IRS 8959 2017 free printable template

For Paperwork Reduction Act Notice see your tax return instructions. Cat. No. 59475X Form 8959 2017. Form Department of the Treasury Internal Revenue Service Additional Medicare Tax Attach to Form 1040 1040NR 1040-PR or 1040-SS* to www*irs*gov/Form8959 for instructions and the latest information* Go. line 12 by 0. 9 0. 009. Enter Total Additional Medicare Tax Add lines 7 13 and 17. Also include this amount on Form 1040 line 62 Form 1040NR 1040-PR and 1040-SS filers see instructions and go...

How to fill out 8959 tax 2017 form

How to fill out IRS 8959

1. Download IRS Form 8959 from the IRS website.
2. Begin by entering your name and Social Security Number at the top of the form.
3. Determine your wages, tips, and other compensation from your IRS Form W-2 and enter the total on line 1.
4. Add any self-employment income from Schedule C or other sources and enter the total on line 2.
5. Calculate your total Medicare wages by adding line 1 and line 2, then enter the result on line 3.
6. Calculate your net investment income for the year, if applicable, and enter it on line 4.
7. Follow the instructions to determine if you owe any Additional Medicare Tax based on your income level.
8. Complete the calculations on lines 5 through 10 as per the form instructions.
9. Sign and date the form before submitting it along with your tax return.

Who needs IRS 8959?

1. Individuals who earn more than $200,000 in wages, tips, or other compensation (or $250,000 for married couples filing jointly).
2. Self-employed individuals with high net earnings.
3. Individuals who have unearned income that exceeds certain thresholds.

Instructions and Help about 8959 tax 2017 form

Welcome to our discussion of the brandnew forms the IRS has released toimplement the new additional taxes thatour clients are going to face this yearon the Medicare taxes meaning theadditional 0.9 percent withholding onwages and self-employment income as wellas a section 14 11 net investment incometax in August the IRS released drafts ofthe new form 89 59 on which we'llcompute the additional withholding taxand the new form 8960 where the section14 11 net investment income tax will bereported the form 1040 released back inJuly the draft version showed a new lineentry for line 60 where we're going toput the result of these two forms aswill also discuss we're going to modifya reporting of federal withholding taxon the form 1040 we're going to modifythat because they're going to have tocompute how much additional withholdingwe're going to pick up due to theadditional Medicare tax withholding theform 89 59 is shown on your screen nowprobably not a very readable form foryou but we're gonna break it down andlook at it's five parts part one dealswith standard w-2 wages these are wagesnot from the railroad not covered byrailroad retirement Act and obviouslynot self-employment probably for thelargest number of taxpayers these sevenlines are going to be the key you pickup Medicare wages on this form as wellas any additional Medicare wages thatwould come from the 440 137 or 89 19 ifyou have some items that were paid toyou and not reported as wages you addthose three up and you compute based onthe limitation as the screen shows we'relooking on this for if you're a marriedcouple we're looking at it jointly ifyou're married and you don't file jointwith your spouse you're going to get alower limitation and if you're singleyou get another one now this isinteresting because your wagewithholding is going to be based solelyon whether you're paid more than twohundred thousand dollars from a singleemployer during the yearso the first hint you have to have isthe withholding will be wrong in many ifnot most cases for a married couplefiling a joint return we're gonna lookat combined wages Medicare wages fromboth spouses of $250,000 if they'refiling separate returns each spouse has125,000 which they're going to use onthis form for all others but is theunmarried we're going to have $200,000to work with here yes that is a northernmarriage penalty on line 6 if your wagesdon't exceed that level you don't payany of this tax and you're doneat least unless you have self-employmentincome if you do exceed that number wecompute the additional Medicare tax onwages on line 7 and you hold that for awhile because we have to check if we oweany on self-employment income orrailroad retirement Act income part 2computes the additional Medicare taxthat may be due this is based on thesame limitations as...

People Also Ask about

How do I claim excess Medicare tax withheld?

Therefore, you need to file Form 8959, Additional Medicare Tax, to document the withholding and to receive a refund of any tax that was withheld in excess of the total tax owed on your individual income tax return.

What was the Medicare tax in 2017?

The rate is 0.9 percent plus 1.45%, Total Additional Medicare Tax is 2.35%. Employers do not pay the additional 0.9% in matching contributions.

What is a 8959 form used for?

Purpose of Form Use Form 8959 to figure the amount of Additional Medicare Tax you owe and the amount of Additional Medicare Tax withheld by your employer, if any. You will carry the amounts to one of the following returns.

Who needs to file form 8959?

The tax applies to wages from employment, self-employment income and railroad retirement income, but if you are receiving W-2 income, the tax will most likely be withheld from your wages. Either way, anyone subject to the tax is required to file Form 8959 with their annual income tax filing.

How do you calculate the additional Medicare tax?

It is paid in addition to the standard Medicare tax. An employee will pay 1.45% standard Medicare tax, plus the 0.9% additional Medicare tax, for a total of 2.35% of their income. A person who is self-employed will pay 2.9% standard Medicare tax, and an additional Medicare tax of 0.9%, for a total of 3.8%.

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What is IRS 8959?

IRS 8959 is a tax form used to report additional Medicare tax that certain high-income earners must pay.

Who is required to file IRS 8959?

Individuals who have income exceeding specific thresholds ($200,000 for single filers and $250,000 for married couples filing jointly) must file IRS 8959.

How to fill out IRS 8959?

To fill out IRS 8959, you need to enter your income information and calculate the additional Medicare tax owed based on the applicable income thresholds.

What is the purpose of IRS 8959?

The purpose of IRS 8959 is to determine and report the additional Medicare tax imposed on high-income earners.

What information must be reported on IRS 8959?

The information that must be reported on IRS 8959 includes wages, tips, and other compensation subject to the Medicare tax, as well as the applicable thresholds for additional tax.