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Form Specifications
| Fact Name | Details |
|---|---|
| Purpose of Form 967 | Form 967 is used to report total taxable wages and reconcile Idaho taxes withheld during the calendar year. |
| Who Must File | Any entity with an active Idaho withholding account or that withheld Idaho income taxes must file Form 967, even if no tax was withheld. |
| Filing Deadline | Form 967, along with W-2s and/or 1099s, must be filed by the last day of February. |
| Filing Methods | Form 967 can be filed electronically at tax.idaho.gov or mailed to the Idaho State Tax Commission. |
| Electronic Filing Requirement | Employers meeting IRS electronic filing criteria must file W-2s electronically; otherwise, penalties may apply. |
| Combined Federal/State Filing | If using the Combined Federal/State Filing Program for 1099s, do not file them electronically or submit paper copies with Form 967. |
| Rounding Requirements | Amounts on Form 967 must be rounded to the nearest whole dollar; amounts under 50 cents are reduced, while 50 cents or more are increased. |
| Governing Law | Form 967 is governed by Idaho Code Section 63-3022, which outlines requirements for withholding and reporting taxes. |
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Common mistakes
Filling out the Idaho 967 form can be a straightforward process, but many individuals make common mistakes that can lead to complications. One frequent error is failing to include all necessary attachments. The form requires the submission of W-2s and 1099s with Idaho income tax withheld. If these documents are missing, it can delay processing and potentially result in penalties.
Another common mistake is not ensuring that all forms are legible. If the copies of W-2s and 1099s are unclear, the Idaho State Tax Commission may not be able to process them correctly. This can lead to issues with tax reporting and may require resubmission, which can be time-consuming.
People often overlook the importance of rounding amounts correctly. The instructions specify that amounts should be rounded to the nearest whole dollar. Failing to do this can lead to discrepancies in the total taxable wages reported and the tax withheld, which may trigger audits or additional penalties.
Many filers also neglect to sign the return. An unsigned Form 967 is considered invalid and may result in delays or denials of any credits or refunds. It is essential to remember that a signature is a crucial part of the submission process.
Another mistake is miscalculating the tax due or overpayment. It's important to carefully follow the calculations outlined in the instructions. Errors in these calculations can lead to underpayment or overpayment, which can complicate future filings and result in penalties or interest charges.
Finally, some individuals mistakenly believe that they do not need to file if they had no employees or withheld no tax. However, if a withholding account was active at any point during the year, Form 967 must still be filed. Ignoring this requirement can lead to unnecessary penalties and complications with the tax authority.
Your Questions, Answered
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What is the Idaho 967 form?
The Idaho 967 form, also known as the Idaho Annual Withholding Report, is used by employers to report total taxable wages and reconcile the total amount of Idaho income taxes withheld during the calendar year. This form is essential for ensuring that the amounts withheld from employees' wages match what has been paid to the Idaho State Tax Commission.
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Who is required to file the Idaho 967 form?
If you had an active Idaho withholding account for any part of the year or withheld Idaho income taxes during the year, you must file Form 967. This requirement holds true even if you did not withhold any income tax from employees' wages or if you canceled your account during the year.
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When is the Idaho 967 form due?
The Idaho 967 form, along with any W-2s and/or 1099s, is due on or before the last day of February. This deadline applies whether you are filing electronically or by paper. It’s important to meet this deadline to avoid penalties.
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How can I file the Idaho 967 form?
You have two options for filing Form 967:
- Electronically: You can file electronically at tax.idaho.gov. This includes the option to submit W-2s by entering details online or uploading a file.
- By Paper: If you choose to file by paper, you must send the signed and completed Form 967 along with W-2s and/or 1099s to the Idaho State Tax Commission at their designated address.
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What should I include with my Form 967?
When submitting Form 967, you need to attach all W-2s and any 1099s with Idaho income tax withheld. Ensure that all copies are legible and unaltered. Additionally, the forms must be for the current year and reflect the correct state indicator.
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What happens if I file Form 967 late?
If you file Form 967 late, a penalty will be calculated on any unpaid withholding tax due at five percent (5%) per month after the due date. If you file on time but do not pay all or part of the unpaid withholding tax, a penalty of one-half percent (0.5%) per month will apply until the balance is paid in full. The minimum penalty is $10, while the maximum penalty can reach 25% of the tax due.
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What records do I need to complete Form 967?
