TIP # 00B04-06
DATE ISSUED: 07/03/00
Documentary Stamp Tax Due on Pension Plan and 401K Loans
Section 201.08(1), F.S., imposes documentary stamp tax on written obligations to pay money that are made, executed, or delivered in Florida, including promissory notes made in connection with pension plan loans, 401K plan loans, and share loans. To constitute a taxable written obligation to pay money, the document must contain an unconditional written obligation to pay a sum certain in money and be signed by the obligor. To be taxable, the written obligation must be fixed and absolute at the time of execution. The tax rate on written obligations to pay money is $.35 for each $100, or fraction thereof, of the obligation evidenced by the document.
Any person who has averaged or will average at least 5 taxable transactions per month must register with the Department of Revenue and remit all taxes due for documents not to be recorded. Form DR-1, Application for Registration, must be completed and filed with the Department by all persons required to register.
Any document upon which proper tax has not been paid could be subject to imposition of penalty and interest. Section 213.21(7)(a), F.S., contains provisions concerning the voluntary disclosure of tax liabilities. Voluntary self-disclosure does not occur if the Department has contacted or informed the taxpayer that the Department is inquiring into the taxpayer's liability for tax or whether the taxpayer is subject to tax in this state. A taxpayer wishing to voluntarily self-disclose must write to the Department and include a statement that there has been no Department contact regarding the obligation, provide the tax type and period being reported, and provide any other facts regarding the disclosure. The request for voluntary self-disclosure should be mailed to:
Florida Department of Revenue
Technical Assistance and Dispute Resolution
Post Office Box 7443
Tallahassee, Florida 32314-7443
FOR MORE INFORMATION
This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.
For forms and other information, visit our site at www.myflorida.com/dor. Or call Taxpayer Services, Monday through Friday, 8:00 a.m., to 7:00 p.m., ET, at 800-352-3671 (for Florida residents only), or 850-488-6800
Hearing- or speech-impaired persons should call our TDD at 1-800-367-8331 or 850-922-1115.
For a detailed written response to your questions, write the Florida Department of Revenue, Taxpayer Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716.
To receive a fax copy of a form, call 850-922-3676 from your fax machine telephone.
Chapter 201, F.S.
Chapter 213, F.S.