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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
Download IRS Form 8960 Net Investment Income Tax Individuals, Estates, and Trusts. 4.6 of 5 (19 votes) PDF Word.
The tax form 8960 is an application for calculating taxes on your income from interest, dividends, annuities, and so on. Depending on the size of your gross income (MAGI), you might need to complete this document with your return for the past year. What do I need the 8960 Form for? What is IRS Form 8960 used for?
This document contains official instructions for IRS Form 8960 , Net Investment Income Tax - Individuals, Estates, and Trusts - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8960 is available for download through this link.
26 gru 2023 · Form 8960 is used to calculate and report the Net Investment Income Tax (NIIT). This tax applies to individuals, estates, and trusts that have net investment income above certain threshold amounts based on their filing status and Modified Adjusted Gross Income (MAGI). The NIIT was introduced as part of the Affordable Care Act to help fund Medicare.
6 lis 2023 · IRS 1099 Form. Updated November 06, 2023. IRS 1099 Forms are a series of tax reporting documents used by businesses and individuals to report income received outside of normal salary or wages, such as freelance earnings, interest, dividends, and more.
Use Form 8960 to figure the amount of your Net Investment Income Tax (NIIT). Definitions. Controlled foreign corporation (CFC). Generally, a CFC is any foreign corporation if more than 50% of its voting power or stock value is owned or considered owned by U.S. shareholders (as defined in section 951 (b)) on any day during the tax year.