To complete Form 967 accurately, you will need:
- Payroll records
- Completed W-2 forms and any 1099s with Idaho income tax withheld
- A record of Idaho withholding payments
- The Form 967 itself
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Can I use the Combined Federal/State Filing Program for my 1099s?
Yes, Idaho participates in the Combined Federal/State Filing Program. If you use this program and have Idaho income tax withheld on your information returns, you must complete Form 967 and check the appropriate box on the form. However, do not file these electronically through the Idaho website or submit paper copies with your Form 967.
Dos and Don'ts
When filling out the Idaho 967 form, there are important considerations to keep in mind. The following list outlines actions to take and avoid to ensure compliance and accuracy.
- Do ensure you have an active Idaho withholding account if you withheld income taxes during the year.
- Do file Form 967 by the last day of February, regardless of whether you are filing electronically or by paper.
- Do include all W-2s and 1099s with Idaho income tax withheld when submitting your Form 967.
- Do round all amounts to the nearest whole dollar when completing the form.
- Don't forget to sign your Form 967; unsigned returns may delay or deny credits or refunds.
- Don't send paper returns if you file electronically; only submit electronic documents.
- Don't leave any fields blank; ensure all required information is completed accurately.
- Don't submit W-2s or 1099s that are illegible or altered; all copies must be clear and correct.
Documents used along the form
The Idaho 967 form, known as the Idaho Annual Withholding Report, is essential for employers who need to report their withholding activities for the year. However, it is often accompanied by several other important documents. Each of these forms plays a critical role in ensuring compliance with state tax regulations and accurate reporting of wages and taxes withheld. Below is a list of documents commonly used alongside the Idaho 967 form.
- W-2 Forms: These forms are used to report wages paid to employees and the taxes withheld from those wages. Employers must provide W-2s to their employees and submit copies to the Idaho State Tax Commission along with Form 967.
- 1099 Forms: Specifically, 1099-MISC and 1099-NEC forms report payments made to independent contractors and other non-employees. If Idaho income tax was withheld, these forms must be submitted with Form 967.
- Record of Idaho Withholding Payments: This internal document tracks all withholding payments made throughout the year. Completing this record is necessary before filling out Form 967 to ensure accurate reporting.
- Combined Federal/State Filing Program Documentation: If employers participate in this program for their 1099s, they must indicate this on Form 967. This documentation streamlines the filing process with both federal and state agencies.
- Payroll Records: These records provide detailed information about employee wages, hours worked, and taxes withheld. They are crucial for accurately completing Form 967 and for future audits.
- Tax Payment Receipts: Documentation of all tax payments made to the Idaho State Tax Commission must be kept on file. This helps reconcile amounts reported on Form 967 with actual payments made.
- Employer Identification Number (EIN): This unique number assigned by the IRS is necessary for completing Form 967 and must be included on all related forms to ensure proper identification of the employer.
- State Account Number: Employers must use their Idaho withholding account number on Form 967. This number helps the state tax authority track the employer’s withholding activity.
- Medical Power of Attorney Form: For those planning their healthcare preferences, refer to the essential Medical Power of Attorney documentation to ensure your wishes are respected in critical situations.
- Tax Year Documentation: Employers should keep records of the tax year for which they are filing. This ensures that all forms and payments correspond to the correct tax year, avoiding confusion and potential penalties.
These documents collectively support the filing of the Idaho 967 form and help ensure that employers remain compliant with state tax laws. Proper preparation and submission of these forms not only streamline the filing process but also minimize the risk of errors and penalties.
Detailed Instructions for Filling Out Idaho 967
Filling out the Idaho 967 form is essential for reporting taxable wages and reconciling withheld Idaho taxes. Ensure you have all necessary records and forms ready before starting the process. This includes payroll records, completed W-2 forms, and any 1099s with Idaho income tax withheld.
- Obtain the Idaho 967 form from the Idaho State Tax Commission website or through other official channels.
- Complete the Record of Idaho Withholding Payments before filling out the form.
- On Line 1, enter the total Idaho taxable wages as shown on the W-2s.
- On Line 2, input the total Idaho tax withheld from your W-2s (Box 17) and 1099s (Box 16).
- For Line 3, enter the total Idaho income tax withholding payments made during the calendar year.
- If applicable, for split-monthly filers, complete Lines 3a, 3b, and 3c according to the specific periods indicated.
- Calculate your remaining tax due or overpayment by subtracting Line 3 from Line 2 on Line 4.
- If you have a balance due, calculate the penalty on Line 5 and the interest on Line 6, if applicable.
- On Line 7, add the amounts from Lines 4, 5, and 6.
