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IRS 8689 2020 free printable template

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Form8689Department of the Treasury Internal Revenue ServiceAllocation of Individual Income Tax to the U.S. Virgin Islands OMB No. 154500742020Attach to Form 1040 or 1040SR. Go to www.irs.gov/Form8689
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How to fill out irs 8689 2020 form

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How to fill out irs 8689:

01
Gather all necessary information such as your name, Social Security number, and tax return for the corresponding tax year.
02
Begin by entering your personal information in the appropriate sections of the form, including your name, address, and filing status.
03
Proceed to Part I of the form, where you will need to report your income from farming or fishing activities. Provide the required details regarding your gross income, deductions, and net income.
04
If you received certain types of income that are exempt or subject to special rules, you may need to complete Part II of the form. Consult the instructions provided by the IRS to determine if this section applies to your situation.
05
Move on to Part III, where you will calculate your farm or fishing income tax liability. Follow the instructions and use the appropriate tax tables to accurately determine the amount owed.
06
Complete Part IV if you are required to make estimated tax payments for farming or fishing activities. Provide the necessary information regarding your estimated tax payments and any penalties or credits that apply.
07
Review the information you have entered on the form, ensuring its accuracy and completeness. Make any necessary corrections or additions before proceeding.
08
Sign and date the form in the designated areas to certify that the information provided is true and accurate to the best of your knowledge.

Who needs irs 8689:

01
Individuals who are engaged in farming or fishing activities and need to report their income and tax liability related to these activities.
02
Taxpayers who have received certain types of income exempt or subject to special rules as outlined by the IRS.
03
Those who are required to make estimated tax payments for their farming or fishing activities.
04
Individuals who file their tax returns using Form 1040 or Form 1040-SR and have income from farming or fishing activities that need to be reported separately.

Who can Use Form 8689?

You can avail of Form 8689, in case you were a citizen of the United States or even a resident alien. It refers to the territory of the Virgin Islands (SVI) and income taxation considering businesses there. The liability of the SVI tax coincides with the U.S. one. The applicant is not to make use of this template if they are a bona fide resident of the U.S. Virgin Islands during the whole taxation year.

What is the Significance of the Form 8689?

A person is eligible to file Form 8689 for figuring out the total of the United States tax, which is distributed to the Virgin Islands as well.

What are the Time Frames for Form 8689?

Starting with the 31st of December 2004, the revenue gained on the location of the United States, which can be somehow connected with the trade conduction there, is no more considered as the income of the U.S. Virgin Islands.

Which Attachments Accompany Form 8689?

This statement is to be added to a 1040 template as a certain documentary supplement. Nonetheless, it can be filed independently, considering various occasions in businesses.

What is to be mentioned in Form 8689?

Initially, it is significant to fill in all four parts of Form 8689. The applicant signifies all income rates on the Virgin Islands (including wages and salaries, tips and interests, dividends, capital gains, losses, IRA distributions, social security benefits, etc.). Adjusted Gross Income is included in the second part of the template. The applicant notifies the educator, moving expenses, self-employment tax, deduction, health insurance and other points. The third part involves the Allocation of Tax to the Virgin Islands. Here you need to arrange some calculations to get the general result. And the last — fourth — section is devoted to the Payment of the Income Tax in the SVI.

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Instructions and Help about 8689 form

