8689 Form
What is 8689 Form?
The 8689 Form is a tax form used by taxpayers who need to report their state and local income taxes when they live in one state but earn income in another state. It is specifically designed for individuals who work in one state but are residents of another. By filling out the 8689 Form, taxpayers can ensure that they are not taxed twice on the same income.
What are the types of 8689 Form?
There are two types of 8689 Forms:
Form 8689 for individuals who claim itemized deductions.
Form 8689 for individuals who claim the standard deduction.
How to complete 8689 Form
Completing the 8689 Form is a simple process. Here’s a step-by-step guide to help you:
01
Download the 8689 Form from the official IRS website or use a trusted tax preparation software that provides the form.
02
Fill in your personal information, including your name, address, and Social Security Number.
03
Determine the type of 8689 Form you need to file based on your deductions.
04
Enter your income information from the state(s) where you earned income.
05
Calculate and enter the amount of state and local taxes paid.
06
Follow any additional instructions provided by the IRS or tax preparation software.
07
Double-check all the information you've entered and make sure it's accurate.
08
Sign and date the form.
09
Submit the completed form to the IRS either by mail or electronically using e-file.
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Questions & answers
What is a form 8689?
A U.S. citizen or resident alien (other than a bona fide resident of the U.S. Virgin Islands (USVI)) with income from sources in the USVI or income effectively connected with the conduct of a trade or business in the USVI uses this form to figure the amount of U.S. tax allocable to the USVI.
Who can file form 8814?
A separate Form 8814 must be filed for each child whose income you choose to report. Parents who qualify to make the election. You qualify to make this election if you file Form 1040, 1040-SR, or 1040-NR and any of the following apply. You are filing a joint return for 2021 with the child's other parent.
Who files form 8615 parent or child?
For 2021, Form 8615 needs to be filed if all of the following conditions apply: The child has more than $2,200 in unearned income. The child is required to file a tax return. The child does not file a joint tax return with a spouse.
What is Form 8949 Type?
Use Form 8949 to reconcile amounts that were reported to you and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts you report on your return. The subtotals from this form will then be carried over to Schedule D (Form 1040), where gain or loss will be calculated in aggregate.
Can you report capital gains on 8814?
Desktop: Form 8814 - Parents' Election to Report Child's Interest and Dividends. Parents may elect to include their child's income from interest, dividends, and capital gains with their tax return as long as the total taxable interest, dividends, and capital gains are less than $11,000.
Do you have to pay taxes in U.S. Virgin Islands?
The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.
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