Form 4070a ND 2005-2025

Form 4070a ND: What You Should Know

Exposure of IRS Form 4070A to Social Security and Medicare You must report to the IRS Form 4070A for tips you receive. However, the only way to know whether you failed to report your tips correctly is to call the IRS. You must report tips if you receive more than 21 a month or more than 25 in any 12-month period and the unreported tips are in excess of 12 a month or 15 in any 12-month period.  Social Security or Medicare tax will be withheld, but the amount withheld may not be enough to cover the taxes you owe the IRS. You then report the extra income to your employer as follows: If your total tips received are 12 a month or more In box 20 (at left side) at the top of the Form 4070A, write “over 12,000”. Pay the extra tax. Include this amount in box 21 (see below) when you report the total tips to your employer. If your total tips received are under 12,000 Do not include any tip amounts in box 20. Instead, enter all tips received in box 21 under line 5, pay the IRS tax and withhold Social Security and Medicare taxes on the unreported tips. You do not have to complete line 5 for amounts received under 12,000. Enter a value of less than 12,000 on line 1 of Part IV (Form 4070A) of the form. See instructions for line 1 of Part IV. In box 22 of the Form 4070A, write “less than 12,000”. Pay the extra tax. Include this amount in box 21 (see below) when you report the total tips to your employer. Social Security or Medicare tax, if any, was withheld in error on the first return made by you under the wage and tax credit program. Check the box on line 7 of Part V of Form 4070A for the Social Security or Medicare tax withheld with your original return. If a tax is not withheld, it can be credited against the tax you owe the US. Note: If you have unreported tips and your filing obligations are not met, you must pay both income tax and Social Security and Medicare taxes. You may have to pay them in two equal installments. It will depend on each particular situation, so contact the IRS.

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