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IRS Form 8689 is used to report the allocation of individual income tax overpayments and estimated tax payments to a taxpayer's spouse or former spouse if they filed a joint return and are now legally separated or divorced. This form is primarily used in situations where one spouse may be entitled to claim a larger portion of the joint tax payments made.
Individuals who have foreign earned income and are claiming the foreign housing exclusion or the foreign housing deduction on their U.S. federal income tax return are generally required to file IRS Form 8689. This form is used to calculate the allowable housing exclusion or deduction.
Form 8689, also known as the Allocation of Individual Income Tax to the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands, is used by taxpayers who have income from these U.S. territories. Here are the steps to fill out IRS Form 8689: 1. Gather your information: - Income information from the U.S. Virgin Islands, Guam, American Samoa, and/or the Commonwealth of the Northern Mariana Islands. - Federal income tax return for the tax year in question (Form 1040 or 1040-SR). - Form W-2s, 1099s, or other relevant documents related to the income from the territories. 2. Download the form: - Visit the official IRS website (www.irs.gov) and search for "Form 8689" or directly access this link: https://www.irs.gov/forms-pubs/about-form-8689 - Download a printable version of the form. 3. Review the instructions: - Read the instructions provided with Form 8689 carefully. They are available on the same page as the form download link. - Familiarize yourself with the eligibility criteria, allocable income rules, and other important details. 4. Start filing the form: - Begin by entering your name, Social Security number, and the tax year. - Enter your income from the U.S. territories in Part I, Section A of the form and allocate the income accordingly as per the instructions. - Follow the instructions for each line on the form and fill in the necessary information. 5. Complete the calculations: - Use the worksheet(s) provided in the instructions to calculate the allowable tax and allocate income from the territories. - Transfer the results to the appropriate lines on Form 8689. 6. Sign and attach the form: - Sign and date the form at the bottom of page 2. - Make sure you attach Form 8689 to your federal income tax return (Form 1040 or 1040-SR) when you file it. 7. Retain a copy: - Keep a copy of the completed form and all supporting documents for your records. Note: Due to the complexity of this form, it is advisable to consult a tax professional or seek assistance from the IRS if you have any specific concerns or questions about your particular situation.
The purpose of IRS Form 8689 is to calculate and report any additional taxes owed or overpaid by a taxpayer who has received income from sources outside the United States. This form is specifically used by individuals who qualify for the Foreign Earned Income Exclusion (FEIE) or the Foreign Housing Exclusion or Deduction and have also paid or accrued income taxes to a foreign country on that foreign earned income. Form 8689 helps determine the amount of foreign tax credit that can be claimed by the taxpayer to offset their U.S. tax liability.
IRS Form 8689, Allocation of Individual Income Tax to the U.S. Virgin Islands, is used to report and allocate income tax between the U.S. and the U.S. Virgin Islands (USVI) for individuals who are residents of the USVI but are also subject to U.S. income tax. The form requires the following information to be reported: 1. Personal Information: The taxpayer's name, social security number, filing status, and USVI address. 2. Allocation of Income: The taxpayer must report their total income and deductions earned or received both from U.S. sources and USVI sources. This includes wages, salaries, self-employment income, investment income, pensions, and other sources of income. 3. Allocation Percentage: The taxpayer must calculate the allocation percentage by dividing the USVI source income by the total income. This percentage is used to determine the portion of income taxable by the U.S. and the USVI. 4. Tax Paid to USVI: The taxpayer must report the amount of income tax already paid to the USVI. 5. Computation of Individual Income Tax Liability: The form provides a computation section for calculating the individual income tax liability both for the U.S. and the USVI. 6. Taxes Paid or Withheld: The taxpayer must report the federal income tax withheld, estimated tax payments made, and foreign tax credit associated with USVI income. 7. Net Tax Due: The form calculates the net tax due or refundable based on the information provided. It's important to note that this form is specific to U.S. citizens or resident aliens who are residents of the USVI and have income from both U.S. and USVI sources. It is not applicable to taxpayers who are solely residents of the U.S. or only have income from one jurisdiction. Always consult with a tax professional or refer to the IRS instructions for Form 8689 for accurate reporting.
The deadline to file IRS Form 8689 for the year 2023 would typically be April 15th, 2024. However, it's always advisable to check with the Internal Revenue Service (IRS) or a tax professional for the most accurate and up-to-date information regarding filing deadlines.
The penalty for late filing of IRS Form 8689 may vary depending on the specific circumstances and reasons for the late filing. However, penalties for late filing typically include a fee based on a percentage of the unpaid tax amount or a fixed amount imposed per month of lateness. It is recommended to consult the instructions provided by the IRS or seek professional advice for accurate and up-to-date information on penalties related to the specific form.
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