Get the free form 8959 2020

2020Department of the Treasury Internal Revenue ServiceInstructions for Form 8959 Additional Medicare Future Developments For the latest information about developments related to Form 8959 and its

How to fill out form 8959 2020

How to fill out form 8959 2020

1. To fill out form 8959 for the year 2020, follow these steps:
2. Gather all necessary information: You will need information regarding your household income and any applicable shared responsibility payment amounts.
3. Start with Part 1: In Part 1 of the form, you will enter your personal information including your name, Social Security number, and tax year.
4. Proceed to Part 2: In Part 2, you will calculate your shared responsibility payment using the provided worksheet. Follow the instructions carefully to ensure accurate calculations.
5. Complete Part 3: In this section, you will determine any excess advanced premium tax credit and reconcile it with your shared responsibility payment.
6. Move to Part 4: This part requires you to calculate the amount of self-employed health insurance deduction.
7. Fill in Part 5: Here, you will determine if you qualify for an exemption from the shared responsibility payment.
8. Review and Sign: Finally, review all the information you have entered in the form to ensure accuracy. Sign and date the form before submitting it to the appropriate tax authority.
9. Note: It is recommended to consult a tax professional or refer to the official instructions provided by the IRS for detailed guidance on filling out form 8959.

Who needs form 8959 2020?

1. Form 8959 for the year 2020 is required by individuals who had to make a shared responsibility payment for not having qualifying health care coverage or an exemption in that tax year.
2. Additionally, those who received advance payments of the premium tax credit and need to reconcile it with the shared responsibility payment are also required to file this form.
3. It is advisable to consult the official instructions or seek assistance from a tax professional to determine if you need to file form 8959 for your specific tax situation.

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What is form 8959?

Form 8959 is used to calculate and report Additional Medicare Tax that is imposed on high-income earners.

Who is required to file form 8959?

Individuals who earn above certain thresholds ($200,000 for single filers and $250,000 for married couples filing jointly) are required to file Form 8959.

How to fill out form 8959?

To fill out Form 8959, you need to report your total wages, self-employment income, and the amount of Additional Medicare Tax owed based on your income.

What is the purpose of form 8959?

The purpose of Form 8959 is to report and calculate the Additional Medicare Tax that certain taxpayers must pay on their income above specified thresholds.

What information must be reported on form 8959?

You must report your total wages, self-employment income, and any Additional Medicare Tax that has been withheld by your employer on Form 8959.