Form 8860-2026

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Form 8860 is used to claim the Qualified Zone Academy Bond (QZAB) credit, which allows eligible taxpayers, such as banks and corporations, to receive an annual income tax credit instead of periodic interest payments for bonds issued by state or local governments to improve public schools. The form includes sections for reporting current year credits and allowable credits, with specific instructions for S corporations and details on how to calculate and report the credit.

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Begin with Part I, Current Year Credit. Fill in the bond issuer’s name, city, and state in column (a). Next, enter the month and year the bond was issued in column (b).
In column (c), input the outstanding principal amount of the bond. For column (d), determine and enter the credit rate based on IRS guidelines.
Calculate the credit by multiplying the amounts from columns (c) and (d) and enter this value in column (e).
If you are a shareholder of an S corporation, complete line 2a instead of line 1. Enter the total credit received from all S corporations.
Proceed to Part II only if applicable. Calculate your allowable credit based on your tax situation as outlined in the instructions.

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