IRS Form 8989 Request to Revoke the Election for Alternative to Payment of the Imputed Underpayment

What Is IRS Form 8989?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on February 1, 2019. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 8989?
A: IRS Form 8989 is a form used to request the revocation of the election for an alternative to payment of the imputed underpayment.

Q: What is the purpose of IRS Form 8989?
A: The purpose of IRS Form 8989 is to request the revocation of the election for an alternative way to pay the imputed underpayment.

Q: Who needs to use IRS Form 8989?
A: Taxpayers who previously elected an alternative way to pay the imputed underpayment and now want to revoke that election need to use IRS Form 8989.

Q: What is an imputed underpayment?
A: An imputed underpayment is an amount of additional tax determined by the IRS in connection with the partnership return.

Q: How do I fill out IRS Form 8989?
A: You need to provide your personal information, partnership information, and an explanation for the revocation request. You may need to consult with a tax professional for assistance.

Q: Are there any fees associated with filing IRS Form 8989?
A: No, there are no fees associated with filing IRS Form 8989.

Q: What happens after I submit IRS Form 8989?
A: The IRS will review your request and determine whether to approve or deny the revocation of the election for an alternative to payment of the imputed underpayment.

Q: Can I file IRS Form 8989 electronically?
A: As of now, IRS Form 8989 cannot be filed electronically. It must be mailed to the IRS.

Q: Can I amend or modify my request after submitting IRS Form 8989?
A: Once you have submitted IRS Form 8989, you cannot amend or modify your request. If there are any changes or updates, you would need to submit a new form.