Form 4070A: Employee's Daily Record of Tips

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DEFINITION

A tax form distributed by the Internal Revenue Service (IRS) and used by employees to keep track of the tips they receive from customers at work. Form 4070A is similar to a workbook, with spaces for an employee to indicate the total amount of tips received from patrons, from check or debit cards and from tip-sharing programs. Employees are to keep a daily record of tips received, and are to report the total to the employer each month (provided the total amount of tips exceeds $20).



INVESTOPEDIA EXPLAINS

To get Form 4070A, employees should ask their employer or the IRS for Publication 1244, which contains a year's supply of the Form. Form 4070A has space for daily entries and helps the employee total up tips for the month. IRS Publication 531 (Reporting Tip Income) provides more details about keeping daily records of tips.




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