- List the number of W-2 forms attached on Line 8 and the number of 1099s with Idaho income tax withheld on Line 9.
- Check the box on Line 9 if you filed 1099s using the Fed/State Combined filing Program.
- On Line 10, total the number of statements submitted by adding Lines 8 and 9.
- Calculate the penalty for late filing of W-2s and 1099s on Line 11.
- On Line 12, add Lines 7 and 11, entering the tax due or refund amount as appropriate.
- Sign the form to validate your submission. Unsigned forms may delay processing.
Document Example
EIN00041
IDAHO ANNUAL WITHHOLDING REPORT INSTRUCTIONS
GENERAL INfORmATION fOR fORm 967
Use Form 967 – Idaho Annual Withholding Report – to report the total taxable wages and reconcile the total amount of Idaho taxes you withheld during the calendar year to the amount you paid to the Idaho State Tax Commission for the same calendar year. Also use Form 967 to submit the state copy of the Forms
Who must file. If you had an active Idaho withholding account
for any part of the year or withheld Idaho income taxes during the year, you must ile Form 967. You must ile Form 967 even
if you withheld no income tax from employees' wages or if you cancelled your account during the year.
When to file form 967. Form 967 and
electronically or by paper.
Ways to file. You can ile electronically at tax.idaho.gov, or send the signed and completed Form 967 with
1099s to:
Idaho State Tax Commission PO Box 76
Boise ID
Online
You can ile the following online through our website at
tax.idaho.gov:
at tax.idaho.gov (click on Tax Professionals). Idaho requires electronic iling of
meet the Internal Revenue Service (IRS) requirements to
ile electronically. If employers meet the IRS requirements
but have fewer than 50 employees working in Idaho, the state will accept either paper or electronic iling. If you meet these requirements but don't ile electronically, we may
return your
1099s and information returns. You can ile your 1099s and information returns electronically by uploading a ile. If
you withheld Idaho income tax, you must include
Form 967 with your ile.
If you
Paper
When you ile your Form 967 by paper, you must attach paper
Combined federal/State filing Program for 1099s and Information Returns
Idaho participates in and encourages the 1099 Combined Federal/State Filing Program. If your information returns have
Idaho income tax withheld, you must complete Form 967. Check the combined federal/state iling box on line 9, and send the form
to the Tax Commission by the last day of february.
If you ile your 1099s and other information returns through the Federal/State Combined Filing Program, don't ile them
electronically through our website and don't submit paper copies with your Form 967.
Rounding Amounts. Round the amounts on your return to the whole dollar. Reduce amounts less than 50 cents to the whole dollar. Increase amounts of 50 cents or more to the next whole dollar.
Records and Forms Needed to Complete the Reconciliation
Process:
•Payroll records
•Completed
•Record of Idaho Withholding Payments
•Form 967, Idaho Annual Withholding Report
Required Information for State
•Employer's name and address
•Employer's EIN (federal Employer Identiication Number)
•Employer's Idaho withholding account number from Form 967 (do not include the
•Employee's name and address
•Employee's Social Security number
•State abbreviation (ID)
•Federal and state taxable wages
•Idaho income tax withheld
•Tax year
All copies of
unaltered. The forms must be for the current year and show the correct state indicator. Your business name, EIN, and state
account number must match the preprinted Form 967.
INSTRUCTIONS fOR COmPLETING fORm 967
Wages and Withholding
Complete the Record of Idaho Withholding Payments before completing Form 967. You don't need to mail it to the Tax Commission. You can ind the worksheet at tax.idaho.gov
through the Forms search (choose "income tax withholding" as the tax category).
Line 1. Enter the total Idaho taxable wages shown on the
Line 2. Enter the total Idaho tax withheld included on your
Line 3. For all ilers except
Line 3. For
3a. Enter the amount of income tax withheld for the period 1/1/10 to 1/15/10. This amount was reported on your 2009 Form 967 report, line 3c.
3b. Enter current tax payments for the period of 1/16/10 to 1/15/11.
3c. Enter the tax payment amount for the period 1/1/11 to 1/15/11. (This amount will be included on next year's reconciliation form.)
3d. Add lines 3a and 3b, and subtract line 3c. This is your calendar year withholding.
EIN0041p2 |
Page 2 |
|
|
IDAHO ANNUAL WITHHOLDING REPORT INSTRUCTIONS - continued
Line 4. Subtract line 3 (line 3d for
If line 2 is larger than line 3, you have underpaid your Idaho withholding and will owe additional tax. If line 3 is larger than line 2, you have overpaid your withholding and may be entitled to a refund.
