Blank Idaho 967 Form

1. What is the purpose of Form 967?

   Form 967, also known as the Idaho Annual Withholding Report, is used to report the total taxable wages and reconcile the total amount of Idaho taxes withheld during the calendar year. It is also the form used to submit the state copies of Forms W-2 and any Forms 1099 that have Idaho income tax withheld.

2. Who is required to file Form 967?

   If you had an active Idaho withholding account at any time during the year or withheld Idaho income taxes, you must file Form 967. This requirement holds even if you did not withhold any income tax or if you canceled your account during the year.

3. When is Form 967 due?

   Form 967, along with the 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.

4. How can I file Form 967?

   You can file Form 967 electronically at tax.idaho.gov. Alternatively, you may send the signed and completed form along with the W-2s and/or 1099s to:

   • Idaho State Tax Commission
   • PO Box 76
   • Boise, ID 83707-0076
5. What if I need to file W-2s and 1099s?

   If you are filing W-2s, you can do so electronically by entering the details online or uploading a file. For 1099s, you must include Form 967 with your electronic filing. If you file by paper, ensure that all copies are legible and attached to Form 967.

6. What happens if I file Form 967 late?

   Filing Form 967 late may result in penalties. If you miss the deadline, a penalty of 5% per month on any unpaid withholding tax will apply. The minimum penalty is $10, while the maximum can reach 25% of the tax due.

7. What records do I need to complete Form 967?

   To complete Form 967, you should have the following records:

   • Payroll records
   • Completed W-2 forms and any 1099s with Idaho income tax withheld
   • Record of Idaho withholding payments
   • Form 967 itself

Filling out the Idaho 967 form can be a straightforward task, but many individuals make common mistakes that can lead to complications. One significant error is failing to report all taxable wages accurately. It’s crucial to ensure that the total Idaho taxable wages shown on the W-2 forms are correctly entered on Line 1. Omitting wages or miscalculating totals can result in discrepancies that may attract penalties or delays in processing.

Another frequent mistake is neglecting to include all necessary forms. When submitting Form 967, individuals must attach copies of all W-2s and any 1099s with Idaho income tax withheld. Forgetting to include these documents can lead to the return being considered incomplete. This oversight may not only delay the processing of your form but could also result in penalties.

Many filers also overlook the importance of rounding amounts correctly. The instructions specify that amounts should be rounded to the nearest whole dollar. Failing to adhere to this guideline can cause confusion and may lead to errors in tax calculations. It's essential to review the rounding rules carefully to ensure compliance.

In addition, some individuals mistakenly believe they do not need to file if no taxes were withheld. However, the requirement to file Form 967 applies even if no income tax was withheld from employees' wages. This misunderstanding can lead to non-compliance and potential penalties for late filing.

Lastly, many filers forget to sign their returns. An unsigned Form 967 is not considered valid, and this oversight can result in delays or denial of any credits or refunds. Always remember to sign your return before submission to avoid unnecessary complications.

The Idaho 967 form, also known as the Idaho Annual Withholding Report, is an essential document for employers in Idaho. It is used to report taxable wages and reconcile the amount of Idaho taxes withheld during the year. Alongside this form, several other documents are commonly utilized to ensure compliance with state tax regulations. Below is a list of these documents, each serving a unique purpose in the reporting process.

• W-2 Forms: These are Wage and Tax Statements that employers must provide to their employees. They detail the employee's earnings and the amount of taxes withheld during the year. Employers must attach copies of these forms to the Idaho 967 when filing.
• 1099 Forms: Specifically, 1099s report income other than wages, salaries, and tips. If Idaho income tax was withheld, these forms must also be submitted along with the Idaho 967 form. They serve to document payments made to independent contractors or other non-employee compensation.
• Record of Idaho Withholding Payments: This internal document helps employers track the total Idaho income tax withholding payments made throughout the year. It is not submitted but is essential for accurately completing the Idaho 967 form.
• Combined Federal/State Filing Program Documentation: Employers participating in this program can file their 1099s electronically. This documentation simplifies the process by allowing a single submission for both federal and state requirements, though specific guidelines must be followed.
• Employer Identification Number (EIN): This unique number assigned to businesses by the IRS is necessary for tax reporting. It must be included on all forms submitted to ensure proper identification and processing by the Idaho State Tax Commission.
• Tax Payment Records: Maintaining accurate records of tax payments made to the state is crucial. These records support the figures reported on the Idaho 967 and can be helpful in case of audits or discrepancies.

