Form 2424 Funds Transfer - IPAC - Transferring from USRC Account to Taxpayer Account

See general guidance in IRM 21.8.4.3.11, Form 2424 Funds Transfer - IPAC, before applying the specific instructions in this subsection for preparing Form 2424 (required) to transfer funds from USRC Account to a taxpayer account.

Debit Section – Complete as follows:

Name and address – enter “5100”.

X-ref. TIN – enter the taxpayer’s TIN.

X-ref. MFT – enter the appropriate MFT code (see table below bullet list for common MFT codes).

X-ref. tax per. – enter the tax period listed on IDRS.

Transaction Date – enter the date the money was entered into IDRS. The date must be entered in MM/DD/YYYY format.

1st T.C. – enter the Transaction Code listed on IDRS. You may need to look up this code on SERP. The Transaction Code you enter here should be the opposite of the Transaction Code that the funds are entered under in IDRS.

Debit amount – enter the amount of money being transferred. This should match the “Credit amount” you enter in the “Credit” section.

MFT Code

Type/Form

01

941

02

Corp/S Corp

05

Trust

06

Partnership

10

940

30

Individual/1040

34, 44, or 67

Exempt Individual

Credit Section – Complete as follows:

Name and address – enter the Name Control of the taxpayer.

TIN – enter the taxpayer’s TIN.

MFT Code – enter the appropriate MFT code (see table in (2) above for common MFT codes).

Tax period – enter the tax period listed on IDRS.

Transaction Date – enter the date the money was entered into IDRS. The date must be entered in MM/DD/YYYY format.

1st T.C. – locate the Transaction Code listed on IDRS. You may need to look up this code on SERP. The Transaction Code you enter here should be the opposite of the Transaction Code that the funds are entered under in IDRS.

Credit amount – enter the amount of money being transferred. This should match the “Debit amount” you enter in the “Debit” section.

Explanation – enter “Debit 8802 User Fee Account and Credit the Taxpayer Account” (or similar).

Date prepared – enter the date you process the transfer. The date must be entered in MM/DD/YYYY format.

Prepared by – enter your badge number.