Issuers of certain tax credit bonds (or their agents) and recipients of Form 1097-BTC from the bond issuer or agent, such as mutual funds or partnerships, must file this form. If they are further distributing the credit, they must file this form for each tax credit distributed.
When do You Need to File 1097-BTC?
- If you are allowed a tax credit, directly or indirectly, from a tax credit bond or a stripped tax credit during the calendar year in an amount of at least $10
- If you are an issuer of certain tax credits (or their agent) or a nominee/intermediary (such as a broker, a partnership, a trust, an estate, a regulated investment company, or a real estate investment trust), you must report quarterly and file with the IRS annually for each tax credit distributed
Form 1097-BTC Deadlines 2020
Forms must be transmitted to the IRS before the deadline. The due date for eFiling for Form 1097-BTC is March 31. If the due date falls on a weekend or holiday, it will be due the next business day.