Form 8870 - Information Return For Transfers Associated With Certain Personal Benefit Contracts Page 5
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65
Form 8870 (Rev. 8-2013)
Page
Amended Return
Phone Help
If you have questions and/or need help completing Form 8870,
The organization may file an amended return at any time to
please call 1-877-829-5500. This toll-free telephone service is
change or add to the information reported on a previously filed
available Monday through Friday.
return for the same period.
An amended return must provide all the information called for
Specific Instructions
by the form and instructions, not just the new or corrected
information. Write “Amended Return” at the top of an amended
Completing the Heading of Form 8870
Form 8870.
Accounting period. Use Form 8870 to report either on a
Signature
calendar year accounting period or on an accounting period
other than a calendar year (either a fiscal year or a short period
To make the return complete, an officer of the organization
(less than 12 months)). This information should be the same
authorized to sign it must sign in the space provided. For a
information as reported on your Form 990, 990-EZ, 990-PF, or
corporation or association, this officer may be the president,
5227.
vice president, treasurer, assistant treasurer, chief accounting
Name and address. Include the suite, room, or other unit
officer, or other corporate or association officer, such as a tax
number after the street address. If the Post Office does not
officer. A receiver, trustee, or assignee must sign any return he
deliver mail to the street address, and the organization has a
or she files for a corporation or association. For a trust, the
P.O. box, show the box number instead of the street address.
authorized trustee(s) must sign.
For foreign addresses, enter information in the following
Paid Preparer Use Only
order: city, province or state, and the name of the country.
Anyone who prepares the return but does not charge the
Follow the foreign country’s practice in placing the postal code
organization should not sign the return. Certain others who
in the address. Please do not abbreviate the country name.
prepare the return should not sign. For example, a regular,
If a change in address occurs after the return is filed, use
full-time employee of the lender, such as a clerk, secretary, etc.,
Form 8822, Change of Address, to notify the IRS of the new
should not sign.
address.
Generally, anyone who is paid to prepare a return must sign it
Employer identification number. The organization should
and fill in the other blanks in the Paid Preparer Use Only area of
have only one federal employer identification number (EIN). If
the return. A paid preparer cannot use a social security number
it has more than one and has not been advised which to use,
in the Paid Preparer Use Only box. The paid preparer must use
notify the Department of the Treasury, Internal Revenue
a preparer tax identification number (PTIN). If the paid preparer
Service, Ogden, UT 84201-0027. State what numbers the
is self-employed, the preparer should enter his or her address in
organization has, the name and address to which each
the box. The paid preparer must:
number was assigned, and the address of its principal office.
• Sign the return in the space provided for the preparer’s
The IRS will advise the organization which number to use.
signature,
Telephone number. Enter a telephone number of the
• Enter the preparer information, and
organization that the IRS may use during normal business
hours to contact the organization. If the organization does
• Give a copy of the return to the organization.
not have a telephone number, enter the telephone number of
Penalties
the appropriate organization official.
Returns required by section 170(f)(10)(F)(iii) are subject to the
Application pending. If the organization’s application for
penalties applicable to returns required under section 6033.
exemption is pending, check this box and complete the return.
There are also criminal penalties for willful failure to file and for
Type of organization. If the organization is exempt under
filing fraudulent returns and statements. See sections 7203,
section 501(c), check the applicable box and insert, within
7206, and 7207.
the parentheses, the number that identifies the type of section
501(c) organization the filer is. Private foundations should enter
Other Returns You May Need To File
“3” to indicate that they are a section 501(c)(3) organization. If
Excise tax return. Section 170(f)(10)(F)(i) imposes on a
the organization is a section 4947(a)(1) nonexempt charitable
charitable organization an excise tax equal to the premiums
trust, a section 664 charitable remainder trust, or other section
paid by the organization on any personal benefit contract, if the
170(c) organization, check the applicable box.
payment of premiums is in connection with a transfer for which
Part A. Personal Benefit Contracts
a deduction is not allowed under section 170(f)(10)(A).
Note. In Parts A through D, you will be reporting on personal
For purposes of this excise tax, section 170(f)(10)(F)(ii)
benefit contracts for which you paid premiums or received
provides that premium payments made by any other person,
transfers during the tax year.
pursuant to an understanding or expectation described in
section 170(f)(10)(A), are treated as made by the charitable
Use the Continuation Schedule if you have more than five
organization.
personal benefit contracts to report. You may duplicate the
Continuation Schedule and attach as many schedules as you
A charitable organization liable for excise taxes under section
need to Form 8870. Complete the Continuation Schedule
170(f)(10)(F)(i) must file a return on Form 4720, Return of Certain
following the Specific Instructions for Parts A through D.
Excise Taxes Under Chapters 41 and 42 of the Internal Revenue
However, complete line (g) on only one Continuation Schedule.
Code, to report and pay the taxes due.
The figure on that Continuation Schedule should be the
Information returns. Generally, an organization described in
combined total of all your Continuation Schedules. Follow the
section 170(c) files either Form 990, Return of Organization
line (g) instruction on page 3 of the form to carry the line (g) total
Exempt From Income Tax, Form 990-EZ, Short Form Return of
amount to Part B, page 1, line (h).
Organization Exempt From Income Tax, or Form 990-PF,
Return of Private Foundation or Section 4947(a)(1) Nonexempt
Charitable Trust Treated as a Private Foundation.
A charitable remainder trust described in section 664(d) files
Form 5227, Split-Interest Trust Information Return.
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