8038-R

Request for Recovery of Overpayments Under Arbitrage Rebate Provisions

Agency
IRS
Revision
Rev. October 2021
Fillable fields
40
Pages
3
Official source
IRS form page
Checked
October 21, 2026
Fill 8038-R online
Page 1 of form 8038-R

Form 8038-R: Request for Recovery of Overpayments Under Arbitrage Rebate Provisions

Form 8038-R is the Request for Recovery of Overpayments Under Arbitrage Rebate Provisions. The instructions say issuers of state and local bonds use it to request a refund of amounts paid with Form 8038-T, Arbitrage Rebate, Yield Reduction, and Penalty in Lieu of Arbitrage Rebate.

The instructions list four kinds of payments that may be recoverable: yield reduction payments, the arbitrage rebate to the United States, a penalty in lieu of rebating arbitrage, and a penalty to terminate the election to pay that penalty. An overpayment is the amount paid under section 148 above the rebate amount as of the most recent computation date plus any other amounts required under section 148 as of the date the recovery is requested.

The filer is the bond issuer, with a separate form for each issue. The instructions are printed on the form itself. This page hosts the October 2021 revision. You can fill out the PDF free in your browser on this page and download it without an account.

What's on Form 8038-R

Part I: Reporting Authority

Lines 1 to 10: issuer's name and EIN, address, date of issue, name of issue, CUSIP number and the person the IRS may call. Line 4 is for IRS use only.

Part II, lines 11 to 16

An election box for issues outstanding on or before June 30, 1993, then the total paid under the rebate provisions, the rebate amount, other amounts owed under section 148, and the overpayment on line 16.

Lines 17 and 18

The computations and facts that led to the overpayment, and a schedule of the payments made to the United States.

Part III: Other Information

Yes or no questions on whether the overpayment was a penalty in lieu of rebate and whether the final computation date has passed, plus any nongovernmental user of the proceeds and its representative.

Signature and Consent

The issuer's authorized representative signs, with a Paid Preparer Use Only area below.

How to fill out Form 8038-R

  1. 1

    Lines 1 to 8

    Enter the governmental entity that issued the bonds. The instructions say the date of issue, name of issue and CUSIP number on lines 6 to 8 should be identical to those on the corresponding Form 8038-T, Part I, lines 6 to 8.

  2. 2

    Lines 9 and 10

    Enter the name, title and telephone number of the officer the IRS may call, or of a designated person such as a legal representative or paid preparer.

  3. 3

    Line 11

    Check the box only if the issue was outstanding before July 1, 1993, and the issuer elected not to apply the 1992 regulations.

  4. 4

    Lines 12 to 16

    Enter the total paid, the rebate amount as of the most recent computation date and other amounts owed under section 148. Add lines 13 and 14, then subtract line 15 from line 12 to get the overpayment.

  5. 5

    Lines 17 and 18

    Show the computations of the overpayment and any interest, with all cash flows from the issue date, and describe the facts. List the amounts and dates of payments, and attach copies of the Forms 8038-T.

  6. 6

    Part III and signature

    Answer lines 19 and 20, name any nongovernmental user of the proceeds on line 21, and have the issuer's authorized representative sign and print a name and title.

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Where it goes, time limits and review

Where to file

The instructions say to file Form 8038-R and attachments with the Internal Revenue Service, Ogden Submission Processing Center, Ogden, UT 84201.

Time limit

Claims cannot be filed later than 2 years after the date that is 60 days after the final computation date, or, for a portion paid more than 60 days after that date, 2 years after the payment date.

Small overpayments

Except for overpayments of penalty in lieu of rebate, the instructions say an overpayment of less than $5,000 may not be recovered before the final computation date.

What to include

All copies of the Forms 8038-T related to the request, and the computations of the overpayment and any interest on line 17.

Review and appeal

If the IRS makes a preliminary denial, additional information is due within 21 days of the request. A final denial comes by registered or certified letter, and the instructions say an issuer may appeal under Rev. Proc. 2021-10.

Amount refunded

The instructions say the rebate overpayment is based on the amount actually paid, not the future value of the amount paid.

Related forms

Who files Form 8038-R?

  • Issuers of state and local bonds

    The governmental entity that issued the bonds and paid amounts with Form 8038-T, not the entity receiving the benefit of the financing.

  • Authorized representatives

    An authorized representative of the issuer signs the form and consents to disclosure of the issuer's return information, including its Form 8038-T, as needed to process it.

  • Contacts and users of the proceeds

    Line 9 can name a person other than an officer for the IRS to call, and line 22 can name a representative of a nongovernmental entity that uses the proceeds.

  • Paid preparers

    Someone paid to prepare the return generally signs the Paid Preparer Use Only area and gives a copy to the issuer. A regular full-time employee of the issuer does not sign there.

The form says to file a separate form for each issue. The filer is the issuer that made the payments with Form 8038-T.

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Questions about Form 8038-R

What does Form 8038-R recover?

Overpaid amounts that were paid with Form 8038-T: yield reduction payments, arbitrage rebate, a penalty in lieu of rebating arbitrage, or a penalty to terminate that election.

Who files Form 8038-R?

The issuer of the bonds, using a separate form for each issue. An authorized representative of the issuer signs it.

Is there a deadline?

Yes. The instructions say a claim cannot be filed later than 2 years after the date that is 60 days after the final computation date, with a later date for amounts paid after that point.

Does the refund include the future value of the payment?

No. The instructions say the overpayment is based on the amount actually paid.

What happens if the IRS plans to deny the claim?

The instructions say the IRS notifies the issuer in writing that it may submit more information or participate in a conference. A final denial comes by registered or certified letter, subject to appeal.

Where is Form 8038-R mailed?

The instructions give Internal Revenue Service, Ogden Submission Processing Center, Ogden, UT 84201.