The Idaho 850 U form is a crucial document used to report and pay the use tax owed by individuals in Idaho. This form is typically required for those who have made untaxed purchases, such as jewelry or artwork, and need to fulfill their tax obligations. Understanding how to accurately complete this form is essential for compliance and to avoid potential penalties.
The Idaho 850 U form is a crucial document for residents who need to report and pay use tax on goods purchased without sales tax. This form is typically utilized when the total use tax owed is less than $50, making it accessible for individuals making one-time large purchases, such as jewelry or artwork. Use tax applies to items you use or store in Idaho if sales tax was not collected at the time of purchase. For example, if you buy products online or from out-of-state vendors and no sales tax is charged, you are responsible for paying this tax directly to the Idaho State Tax Commission. The form allows for the reporting of single or multiple transactions, ensuring that you can easily account for all untaxed purchases. To complete the form, you'll need to detail the purchase date, description, and price of the goods, and then calculate the tax owed based on the applicable use tax rate. It is important to keep a worksheet for your records, as it helps track your untaxed purchases and ensures accurate reporting. Properly filling out and submitting the Idaho 850 U form helps you stay compliant with state tax regulations while fulfilling your financial obligations.
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
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Idaho State Tax Forms 2022 - Designed for adjustments within the 2012 calendar year, or for fiscal years commencing and concluding within specified periods.