Unique Identifier
FORM 1097-BTC ISSUER'S TIN
RECIPIENT'S TIN
3
4
Bond type
Copy C
RECIPIENT'S name
For Payer
5a January
5b February
$
$
For Privacy Act
and Paperwork
Street address (including apt. no.)
5c March
5d April
Reduction Act
$
$
Notice, see the
5e May
5f June
2018 General
$
$
City or town, state or province, country, and ZIP or foreign postal code
Instructions for
Certain Information
5g July
5h August
Returns.
$
$
Form 1097-BTC issuer is (check one):
5i September
5j October
$
$
Issuer of bond or its agent filing 2018
5k November
5l December
Form 1097-BTC for credit being reported
$
$
An entity or a person that received or should have received
6
Comments
a 2018 Form 1097-BTC and is distributing part or all of that
credit to others
1097-BTC
Form
www.irs.gov/Form1097BTC
Department of the Treasury - Internal Revenue Service
Instructions for Payer
To complete Form 1097-BTC, use:
For the report furnished to the recipient (quarterly or
annual), you may use Copy B or your own substitute
• the 2018 General Instructions for Certain Information
statement reporting all the same applicable information
Returns, and
(the reporting for the first three quarters may be furnished
• the 2018 Instructions for Form 1097-BTC.
electronically).
To order these instructions and additional forms, go to
The IRS encourages Form 1097-BTC issuers to provide
www.irs.gov/Form1097BTC.
the credit information to the recipient monthly if applicable,
Due dates. Furnish the information shown on Copy B of
and as soon after the end of the month in which a credit
this form to the recipient on or before the 15th day of the
arises as possible.
second calendar month after the close of the calendar
Furnish the information shown on Copy B of this form
quarter in which the credit is allowed.
with the aggregate total amount of allowable credits for the
For the first three quarters, report to the recipient only
2018 calendar year to the recipient by February 15, 2019.
the amounts for the months of the applicable quarter. Box
File Copy A of this form with the IRS by February 28,
1 should not be completed and box 6 is optional.
2019. If you file electronically, the due date is April 1, 2019.
You are not required to furnish a separate report solely
To file electronically, you must have software that
for the fourth quarter because the fourth quarter amounts
generates a file according to the specifications in Pub.
are reported with the annual filing. For the annual filing,
1220.
report the credits for each month in boxes 5a–5l; the total
Need help? If you have questions about reporting on Form
of those amounts in box 1; and complete the rest of the
1097-BTC, call the information reporting customer service
form as applicable. If any amounts previously furnished for
site toll free at 866-455-7438 or 304-263-8700 (not toll
the first three quarters need to be corrected, report the
free). Persons with a hearing or speech disability with
correct amounts for the annual reporting and explain the
access to TTY/TDD equipment can call 304-579-4827 (not
correction to the recipient; no explanation is required for
toll free).
the IRS filing.

Download IRS Form 1097-BTC 2018 Bond Tax Credit

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IRS Form 1097 Instructions

You can find detailed instructions for this form on the IRS website or by following this link. General guidelines are provided for you below.

File a separate form for every bond if you are an issuer or an issuer's agent. If the tax credit bond was issued with several maturities, report every maturity separately on the form. If you are a recipient of the bond tax credit from the bond issuer or an agent who further distributes the credit (e.g., nominee, broker, partnership, or mutual fund), you must file only one IRS 1097 form per account that aggregate credit from all applicable bonds. Filing instructions for the form are as follows:

  1. The form includes three copies: Copy A is for the IRS, Copy B is for a recipient, and Copy C is for a Payer. All the boxes of the form are self-explanatory;
  2. Submit the Copy A of the Form 1097 to the IRS by February 28, 2020. If you choose to file it electronically, the filing deadlines will be extended to March 31, 2020. If the due date falls on a Saturday, Sunday, or any legal holiday, file your form by the next business day;
  3. You can apply for a 30-day extension if you cannot file the bond tax credit on time. For this purpose, submit an electronic or paper version of the Form 8809, Application for Extension of Time to File Information Returns before the due date;
  4. If you fail to file all the required information on time, the following penalties will be applied: $50 per form if the delay is no longer than 30 days, $110 per form if you file the correct bond tax credit by August 1, and $270 if you do not file at all or file after August 1. The maximum penalty amount can reach $3,339,000 per year. For small businesses the maximum penalty amount will be reduced to $1,113,000 per year;
  5. You can file the form either electronically or on paper;
  6. If you file the form on paper, send the entire Copy A without cutting or separating the blank parts. The handwritten documents are acceptable, but all the entries must be accurate and legible to avoid errors during processing;
  7. The paper copy of the form must be submitted with the Form 1096, Annual Summary and Transmittal of U.S. Information Returns (electronic filing does not require Form 1096).

IRS 1097 Related Forms

There are several documents related to Form 1097:

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