Get the free What is Form 8958: Allocation of Tax Amounts Between Certain ...

Investment Option or Allocation Change Form Important information about this form: Fill out this form to change the allocation and/or the investment option on your Maryland ABLE program. You can only

How to fill out what is form 8958

How to fill out what is form 8958

1. To fill out Form 8958, follow these steps:
2. Begin by entering your name and Social Security number at the top of the form.
3. Provide your marital status and the name of your spouse, if applicable.
4. Indicate your tax year and filing status.
5. Fill in the lines that correspond to the income and deductions for yourself and your spouse.
6. Calculate the total income and deductions for each of you separately.
7. Allocate the total income and deductions based on the allocation percentage listed on the form.
8. Enter the allocated amounts on the appropriate lines, and calculate the total allocated amounts.
9. Complete the remaining sections of the form, such as the shared responsibility payment and the signature.
10. Review the form for accuracy and ensure all required information has been provided.
11. Attach Form 8958 to your federal income tax return and submit it according to the IRS instructions.

Who needs what is form 8958?

1. Form 8958 is required for individuals who are married but file separate tax returns and want to allocate certain income and deductions between themselves.
2. It is also used by couples in community property states who choose to file separate returns but need to allocate income and deductions according to the state's community property laws.
3. Additionally, individuals who are eligible to opt-out of health coverage by applying for a coverage exemption through the Shared Responsibility Payment may need to file Form 8958.

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What is form 8958?

Form 8958 is used to report the allocation of tax between spouses in a community property state, specifically used by taxpayers to allocate income, deductions, and credits when filing their federal tax returns.

Who is required to file form 8958?

Taxpayers who are married and reside in a community property state and want to allocate income and deductions differently than how community property laws dictate are required to file Form 8958.

How to fill out form 8958?

To fill out Form 8958, you need to provide information about your income and deductions for both spouses, allocate income and deductions according to your chosen method, and complete the relevant sections of the form before submitting it with your tax return.

What is the purpose of form 8958?

The purpose of Form 8958 is to facilitate the proper reporting and allocation of income, deductions, and credits between spouses in community property states, ensuring accurate tax treatment.

What information must be reported on form 8958?

Form 8958 requires the reporting of each spouse's share of community income, deductions, and credits, as well as how these amounts are allocated between them for tax purposes.