Withheld Tax Credit for Income Recipients

IRC §1462

Ensures that any tax withheld at the source on income is fully creditable against the recipient's total income tax liability.

Eligibility

Applies to any recipient of income where tax was required to be withheld at the source under Chapter 3 of the IRC.

Frequently Asked Questions

Who is eligible for the Withheld Tax Credit for Income Recipients?

Applies to any recipient of income where tax was required to be withheld at the source under Chapter 3 of the IRC.

How does the Withheld Tax Credit for Income Recipients work?

Ensures that any tax withheld at the source on income is fully creditable against the recipient's total income tax liability.

What law authorizes the Withheld Tax Credit for Income Recipients?

The Withheld Tax Credit for Income Recipients is authorized under IRC §1462 of the Internal Revenue Code (Title 26, United States Code).

Statutory Text — IRC §1462

Source: Internal Revenue Code, Title 26, United States Code

§ 1462. Withheld tax as credit to recipient of income Income on which any tax is required to be withheld at the source under this chapter shall be included in the return of the recipient of such income, but any amount of tax so withheld shall be credited against the amount of income tax as computed in such return. (Aug. 16, 1954, ch. 736, 68A Stat. 360.)

Legal Sources

US Code (Official) — 26 USC §1462 → Cornell Law Institute — 26 USC §1462 → Search IRS.gov for IRC §1462 → Treasury Regulations (26 CFR) →

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