Get the free Draft Form 8959 - 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
Obtain the draft form 8959 from the official website of the tax authority or from a reliable source.
02
Carefully read the instructions provided with the form to understand the requirements and guidelines for filling it out accurately.
03
Begin by entering your personal information, such as your name, Social Security number, and filing status, in the designated fields on the form.
04
Calculate your Net Investment Income Tax liability by following the instructions provided. Ensure that you accurately report all sources of investment income and deductions, if applicable.
05
Transfer the calculated amount to the appropriate section on the form.
06
Review all the information you have entered on the form, double-checking for any errors or omissions that might affect the accuracy of your tax liability calculation.
07
Sign and date the form in the designated area to certify that the information provided is accurate and complete.
08
Keep a copy of the completed form for your records and submit it according to the instructions provided by the tax authority.
Who needs draft form 8959:
01
Individuals who are subject to the Net Investment Income Tax (NIIT) as determined by the Internal Revenue Service (IRS) may be required to fill out form 8959.
02
NIIT is applicable to individuals who have certain investment income and whose modified adjusted gross income (MAGI) exceeds a specific threshold determined by their filing status.
03
The form is used to calculate and report the additional tax owed as a result of the NIIT on investment income.
04
It is important to consult the official IRS guidelines or a tax professional to determine if you are required to fill out form 8959 based on your specific circumstances.
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What is draft form 8959?
Form 8959 is used to report certain distributions from health savings accounts (HSAs) and Archer medical savings accounts (MSAs).
Who is required to file draft form 8959?
Individuals who have received distributions from their HSAs or MSAs during the tax year 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 the account holder, the type and amount of distribution received, and any additional details required by the form instructions.
What is the purpose of draft form 8959?
The purpose of draft form 8959 is to report distributions from HSAs and MSAs, which may be subject to additional taxes if used for non-qualified medical expenses.
What information must be reported on draft form 8959?
Information such as the account holder's name, address, account number, the type of account (HSA or MSA), the amount and type of distribution received, and any taxes withheld must be reported on draft form 8959.
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