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#2164033 - 02/12/18 02:42 PM IRS Notice 1036-Backup WIthholding for Deposit Int
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,074
On January 11, 2018, the IRS published a news release with an updated version of Notice 1036 (Rev. January 2018) referencing the new 24% backup withholding tax rate.

Does this change effect the backup withholding for deposit interest?

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Deposits and Payments
#2164034 - 02/12/18 02:47 PM Re: IRS Notice 1036-Backup WIthholding for Deposit Int lucyc
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Notice 1036 is regarding wage withholdings and have nothing to do with backup withholding on interest payments.
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#2164066 - 02/12/18 04:38 PM Re: IRS Notice 1036-Backup WIthholding for Deposit Int lucyc
lucyc Offline
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lucyc
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Posts: 1,074
Thank you.

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#2164449 - 02/14/18 03:49 PM Re: IRS Notice 1036-Backup WIthholding for Deposit Int lucyc
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,074
Is the backup withholding rate on interest payments still 28%?

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#2164462 - 02/14/18 04:37 PM Re: IRS Notice 1036-Backup WIthholding for Deposit Int lucyc
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
The new Tax Cut and Jobs Act (TCJA) reduced that to 24% starting 01/01/2018.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2164892 - 02/16/18 02:58 PM Re: IRS Notice 1036-Backup WIthholding for Deposit Int lucyc
lucyc Offline
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lucyc
Joined: Jul 2007
Posts: 1,074
Thank you,

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