The Idaho 850 U form is a tax document used to report and pay the use tax owed on goods that individuals or businesses utilize or store in Idaho. This form is essential for those who have made untaxed purchases, including significant one-time acquisitions like jewelry or artwork. Understanding how to accurately complete this form is crucial for compliance with Idaho tax regulations.
The Idaho 850 U form is an essential document for residents who need to report and pay use tax on goods that have not been subjected to sales tax. This form is particularly relevant for individuals making one-time significant purchases, such as jewelry, artwork, or aircraft, as well as for those whose total use tax liability is less than $50. Use tax applies to items that are stored or utilized in Idaho when sales tax has not been paid, except in cases where the items are held for resale or qualify for specific exemptions. The use tax rate mirrors the sales tax rate, which means that if you acquire merchandise online, via phone, or through mail-order without sales tax included, you are responsible for remitting the use tax directly to the Idaho State Tax Commission. Additionally, purchases made outside of Idaho that are shipped back home also incur use tax obligations. The form provides a worksheet to help track untaxed purchases, ensuring accurate reporting. Users will need to enter details such as purchase dates, descriptions of the goods, and their prices to calculate the total use tax due. Completing this form accurately is crucial for compliance with state tax regulations.
Filling out the Idaho 850 U form is a straightforward process. This form allows individuals to report and pay use tax on untaxed purchases. Follow these steps to ensure accurate completion of the form.
After submitting the form, keep a copy for your records. This will help you track your tax obligations and ensure compliance with Idaho tax laws.
When filling out the Idaho 850 U form, it is essential to understand its purpose and requirements. Here are some key takeaways to keep in mind:
The Idaho 850 U form is used to report and pay the use tax you owe on goods that you have purchased but did not pay sales tax on. This form is typically utilized if you owe less than $50 in use tax. It is also suitable for individuals making one-time large purchases, such as jewelry or artwork.
Any individual or entity that has made untaxed purchases and owes use tax must file this form. This includes people who buy items online, through catalogs, or from other states where sales tax was not charged. If you have made multiple purchases, you can report them all on this form.
Use tax is a tax imposed on goods that are used, stored, or consumed in Idaho. If you have not paid sales tax on these goods, you are required to pay use tax. Certain exemptions may apply, such as items held for resale. If you have paid sales tax in another state, you do not owe use tax.
To calculate the use tax:
Keep in mind that the use tax rate is the same as the sales tax rate, which varies based on the date of purchase.
You can report multiple purchases on the Idaho 850 U form. Use the worksheet provided with the form to list each purchase along with the date, description, and purchase price. This will help you accurately calculate the total use tax due.
Once you have completed the form, mail it along with any payment to the Idaho State Tax Commission at the address provided on the form. If you are paying by check, be sure to attach it to your return.
Failing to file the Idaho 850 U form when you owe use tax can result in penalties and interest. It is important to comply with tax regulations to avoid any legal consequences. If you have questions about your specific situation, consider consulting a tax professional.
For more information, you can visit the Idaho State Tax Commission's website. They provide resources and guidance on use tax and the filing process. You may also contact their office directly for assistance.
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The Idaho 850 U form is primarily used to report and pay use tax owed by individuals for items purchased without sales tax. In conjunction with this form, several other documents may be necessary to ensure compliance with tax regulations. Below is a list of related forms and documents commonly utilized alongside the Idaho 850 U form.
Understanding these related forms can help individuals and businesses navigate their tax responsibilities more effectively. Proper documentation ensures compliance with Idaho tax laws and aids in accurate reporting of use tax liabilities.
OR850-U
Idaho Self-Assessed Use Tax
F
M EFO00143
Worksheet and Return
01-02-09
Use Form 850-U to report and pay the use tax you owe. If you owe less than $50 in use tax, you will generally use this form. However, you may also use this form if you’re an individual (non-business) and you make a one-time large dollar purchase of items such as jewelry, artwork, or an aircraft. You can report single or multiple transactions. If you pay by check, please attach your check to the return.
What is use tax? Use tax is a tax on goods that you put to use or store in Idaho. If you have not paid sales tax on these goods, you owe use tax (unless the items are held for resale or an Idaho exemption applies). If Idaho or another state’s sales tax is added to the purchase price, you do not owe use tax. The use tax rate is the same as the sales tax rate.
For example, if you buy merchandise through the Internet, over the telephone, or from mail-order catalogs, and sales tax is not added to the price, you are responsible for paying the use tax directly to the Idaho State Tax Commission. Also, if you travel outside the state and purchase untaxed merchandise that is brought or shipped to your Idaho home, you owe use tax.
Use the worksheet below to track your untaxed purchases. Keep this worksheet for your records.
Column 1. Enter the date you purchased the untaxed goods. Add the purchase date to the Tax Period ield on the 850-U. If you made multiple purchases, enter the dates of your irst and last purchases.
Column 2. Enter a description of the goods purchased.
Column 3. Enter the purchase price of the goods from Column 2. Total Column 3, and enter amount on Line 1 of 850-U.
Column 4. Multiply the purchase price in Column 3 by the use tax rate* at the time of purchase. Total Column 4, and enter amount on Line 2 of the 850-U.
Use Tax Worksheet
Column 1
Column 2
Column 3
Column 4
Purchase Date
Description of Goods
Purchase Price
Column 3 x rate*
Total Purchases Subject to Use Tax
»
* Rate if purchase date is:
Oct. 1, 2006 or after, the rate is 6% (.06).
Total Use Tax Due »
July 1, 2005 - Sept. 30, 2006, the rate is 5% (.05).
May 1, 2003 - June 30, 2005, the rate is 6% (.06).
April 30, 2003 or before, the rate is 5% (.05).
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OF 850-U
Idaho Self-Assessed Use Tax Return
R EFO00143 (01-02-09)
M
Name
Address
Social Security Number or Federal ID Number
Month
Year
Tax Period
__ __ / __ __ __ __
to __ __ / __ __ __ __
City
State
ZIP
1. Amount Subject To Use Tax
$
2. Use Tax Due (from worksheet)
My check is attached
(
)
Signature
Date
Phone number
Mail to: Idaho State Tax Commission, PO Box 36, Boise ID 83722-0410