IRS 8959 2024 free printable template

For Paperwork Reduction Act Notice see your tax return instructions. Cat. No. 59475X Form 8959 2024. Form Department of the Treasury Internal Revenue Service Additional Medicare Tax If any line does not apply to you leave it blank. See separate instructions. Attach to Form 1040 1040-SR 1040-NR or 1040-SS. Go to www.irs.gov/Form8959 for instructions and the latest information. Name s shown on return Part I Total Additional Medicare Tax Add lines 7 13 and 17. Also include this amount on...

How to fill out IRS 8959

How to fill out IRS 8959

1. Gather your tax information: Collect your income, deductions, and previous tax returns.
2. Download IRS Form 8959: Obtain the form from the IRS website.
3. Fill in your personal information: Provide your name, Social Security number, and filing status at the top of the form.
4. Calculate your total income: Report all income that is subject to Medicare tax.
5. Determine your threshold: Identify if your income exceeds the threshold of $200,000 (single filers) or $250,000 (married filing jointly) to see if additional Medicare tax applies.
6. Calculate additional Medicare tax: If applicable, compute the additional Medicare tax at a rate of 0.9% on income above the threshold.
7. Complete Part I: Enter the applicable amounts in Part I of the form, including total wages and net investment income.
8. Complete Part II: Calculate the total Medicare tax and any additional amount owed.
9. Review your form: Double-check all entries for accuracy and ensure all required fields are filled out.
10. Submit your form: Include IRS Form 8959 with your annual tax return when filing.

Who needs IRS 8959?

1. Individuals who earn income above the specified thresholds for Medicare tax need to file IRS Form 8959.
2. Self-employed individuals who have net earnings exceeding the thresholds should also file Form 8959.
3. Taxpayers who have additional Medicare tax withheld from their paychecks should file this form to reconcile their taxes.

People Also Ask about

What is form 8959 for?

Purpose of Form Use Form 8959 to figure the amount of Additional Medicare Tax you owe and the amount of Additional Medicare Tax withheld by your employer, if any. You will carry the amounts to one of the following returns. • Form 1040.

What is the IRS additional Medicare tax withholding?

Additional Medicare Tax withholding applies only to wages paid to an employee that are in excess of $200,000 in a calendar year. Withholding rules for this tax are different than the income tax withholding rules for supplemental wages in excess of $1,000,000 as explained in Publication 15, section 7.

Who needs to file form 8959?

The tax applies to wages from employment, self-employment income and railroad retirement income, but if you are receiving W-2 income, the tax will most likely be withheld from your wages. Either way, anyone subject to the tax is required to file Form 8959 with their annual income tax filing.

What is IRS form 8959 for?

Purpose of Form Use Form 8959 to figure the amount of Additional Medicare Tax you owe and the amount of Additional Medicare Tax withheld by your employer, if any. You will carry the amounts to one of the following returns.

Who must file IRS form 8959?

The tax applies to wages from employment, self-employment income and railroad retirement income, but if you are receiving W-2 income, the tax will most likely be withheld from your wages. Either way, anyone subject to the tax is required to file Form 8959 with their annual income tax filing.

Who is required to file Form 8959?

The tax applies to wages from employment, self-employment income and railroad retirement income, but if you are receiving W-2 income, the tax will most likely be withheld from your wages. Either way, anyone subject to the tax is required to file Form 8959 with their annual income tax filing.

Who must pay additional Medicare tax?

The Additional Medicare Tax applies to wages, railroad retirement (RRTA) compensation, and self-employment income over certain thresholds. Employers are responsible for withholding the tax on wages and RRTA compensation in certain circumstances.

How do I claim excess Medicare tax withheld?

Therefore, you need to file Form 8959, Additional Medicare Tax, to document the withholding and to receive a refund of any tax that was withheld in excess of the total tax owed on your individual income tax return.

What form do I use to report additional Medicare tax?

Form 8959. If you owe this tax, file Form 8959, Additional Medicare Tax, with your tax return. You also report any Additional Medicare Tax withheld by your employer on Form 8959.

Who fills out form 8959?

If you have self-employment income, you file form 8959 if the sum of your self-employment earnings and wages or the RRTA compensation you receive is more than the threshold amount for your filing status.

What is the threshold for Form 8959?

12482: Additional Medicare Tax - Form 8959 The threshold amounts are: $250,000 for married taxpayers who file jointly. $125,000 for married taxpayers who file separately. $200,000 for all other taxpayers.

What is the income threshold for Medicare tax?

Key Takeaways. Medicare is funded by a payroll tax of 1.45% on the first $200,000 of an employee's wages. Employees whose wages exceed $200,000 are also subject to a 0.9% Additional Medicare Tax on top of the 1.45%.

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What is IRS 8959?

IRS Form 8959 is used to figure the Additional Medicare Tax that applies to high-income earners. This tax is an extra 0.9% on wages, compensation, and self-employment income above certain thresholds.

Who is required to file IRS 8959?

Individuals who have wages, compensation, or self-employment income that exceeds the thresholds for Additional Medicare Tax must file IRS Form 8959. These thresholds vary based on filing status.

How to fill out IRS 8959?

To fill out IRS Form 8959, start by providing your personal information including name and Social Security number. Then, calculate your total Medicaid wages and self-employment income, determine if it exceeds the filing thresholds, and then compute the Additional Medicare Tax owed based on the income that exceeds the threshold.

What is the purpose of IRS 8959?

The purpose of IRS Form 8959 is to calculate and report the Additional Medicare Tax owed by high-income individuals to ensure they pay the correct amount of tax based on their earned income.

What information must be reported on IRS 8959?

IRS Form 8959 requires reporting information including total Medicare wages, total self-employment income, the applicable threshold amount based on your filing status, and the Additional Medicare Tax that you owe.