Get the free irs form 8712

Section 141.--Private Activity Bond; Qualified Bond T.D. 8712 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 602 Definition of Private Activity Bonds AGENCY: Internal Revenue

How to fill out irs form 8712

How to fill out IRS Form 8712:

1. Start by gathering all necessary information and documents, such as your tax return forms for the applicable tax year and any records of advance premium tax credits received.
2. Fill out the identification section of Form 8712, which includes your name, social security number, and the tax year you are filing for.
3. Proceed to Part I of the form and calculate your tentative excess premium tax credit using the provided worksheet. This involves determining the excess amount of premium tax credits you received compared to what you were actually eligible for based on your modified adjusted gross income.
4. Transfer the result from the worksheet to Line 1a of Form 8712 and any repayment limitation you may have to Line 1b.
5. If you are not required to repay the full excess premium tax credit, calculate your repayment limitation on Line 2 using the provided instructions.
6. Transfer the repayment limitation from Line 2 to Line 3.
7. Complete Part II of the form if you received more than one advance payment of the premium tax credit during the tax year.
8. Calculate your repayment amount by subtracting the repayment limitation (Line 3) from the tentative excess premium tax credit (Line 1a). Enter the result on Line 4.
9. If you are required to repay the entire excess premium tax credit, enter zero on Line 5 and proceed to Part III. Otherwise, calculate the installment percentage on Line 5 based on your modified adjusted gross income.
10. Enter the installment percentage on Line 6 and calculate your repayment for each month on Line 7 using the instructions provided.
11. Finally, transfer the total repayment amount to your tax return or Form 1040 and file them as required.

Who needs IRS Form 8712:

1. Individuals who have received advance premium tax credits through the Health Insurance Marketplace (also known as Obamacare) during a specific tax year.
2. Taxpayers who have to repay excess premium tax credits based on their actual modified adjusted gross income being higher than the income used to determine their eligibility for the tax credits.
3. Individuals who received more than one advance payment during the tax year and need to reconcile those payments on their tax return.

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What is irs form 8712?

IRS Form 8712 is the Annual Allowance Adjustment for AMT form. It is used to calculate and report the Alternate Minimum Tax (AMT) adjustment for certain items.

Who is required to file irs form 8712?

Taxpayers who are subject to AMT and have certain adjustments or preferences are required to file IRS Form 8712.

How to fill out irs form 8712?

To fill out IRS Form 8712, taxpayers need to enter their personal information, calculate the AMT adjustment, and report any other required information. Detailed instructions can be found on the IRS website.

What is the purpose of irs form 8712?

The purpose of IRS Form 8712 is to calculate and report the AMT adjustment. This adjustment ensures that individuals subject to AMT are only taxed on their regular income and not penalized for specific deductions and preferences.

What information must be reported on irs form 8712?

IRS Form 8712 requires taxpayers to report their personal information, calculate the AMT adjustment, and provide details on certain adjustments and preferences. Specific information required can be found in the form instructions.