Form 8546

What Is Form 8546?

The 8546 form from IRS is specifically designed to aid employees or employers of the railroad industry in the United States. It's used to claim back any overpayments made in Tier 2 tax towards railroad retirement benefits. 

Who needs to use IRS form 8546?

Any individual or entity falling under the realm of the railroad industry who believes that they have overpaid their Tier 2 tax on railroad retirement benefits needs to fill out and submit this form. Misinterpretation of the tax rates, or an accidental overpayment, are some of the common reasons that might result in needing to complete IRS tax form 8546. 

How to Fill Out 8546 Form From IRS

The question that looms large in everyone's mind is how to fill out the form. The 8546 form might come across as perplexing at first glance, but in essence, it is quite straightforward:

1. Start by entering the name and address of the claimants in the designated field. This should include your number, street, city, state, and ZIP code.
2. Next, key in your telephone number, ensuring that you include your area code.
3. Indicate the best time for you to receive a call.
4. Move on to the "Amount of claim" field and enter the dollar amount that you're claiming.
5. Proceed to disclose the Social Security or employer identification number in the next field.
6. Fill out the "Name(s) on bank account" section with the full name(s) as they appear on your bank account.
7. Then, provide the American Bankers Association (ABA) number as required.
8. Key in your bank's title and address in the "Bank name and address" fields. This data should cover your bank's number, street, city, state, and ZIP code.
9. In the designated space, enter your bank account number.
10. Select the type of account - Checking or Savings.
11. Using the "Description of claim" field, narrate the specifics concerning the amount claimed. Remember to stay factual and concise in your description.
12. Affix your signature in the appropriate section. This is an affirmation that all the data and claims you've filled out are truthful and accurate.
13. Date your claim in the "Date of claim" section.

Tips for filling out form 8546 IRS

Before you delve into completing 8546 form, here are a few tips to ensure smooth sailing:

• Read the Instructions: Always read the provided instructions thoroughly before you start filling the form. It could help avoid any errors or misunderstandings.
• Use Valid Information: All the information provided should be accurate to your knowledge and supported by relevant documents.
• Seek Professional Help: If you are unsure about any aspect of the form, it's advisable to consult a tax professional.