IRS 8958 2023-2025 free printable template

8958 Form (Rev. November 2023) Department of the Treasury Internal Revenue Service Allocation of Tax Amounts Between Certain Individuals in Community Property States OMB No. 1545-0074 Attach to Form

How to fill out IRS 8958

How to fill out form 8958 rev november

1. Obtain Form 8958 from the IRS website or your tax preparation software.
2. Enter your name and Social Security Number (SSN) at the top of the form.
3. List any additional SSNs of persons involved in the filing, if applicable.
4. Provide the details of each asset, including descriptions, locations, and values.
5. Indicate the type of entity and the tax year associated with the form.
6. Sign and date the form at the bottom once completed.
7. Review the form for accuracy before submission.
8. Submit the form according to IRS guidelines, either electronically or via mail.

Who needs form 8958 rev november?

1. Individuals who hold certain foreign financial assets.
2. Taxpayers who meet the reporting requirements for foreign trusts.
3. People residing outside the U.S. with income from foreign sources.

Instructions and Help about IRS 8958

Today we're here to talk about how to file taxes in a community property state there are a number of states that our community property states Arizona California there's a whole slew of them but if you happen to live in one of these states, and you want to file separately then it comes into play if you're married filing jointly it really doesn't have a lot of impact, so this is mostly for people who want to file married filing separately be aware that one of the issues that you have to contend with is that on your property you'll have to split all of your property 5050 with your spouse and all the income and deductions allocated to the property will be split 5050 when I say property I'm referring to community property if there are properties that are owned by you exclusively or by your spouse exclusively then they will be treated just on that individuals return you won't have to divide those on both returns separate property would be property that you had owned before your marriage sometimes if you acquire property in a non community property state it may be considered separate property same thing with income if you earn income in a non-profit non community property state, or before you were married that may be considered separate income and won't be part of the community property split also if you were given either in if you had an inheritance or were given property or income that was given to you that even during the marriage that may be considered separate funds and not part of the community property equation and lastly if you purchase property separately during your marriage with separate funds then that too may be separate property and not part of the community property equation now there are a whole slews of rules and regulations that surround the issues of community property, and you will need to really take a good look at those rules and regulations and possibly get a tax professional involved before you file your taxes because it can become a little complicated

People Also Ask about

What is the purpose of form 8958?

Use this form to determine the allocation of tax amounts between married filing separate spouses or registered domestic partners (RDPs) with community property rights.

What does married filing separately allocations mean?

If your resident state is a community property state, and you file a federal tax return separately from your spouse or registered domestic partner, use form 8958 to report half of all community income and all your separately earned income.

Why would a married person file separately?

A couple may pay the IRS less by filing separately when both spouses work and earn about the same amount. When they compare the tax due amount under both joint and separate filing statuses, they may discover that combining their earnings puts them into a higher tax bracket.

Is form 8958 mandatory?

If the filing status on an individual tax return is married filing separately and the taxpayer lives in a community property state, Form 8958 must be completed and filed with the return.

When should married couples file separately?

Filing separately may be a benefit if you have a large amount of out-of-pocket medical expenses. It may be easier to reach the 7.5% threshold of your adjusted gross income to qualify for medical deductions if you only claim one income.

What married couples should file separately?

Though most married couples file joint tax returns, filing separately may be better in certain situations. Couples can benefit from filing separately if there's a big disparity in their respective incomes, and the lower-paid spouse is eligible for substantial itemizable deductions.

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What is form 8958 rev november?

Form 8958, revised in November, is used to report the allocation of income and expenses for certain tax purposes, primarily related to the division of income or deductions for married couples who file separately.

Who is required to file form 8958 rev november?

Married individuals who choose to file their federal tax returns separately and have income or deductions that need to be allocated between spouses must file Form 8958.

How to fill out form 8958 rev november?

To fill out Form 8958, taxpayers need to gather their financial information, allocate income and expenses according to the instructions provided with the form, and ensure both spouses complete and sign the form.

What is the purpose of form 8958 rev november?

The purpose of Form 8958 is to ensure that income and deductions are accurately reported for each spouse when filing separately, thereby preventing double counting and ensuring compliance with tax regulations.

What information must be reported on form 8958 rev november?

Form 8958 requires reporting of income, deductions, and credits that are allocated between spouses. This includes wages, interest, dividends, and other sources of income, as well as expenses and credits related to those incomes.