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Printable Form 668-B New Hampshire: What You Should Know
Note: The notices described are for guidance. Please refer to Tax Topic 5.33 and Notice 664.15 for information on other kinds of levy of an individual. 184.108.40.206.1.1 (11-17-2015) If an employee has incurred a net income in excess of US250,000 for any year and has an invested vested percentage (VPP) at or above 20% in excess of 25% with respect to that net income, he may levy the employee in one of the following ways. See IRC 5205(b)(1) for more details. (A) A levy may be levied as an amount equivalent to the greatest of: (1) 100% of the least of: (i) the total net income of the employee, or (ii) 25% of the least of: (2) the invested portion of the employee's vested percentage, (3) the sum of the vested shares of the shares of a class with the maximum cumulative vesting and the total number of shares of that class of which the employee has vested, and (4) the aggregate annualized amount of the net salary earned by the employee during the two-year period ending at the end of the first year of service. IRC 5205(b)(2)(D)(i) (iii) The first dollar amount of each of the amounts described in subparagraphs (A)(1)-(4) must be prorated across the years of service in the following manner: (I) For the first year, 100% of the amount of each of the amounts described in subparagraphs (A)(1)-(4), with the remainder of the prorated amount remaining for subsequent years. . IRS does not allow levy of a US taxpayer. 220.127.116.11.1.2 (06-07-2012) Where an invested % value is determined, a special provision was made for levy, so that there is no obligation either to pay the tax or to make reasonable efforts to recover it. IRC 6201(a) provides for a special levy provision for invested vested % value where there are two years of service for an employee. IRS does not allow levy of a US taxpayer. IRS does not allow levy of a US taxpayer.
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