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8870 Form: What You Should Know

A creditor of the taxpayer. Any other person or person designated by the organization. (This information does not include payment information, information provided on Form 1341, and information provided on Form 8802. Any amount disclosed on such forms does not need to be included on Form 8870.) Note: The form may be filed electronically. Form 8870 for reporting the fair market value of certain payments. The information required on Form 8802 is the same as provided on Form 8870. The organization should follow the instructions outlined in the instructions for Form 8802, including that the organization must attach any information on Forms 8870 and Forms 8802 that was identified on Form 8802 by the issuer of the contract. If an organization files Form 8870 as a charitable organization for the purpose of reporting a contract for the payment of medical expenses to persons other than the organization's charitable contribution recipients, all of Form 8870's information requirements must be satisfied prior to the organization's filing its Form 8802 for the payment of medical expenses. Therefore, if necessary, the organization should complete and file Forms 8870 and Form 8802 as soon as possible within three years of the contract's effective date. For more information regarding Forms 8870 and its informational return, see Notice 2011-21, 2011-14 I.R.B. 764, “Form Taxpayer Identification Number-Prohibited Transactions,” or see IRS Rev. Pro. 2013-21 for information about the requirements for filing Forms 8870, 8802, and a Form 8802 Information Return, for the purposes of the prohibition on the use of Form 8802 to report certain transactions that include certain kinds of services, that is, certain payments that are not taxable transactions for purposes of section 280E, and that are paid to individuals who are not included in the definition of a dependent under section 15 (3)(A) of the Code and that are not described in section 15 (4) of the Code. Form 8870 with Personal Benefit Contracts. Complete the remainder of the information return on Form 8870 as follows (except as specified on other forms). Column (b).

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