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Form 8959 Department of the Treasury Internal Revenue Service Additional Medicare Tax OMB No. 1545-XXXX If any line does not apply to you, leave it blank. See separate instructions. ? Attach to Form

How to fill out draft form 8959 and

How to fill out draft form 8959:

1. Gather all necessary information: Before starting to fill out draft form 8959, ensure you have all the required information at hand. This may include details such as your income, healthcare coverage information, and any additional credits or exemptions you may qualify for.
2. Provide personal information: Begin by filling out your personal details, such as your name, Social Security number, and address. Double-check for accuracy as any mistakes could lead to errors in processing.
3. Calculate your shared responsibility payment: The draft form 8959 is used to calculate the shared responsibility payment, also known as the individual mandate penalty. This penalty was imposed under the Affordable Care Act for individuals who were not covered by qualifying health insurance for themselves and their dependents. Follow the instructions on the form to determine the payment owed based on your specific circumstances.
4. Include any exemptions: If you believe you qualify for an exemption from the shared responsibility payment, you will need to indicate this on the form. The draft form 8959 provides a comprehensive list of exemptions and the corresponding codes to be entered on the form. Ensure that you meet the eligibility criteria for any exemption claimed.
5. Fill in the payment or refund information: Depending on your situation, you may either owe a payment or be eligible for a refund. Indicate your preferred payment method and provide the required payment details if you owe money. If you are entitled to a refund, provide the necessary bank account information for direct deposit, or indicate if you prefer to receive a check.

Who needs draft form 8959:

1. Individuals without qualifying health insurance coverage: The draft form 8959 is primarily needed by individuals who did not have qualifying health insurance coverage for themselves and their dependents during the tax year. These individuals may need to calculate and pay the shared responsibility payment unless they qualify for an exemption.
2. Taxpayers subject to the individual mandate penalty: The individual mandate penalty was imposed as part of the Affordable Care Act to encourage more individuals to obtain health insurance coverage. If you were required to have coverage and did not meet the exemption criteria, you may need to use form 8959 to calculate and pay the penalty.
3. Those claiming exemptions from the shared responsibility payment: If you believe you qualify for an exemption from the shared responsibility payment, you will also need to use form 8959. This form allows you to report your exemption and provide the necessary information to support your eligibility for the exemption.

It is important to note that this response is based on the assumption that the draft form 8959 aligns with the requirements of the actual form 8959. As tax forms and regulations may change, it is always advisable to consult the official IRS guidelines or seek assistance from a tax professional to ensure accurate and up-to-date information.

For pdfFiller’s FAQs

What is draft form 8959 and?

Form 8959 is used to report additional Medicare tax on wages.

Who is required to file draft form 8959 and?

Individuals with wages over a certain threshold are required to file Form 8959.

How to fill out draft form 8959 and?

Form 8959 requires information such as the taxpayer's name, address, Social Security number, and the amount of additional Medicare tax owed.

What is the purpose of draft form 8959 and?

The purpose of Form 8959 is to calculate and report the additional Medicare tax owed on wages.

What information must be reported on draft form 8959 and?

Form 8959 requires information on the taxpayer's wages and the amount of additional Medicare tax owed.

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