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-BTC 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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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 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 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 the report: