Back in November 2024, the IRS first released Form 15620 as a standardized way to make an election under Section 83(b) of the Internal Revenue Code. However, until recently, Form 15620 still had to be physically mailed to the IRS. The IRS now allows for Form 15620 to be submitted either by mail or electronically online.
To file an 83(b) election online, you will need to first log into (or register for) your ID.me account. Part of the process of creating an ID.me account is to verify your identity, which can be done through either a “self-service” approach or through a video chat with an ID.me agent. The “self-service” approach requires you to provide a U.S. phone number, social security number, and a U.S. government-issued photo ID (such as a driver’s license, state ID, or passport), and you will have to provide a video selfie when prompted. If you do not have any of those items (including if you have an Individual Taxpayer Identification Number instead of a social security number), or if you prefer as an alternative, you will have to verify your identity through a video chat with an ID.me agent. The video chat approach allows you to verify your identity using a broader range of documents.
Of course, neither Form 15620 nor the ability to file online have changed the strict requirement that for an 83(b) election to be valid, it must be filed within 30 days after the applicable property (such as a restricted stock grant) is transferred.
Austin Stack is the head of Baker Tax Law’s compensation & benefits practice. For additional information, please contact austin@mbakertaxlaw.com.