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These instructions are based mostly on Regulations sections 1.1411-1 through 1.1411-10. Who Must File Attach Form 8960 to your return if your modified adjusted gross income (MAGI) is greater than the applicable threshold amount. Purpose of Form Use Form 8960 to figure the amount of your Net Investment Income Tax (NIIT). Definitions
1. Filing for Individuals: Individuals with significant investment income must file Form 8960. 2. Estates and Trusts: Estates and trusts that generate taxable investment income are required to submit this form. 3. Tax Planning Strategy: Use this form to report investment income as part of overall tax planning.
5 kwi 2024 · Learn how to calculate Net Investment Income Tax (NIIT) with IRS Form 8960 for individuals, estates, and trusts. Get IRS instructions and updates. File Form 8960 easily.
2 lip 2024 · IRS Form 8960, Net Investment Income Tax-Individuals, Estates, and Trusts, is the form that taxpayers use to report net investment income. Form 8960 accompanies the respective taxpayer’s income tax return.
An up-to-date fillable IRS Form 8960 is available for download through this link. Instruction Details: This 21-page document is available for download in PDF; Actual and applicable for filing 2023 taxes; Complete, printable, and free.
To determine whether the ESBT is subject to NIIT, the ESBT compares the combined undistributed net investment income with the excess of its AGI over the section 1(e) threshold. For an ESBT with only S TIP corporation income (no non-S portion), complete Form 8960 using the items from the S portion.
Instructions for Form 8960 - Introductory Material. Future Developments. For the latest information about developments related to Form 8960 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form8960. General Instructions. Reminders.
