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Instructions for Form 8960 - Introductory Material. Future Developments; General Instructions. Reminders. Charitable contribution deduction for electing small business trusts (ESBTs). Trade or business income subject to net investment income tax (NIIT). Who Must File; Purpose of Form. Definitions. Controlled foreign corporation (CFC). Excluded ...
22 maj 2024 · Information about Form 8960, Net Investment Income Tax Individuals, Estates, and Trusts, including recent updates, related forms and instructions on how to file. Taxpayers use this form to figure the amount of their net investment income tax (NIIT).
Form 8960 instructions. Essentially, IRS Form 8960 is used to help you figure out if the Net Income Investment Tax applies to you. Here are instructions form Form 8960: Part 1: Investment Income – In this section, you’ll list the amounts of various types of investment income you may have earned.
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.
Part I: Investment income minus allowable deductions. Part II: Modified AGI calculation to determine tax liability. How to Get Your Form 8960 Form. The most direct way to access Form 8960 is through the IRS website. Here, you can download the form for the current tax year.
3 dni temu · Form 8960 is used to calculate the net investment income tax (NIIT), a 3.8% tax on the lesser of your net investment income or the excess of your modified adjusted gross income over certain thresholds.
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.
