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The rates decline from 35% to 21% for corporate partners and from 39.6 % to 37% for individuals and other non-corporate partners, effective January 1, 2018. The TCJA reduces the withholding rates under Section 1446 on PTP distributions of effectively connected income to foreign partners. However, to the extent overwithholding occurs after December 31, 2017, and before systems can be modified, any overwithheld tax should be refundable to the account holder. ĮY observes: This change will require system updates to reflect the reduced rate, which was effective January 1, 2018. As a result, the backup withholding tax rate has been reduced from 28% to 24%.
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The revised fourth lowest rate for unmarried individual tax rate is 24%.
#TRUSTS PROVIDING DELAYED CAPITAL GAIN 2017 CODE#
Section 3406 ties the backup withholding rate to the "fourth lowest rate of tax applicable under 1(c)." While TCJA does not amend Section 1(c) (which contains the personal income tax rates for unmarried individuals that will once again apply in 2026), it states that the revised unmarried individual rates in the TJCA should be applied when the Internal Revenue Code (Code) cross-references Section 1(c). The TCJA reduces the backup withholding rate from 28% to 24%, effective January 1, 2018. Restrictions on certain IRA conversions New substantive and withholding tax on sales of certain partnership interests (with a delayed withholding tax implementation for sales of PTP interests) A revised withholding rate on "look-through" distributions paid by real estate investment trusts (REITs) and other qualified investment entities (QIEs) Revised withholding rates on distributions to foreign partners by publicly traded partnerships (PTPs) attributable to effectively connected income The Tax Cut and Jobs Act (TCJA), which was signed into law on December 22, 2017, introduces numerous changes to US information reporting and withholding and related matters, including: US information reporting and withholding affected by Tax Cuts and Jobs Act