Get the free Draft Form 8959 - Internal Revenue Service - irs
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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.
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How to fill out draft form 8959
How to fill out draft form 8959:
01
Gather all necessary information: Before filling out form 8959, make sure you have all the required information at hand. This includes your personal information, such as name, address, and Social Security number, as well as information related to your household and healthcare coverage.
02
Determine your tax household: Form 8959 is used to calculate the Additional Medicare Tax and Net Investment Income Tax and is applicable to taxpayers who have exceeded certain income thresholds. Determine first if you meet the income requirements to file this form.
03
Complete Part I - Annualized Net Investment Income: This section requires you to provide details about your net investment income for the tax year. This may include things like interest, dividends, capital gains, and rental income. Follow the instructions on the form to accurately calculate and report your net investment income.
04
Complete Part II - Annualized Earned Income: In this section, you will need to provide information related to your earned income. This includes wages, salaries, self-employment income, and other sources of earned income. Make sure to follow the instructions and accurately report all relevant details.
05
Calculate combined income: Use the provided worksheets to calculate your combined income, which is the sum of your net investment income and earned income. This will be used to determine if you owe any additional taxes.
06
Complete Part III - Additional Medicare Tax: If your combined income exceeds the threshold set by the IRS, you may be subject to the Additional Medicare Tax. Fill out this section to calculate any additional tax liability you may owe.
07
Complete Part IV - Net Investment Income Tax: If your combined income exceeds the threshold set by the IRS, you may also be subject to the Net Investment Income Tax. Fill out this section to calculate any additional tax liability you may owe.
08
Review and submit: Once you have completed all the necessary sections, review your form for accuracy and completeness. Sign and date the form before submitting it to the IRS along with your tax return.
Who needs draft form 8959:
01
Taxpayers with net investment income: If you have significant net investment income, such as interest, dividends, capital gains, or rental income, you may need to file form 8959 to calculate any additional tax liability related to the Net Investment Income Tax.
02
Taxpayers with high levels of earned income: If your earned income exceeds certain thresholds, you may be subject to the Additional Medicare Tax. Form 8959 is used to calculate the additional tax liability associated with this tax.
03
Individuals who meet income requirements: It is important to determine if you meet the income requirements set by the IRS to file form 8959. These requirements can change each year, so it is essential to review the latest guidelines to determine if you need to file this form.
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What is draft form 8959?
Draft form 8959 is a form used to report additional Medicare tax on wages, compensation, and self-employment income.
Who is required to file draft form 8959?
Individuals who have wages, compensation, or self-employment income that exceeds the threshold for additional Medicare tax are required to file draft form 8959.
How to fill out draft form 8959?
To fill out draft form 8959, individuals must provide information about their wages, compensation, and self-employment income, as well as any additional Medicare tax withheld.
What is the purpose of draft form 8959?
The purpose of draft form 8959 is to report and pay additional Medicare tax on income that exceeds the threshold.
What information must be reported on draft form 8959?
Information such as wages, compensation, self-employment income, and additional Medicare tax withheld must be reported on draft form 8959.
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