Get the free form 8959

For Paperwork Reduction Act Notice see your tax return instructions. Cat. No. 59475X Form 8959 2016. See separate instructions. Attach to Form 1040 1040NR 1040-PR or 1040-SS. Information about Form 8959 and its instructions is at www.irs.gov/form8959. Caution DRAFT NOT FOR FILING This is an early release draft of an IRS tax form instructions or publication which the IRS is providing for your information as a courtesy. Do not file draft forms. Also do not rely on draft instructions and...

How to fill out irs 8959 form

How to fill out form 8959?

1. Obtain a copy of form 8959 from the Internal Revenue Service (IRS) website or your tax preparation software.
2. Provide your personal information, including your name, Social Security number, and filing status.
3. Enter the total amount of wages, salaries, and tips subject to the Additional Medicare Tax.
4. Calculate the Additional Medicare Tax owed by multiplying the total subject wages by 0.9% and enter the result.
5. Report any Additional Medicare Tax withheld by your employer(s) on your behalf in Box 5.
6. Add the Additional Medicare Tax owed and the Additional Medicare Tax withheld, and enter the total in Box 6.
7. Complete any other appropriate sections, such as those for credits, dependents, and estimated tax payments.
8. Sign and date the form before mailing it to the IRS or submitting it electronically.

Who needs form 8959?

1. Individuals who have wages, salaries, or tips subject to the Additional Medicare Tax.
2. Employers who withheld Additional Medicare Tax from their employees' wages.
3. Self-employed individuals who owe Additional Medicare Tax on their net earnings from self-employment.

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What is additional medicare tax?

Additional Medicare Tax is a tax that applies to high-income earners, which imposes an extra 0.9% on income above a certain threshold.

Who is required to file additional medicare tax?

Individuals whose income exceeds specific thresholds set by the IRS, which are $200,000 for single filers, $250,000 for married couples filing jointly, and $125,000 for married couples filing separately, are required to file additional Medicare tax.

How to fill out additional medicare tax?

To fill out additional Medicare tax, taxpayers must use IRS Form 8959 to report the amount of additional Medicare tax owed based on their income.

What is the purpose of additional medicare tax?

The purpose of additional Medicare tax is to help fund the Medicare program, specifically for financing healthcare for seniors and individuals with disabilities.

What information must be reported on additional medicare tax?

Taxpayers must report their total wages, self-employment income, and any other applicable income, along with the amount of additional Medicare tax owed on Form 8959.