Get the free form 8959

Superior Court of California County of Orange Stipulated Dissolution or Legal Separation Judgment Self Help Information/Procedural Guidelines* The court allows parties that have come to a full agreement,

How to fill out form 8959

How to fill out form 8959:

1. Gather necessary information: Before filling out form 8959, make sure you have all the required information ready. This may include your Social Security number, income information from both your wages/salary and self-employment, and information regarding any health insurance coverage you and your family had during the tax year.
2. Understand the purpose of form 8959: Form 8959 is used to calculate and report any additional Medicare tax owed by high-income earners. It helps determine if there is an additional tax liability based on the combined wages and self-employment income that exceeds a certain threshold.
3. Complete personal information: Start by providing your name and Social Security number at the top of form 8959. Double-check for accuracy to avoid any processing errors.
4. Report income details: In Part I of the form, you'll need to provide information on your wages, salaries, tips, and other compensation. This can typically be found on your Form W-2. If you had any self-employment income, you'll also need to complete Schedule SE and report the necessary details in Part II.
5. Calculate Medicare wages: In Part III, you'll calculate your Medicare wages and tips. This includes any additional compensation that is subject to the Medicare tax. Follow the instructions on the form to accurately determine this amount.
6. Determine any additional Medicare tax owed: If your combined wages and self-employment income exceed a certain threshold, you may owe an additional Medicare tax. Use the provided formula to calculate the amount owed.
7. Complete the employer section: If you're an employee, your employer will complete Part IV by providing their information, including the Employer Identification Number (EIN) and contact details.

Who needs form 8959:

1. Individuals with high-income: Form 8959 is primarily required for individuals who have high levels of wages, salaries, and self-employment income. It helps determine if there is any additional Medicare tax owed based on their income exceeding certain thresholds.
2. Self-employed individuals: If you are self-employed and meet the income criteria, you will need to use form 8959 to calculate and report any additional Medicare tax.
3. High-income earners subject to the Additional Medicare Tax: Form 8959 is specifically designed to help high-income individuals determine if they owe any additional Medicare tax. Those whose income levels exceed the designated threshold may need to fill out this form to ensure compliance with tax regulations.

Note: It is always recommended to consult with a tax professional or refer to the official IRS instructions for form 8959 to ensure accurate completion. Tax laws and requirements may vary, and individual circumstances can influence the need for this form.

For pdfFiller’s FAQs

What is form 8959?

Form 8959 is used to report Additional Medicare Tax.

Who is required to file form 8959?

Individuals who have Additional Medicare Tax withheld by an employer or owe Additional Medicare Tax on self-employment income are required to file form 8959.

How to fill out form 8959?

Form 8959 requires the taxpayer to calculate their Additional Medicare Tax liability and report it on the form. The instructions provided with the form should be followed to ensure accurate completion.

What is the purpose of form 8959?

The purpose of form 8959 is to calculate and report Additional Medicare Tax, which is a tax on high-income individuals.

What information must be reported on form 8959?

Form 8959 requires the taxpayer to report their Additional Medicare Tax liability, which is calculated based on their income and filing status.

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