Understanding the purpose of each of these documents can help employers navigate the tax filing process more effectively. Proper documentation and timely submissions are key to maintaining compliance with Idaho tax laws and avoiding potential penalties.

• Form W-2: The W-2 form, or Wage and Tax Statement, is similar to Form 967 as it reports wages paid to employees and the taxes withheld from those wages. Employers must submit W-2 forms to both employees and the IRS, just as they submit them alongside Form 967 to the Idaho State Tax Commission.
• Form 1099: Like Form 967, Form 1099 is used to report various types of income other than wages, salaries, and tips. When Idaho income tax is withheld, the 1099 must be included with Form 967 to reconcile the total taxes withheld during the year.
• Form 941: The 941 form, or Employer's Quarterly Federal Tax Return, is similar in that it reports income taxes, Social Security tax, and Medicare tax withheld from employee wages. Both forms require accurate reporting of taxes withheld, though Form 941 is filed quarterly while Form 967 is filed annually.
• Form 1040: The 1040 form, or U.S. Individual Income Tax Return, is also related as it summarizes an individual’s income and taxes owed. While Form 967 is focused on employer withholding, both forms ultimately contribute to the overall tax reporting process for the year.

When filling out the Idaho 967 form, there are several important considerations to keep in mind. Below is a list of things to do and avoid to ensure a smooth filing process.

• Do ensure that all copies of W-2 forms and 1099s are legible and unaltered.
• Do file Form 967 by the last day of February, regardless of whether you file electronically or on paper.
• Do round amounts to the nearest whole dollar when completing the form.
• Do include all required information, such as the employer's name, EIN, and the total Idaho tax withheld.
• Don't forget to sign your return; unsigned returns may delay processing.
• Don't submit paper W-2s or 1099s if you have filed electronically.

Following these guidelines will help ensure that your Idaho 967 form is completed accurately and submitted on time.

• Misconception 1: Only businesses with employees need to file Form 967.

This is incorrect. Any entity with an active Idaho withholding account, even if they had no employees or withheld no taxes, must file Form 967.

• Misconception 2: Form 967 can be filed anytime during the year.

Actually, Form 967 is due on or before the last day of February each year. Timely filing is essential to avoid penalties.

• Misconception 3: You do not need to submit W-2s or 1099s with Form 967.

This is false. You must attach the state copies of W-2s and any 1099s with Idaho income tax withheld when filing Form 967.

• Misconception 4: Filing electronically is optional for everyone.

For employers who meet IRS requirements, electronic filing of W-2s is mandatory. If you fail to file electronically when required, penalties may apply.

• Misconception 5: Rounding amounts on Form 967 is not necessary.

In fact, amounts must be rounded to the nearest whole dollar. This helps ensure accuracy in reporting.

• Misconception 6: You can file Form 967 without completing your payroll records.

This is misleading. You must complete your Record of Idaho Withholding Payments before filling out Form 967.

• Misconception 7: There are no penalties for late filing of Form 967.

On the contrary, if Form 967 is filed late, a penalty of 5% per month may be assessed on any unpaid withholding tax.

• Misconception 8: Interest on unpaid tax does not accrue until the return is filed.

This is incorrect. Interest starts accruing on the unpaid tax balance from the due date of Form 967, regardless of when it is filed.

• Misconception 9: All copies of W-2s and 1099s can be altered before submission.

This is false. All copies must be legible and unaltered to ensure compliance with state requirements.

Understanding the Idaho 967 Form is crucial for anyone managing payroll in the state. This form serves multiple purposes, including reporting taxable wages and reconciling withheld taxes with the Idaho State Tax Commission. Here are some key takeaways to keep in mind:

• Who Needs to File: If you had an active Idaho withholding account at any point during the year, you are required to file Form 967, even if no income tax was withheld.
• Filing Deadline: Form 967, along with any W-2s and 1099s, must be submitted by the last day of February. This applies whether you are filing electronically or by mail.
• Filing Methods: You can file electronically at tax.idaho.gov or send a paper form to the Idaho State Tax Commission. Be mindful of the requirements for electronic filing, especially if you have 50 or more employees.
• Accuracy Matters: Ensure all W-2s and 1099s are legible and accurate. Any discrepancies can lead to penalties or delays in processing your return.