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deduction, but must also be directly

form to carry out the Internal Revenue

Backup withholding. If the

connected with the production of

laws of the United States. You are

association had income tax withheld

gross income to be deductible in

required to give us the information.

from any payments it received

computing the unrelated taxable

We need it to ensure that you are

because, for example, it failed to give

income.

complying with these laws and to

the payer its correct EIN, include the

allow us to figure and collect the right

amount withheld in the total for

Line 20. Multiply the amount on

amount of tax.

line 23g. This type of withholding is

line 19 (taxable income) by 30%

called backup withholding. Show the

(0.30) (timeshare associations

You are not required to provide the

amount withheld in the blank space in

multiply line 19 by 32% (0.32)). If the

information requested on a form that

the right-hand column between lines

amount on line 19 is zero or less than

is subject to the Paperwork Reduction

22 and 23g, and write “Backup

zero, enter -0- on line 20.

Act unless the form displays a valid

Withholding.”

OMB control number. Books or

Line 21. Tax credits. The

records relating to a form or its

Line 24. Amount owed. If you can’t

association may qualify for the

instructions must be retained as long

pay the full amount of tax you owe,

following tax credits.

as their contents may become

you can apply for an installment

Foreign tax credit (Form 1118).

material in the administration of any

agreement online.

Qualified electric vehicle credit

Internal Revenue law. Generally, tax

(Form 8834).

You can apply for an installment

returns and return information are

General business credit (Form

agreement online if:

confidential, as required by section

3800).

You can’t pay the full amount

6103.

shown on line 24,

Note. Homeowners associations

The total amount you owe is

The time needed to complete and

can’t claim the investment credit.

$25,000 or less, and

file this form will vary depending on

Enter the total applicable credits on

You can pay the liability in full in 24

individual circumstances. The

line 21 and attach the appropriate

months.

estimated burden for business

form(s).

taxpayers filing this form is approved

To apply using the Online Payment

under OMB control number

Agreement Application, go to

IRS.gov/

Line 22. Total tax. If the association

1545-0123 and is included in the

OPA. Under an installment

must recapture any low-income

estimates shown in the instructions for

agreement, you can pay what you

housing credit, qualified electric

their business income tax return.

owe in monthly installments. There

vehicle credit, or new markets credit,

are certain conditions you must meet

include the amount of the recapture in

If you have comments concerning

to enter into and maintain an

the total for line 22. To the right of the

the accuracy of the time estimates or

installment agreement, such as

entry space, write “LIHTC,” “QEV,” or

suggestions for making this form

paying the liability within 24 months

“NMTC,” “recapture,” and the amount.

simpler, we would be happy to hear

and making all required deposits and

For details, see Form 8611,

from you. You can send us comments

timely filing tax returns during the

Recapture of Low-Income Housing

from IRS.gov/FormComments. Or you

length of the agreement. If your

Credit; Regulations section 1.30-1

can send your comments to: Internal

installment agreement is accepted,

(regarding the qualified electric

Revenue Service, Tax Forms and

you will be charged a fee and you will

vehicle credit); Form 8874, New

Publications Division, 1111

be subject to penalties and interest on

Markets Credit; or Form 8874–B,

Constitution Ave. NW, IR-6526,

the amount of tax not paid by the due

Notice of Recapture Event for New

Washington, DC 20224. Do not send

date of the return.

Markets Credit.

the tax form to this office. Instead, see

Where To

File, earlier.

Line 23g. Total payments. Add the

Paperwork Reduction Act Notice.

amounts on lines 23c through 23f and

We ask for the information on this

enter the total on line 23g.

-6-

Instructions for Form 1120-H

Instructions For Form 1120-H - U.s. Income Tax Return For Homeowners Associations - 2017 Page 6

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