Jobs Credit (Form 5884) printable pdf download

5884

OMB No. 1545-0219

Form

Jobs Credit

Attachment

Department of the Treasury

Attach to your return.

Sequence No.

Internal Revenue Service

Name(s) as shown on return

Identifying number

Part I

Current Year Jobs Credit

Enter the total qualified wages paid or incurred during the tax year for services of employees who are

certified as members of a targeted group

Current year credit. Multiply line 1 by 40% (.40). You must subtract this amount from the deduction

on your return for salaries and wages. (Members of a controlled group, see instructions.)

If you are a—

Then enter total of current year jobs credit(s) from—

Jobs credits from

a Shareholder

Schedule K-1 (Form 1120S), lines 12d, 12e, or 13

b Partner

Schedule K-1 (Form 1065), lines 13d, 13e, or 14

flow-through

c Beneficiary

Schedule K-1 (Form 1041), line 13

entities

d Patron

Written statement from cooperative

Total current year jobs credit. Add lines 2 and 3. (S corporations, partnerships, estates, trusts, and

cooperatives, see instructions.)

Part II

Tax Liability Limitation (See Who Must File Form 3800 to see if you complete Part II or file Form 3800.)

Individuals. Enter amount from Form 1040, line 40

Corporations. Enter amount from Form 1120, Schedule J, line 3 (or Form 1120-A, Part I, line 1)

Other filers. Enter regular tax before credits from your return

Credits that reduce regular tax before the jobs credit:

Credit for child and dependent care expenses (Form 2441, line 10)

Credit for the elderly or the disabled (Schedule R (Form 1040), line 21)

Mortgage interest credit (Form 8396, line 11)

Foreign tax credit (Form 1116, line 32, or Form 1118, Sch. B, line 12)

Possessions tax credit (Form 5735, line 14)

Orphan drug credit (Form 6765, line 10)

Credit for fuel from a nonconventional source

Qualified electric vehicle credit (Form 8834, line 17)

Add lines 6a through 6h

Net regular tax. Subtract line 6i from line 5

Tentative minimum tax (see instructions):

Individuals. Enter amount from Form 6251, line 26

Corporations. Enter amount from Form 4626, line 14

Estates and trusts. Enter amount from Form 1041, Schedule H, line 37

Net income tax:

Individuals. Add line 7 above and line 28 of Form 6251

Corporations. Add line 7 above and line 16 of Form 4626

Estates and trusts. Add line 7 above and line 39 of Form 1041, Schedule H

If line 7 is more than $25,000, enter 25% (.25) of the excess (see instructions)

Subtract line 8 or line 10, whichever is greater, from line 9. If less than zero, enter -0-

Jobs credit allowed for the current year. Enter the smaller of line 4 or line 11. This is your General

Business Credit for 1993. Enter here and on Form 1040, line 44; Form 1120, Schedule J, line 4e;

Form 1120-A, Part I, line 2a; or the appropriate line of other income tax returns

Paperwork Reduction Act Notice

If you have comments concerning the

Two new wage-based credits effective for

accuracy of these time estimates or

wages paid after 1993 were added to the

We ask for the information on this form to

suggestions for making this form more

general business credit. Wages used on Form

carry out the Internal Revenue laws of the

simple, we would be happy to hear from you.

5884 cannot be used to figure the new

United States. You are required to give us the

You can write to both the IRS and the Office

credits. See Form 8845, Indian Employment

information. We need it to ensure that you are

of Management and Budget at the addresses

Credit, and Form 8844, Empowerment Zone

complying with these laws and to allow us to

listed in the instructions of the tax return with

Employment Credit, for details. Form 8844 is

figure and collect the right amount of tax.

which this form is filed.

not effective until the 1994 tax year.

The time needed to complete and file this

General Instructions

Items To Note

form will vary depending on individual

circumstances. The estimated average time

The targeted jobs credit has been extended

Section references are to the Internal

is:

retroactively from June 30, 1992, to

Revenue Code.

December 31, 1994. Claim any credit for

Recordkeeping

4 hr., 4 min.

Purpose of Form

wages paid during the 1992 tax year to an

Learning about the law

Use Form 5884 if you had targeted group

employee who began work after June 30,

or the form

35 min.

employees and claim the jobs credit for

1992, on an amended 1992 tax return.

Preparing and sending

wages you paid or accrued for them during

the form to the IRS

41 min.

the tax year.

5884

Cat. No. 13570D

Form

(1993)

Jobs Credit (Form 5884)

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