Line 5. Enter the penalty on the balance due. If line 4 is zero or a credit, enter 0.
If you ile your Form 967 late, penalty will be calculated on any unpaid withholding tax due at ive percent (5%) per
month after the due date of the return.
If you ile your Form 967 on time, but don't pay all or part of
any unpaid withholding tax due, a penalty of
(0.5% or .005) per month will be charged until paid in full.
The minimum penalty is $10. The maximum penalty is 25% of the tax due.
Line 6. Enter the interest on the balance due. If line 4 is zero or a credit, enter 0.
Interest accrues on the unpaid tax balance from the due date of the Form 967 to the date paid. Interest rates are:
1/1/11 - 12/31/11, 4% per year; .00010959 daily 1/1/10 - 12/31/10, 5% per year; .00013699 daily 1/1/09 - 12/31/09, 5% per year; .00013699 daily
If payment of the tax is received after the due date of the Form 967, interest will be computed on the balance due at the appropriate rate. To complete the computation, multiply the tax due x the daily rate x the number of days late.
Example: Additional tax due of $250 is paid 40 days late. $250 x .00010959 (2011 rate) x 40 days
$250 x .00010959 = $0.0273975/day x 40 days = $1.10 interest
Line 7. Enter the total of lines 4, 5, and 6.
Statements Submitted
Line 8. Enter the number of
Line 9. Enter the number of 1099s with Idaho income tax withheld attached to the Form 967.
Check the box if you iled 1099s using the Fed/State Combined filing Program.
Line 10. Add lines 8 and 9. Enter the total number of statements submitted.
Line 11. The penalty for late iling of
-maximum $2,000). Penalty is due if
Line 12. Add lines 7 and 11. Enter the tax due on line 12a, or the refund amount on line 12b. Don't enter information on both lines.
You must sign your return to make it valid. Unsigned returns
may result in the delay or denial of credits or refunds.
If you had an active withholding account for any part of the year, you must ile Form 967 even if you had no employees, paid no wages, or withheld no tax.
IDAHO STATE TAX COmmISSION OffICES
CONTACT US |
800 Park Blvd., Plaza IV |
1118 F Street |
|
Boise, Idaho 83712 |
Lewiston, Idaho 83501 |
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In the Boise Area: (208) |
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Toll Free: (800) |
1910 Northwest Blvd., Suite 100 |
611 Wilson Avenue, Suite 5 |
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Hearing Impaired (TDD) (800) |
Coeur d'Alene, Idaho 83814 |
Pocatello, Idaho 83201 |
|
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150 Shoup Avenue, Suite 16 |
440 Falls Ave. |
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Idaho Falls, Idaho 83402 |
Twin Falls, Idaho 83301 |
Misconceptions
Understanding the Idaho 967 form is crucial for employers who withhold state income taxes. However, several misconceptions can lead to confusion. Here are eight common misconceptions about the Idaho 967 form, along with clarifications for each.
- Only large businesses need to file Form 967. This is false. Any business with an active Idaho withholding account must file Form 967, regardless of size. Even if you have no employees or withheld no taxes, you still need to file.
- Form 967 is only for employees' W-2s. Many believe this, but Form 967 also requires any Forms 1099 that report Idaho income tax withheld. Both forms are essential for accurate reporting.
- You can file Form 967 anytime during the year. This is incorrect. Form 967, along with W-2s and 1099s, must be filed by the last day of February each year. Late filings can incur penalties.
- Filing electronically is not mandatory. While it is not required for all businesses, employers meeting IRS electronic filing requirements must file W-2s electronically. Not doing so could lead to the return of your W-2s and potential penalties.
- There are no penalties for late filing. This misconception can be costly. If you file Form 967 late, penalties can accrue at a rate of five percent per month on any unpaid withholding tax.
- Rounding amounts is optional. This is misleading. Idaho requires that all amounts on Form 967 be rounded to the nearest whole dollar. Not following this guideline can lead to discrepancies.
- All copies of W-2s and 1099s can be altered. This is not true. All forms submitted must be unaltered and legible. Any discrepancies can delay processing and affect your filings.
- There is no need to keep records after filing. This is a dangerous assumption. Maintaining accurate payroll records, copies of W-2s, and 1099s is essential for future reference and potential audits.
Being aware of these misconceptions can help ensure compliance and avoid unnecessary penalties. It's important to stay informed and adhere to the filing requirements for the Idaho 967 form.