Who should fill out form 8960?

If you earn income from any of your investments this year, you may have to pay the net investment income tax, in addition to the regular income taxes you owe. You won't know for sure until you fill out Form 8960 to calculate your total net investment income.

What is IRS form 8960?

Purpose of Form Use Form 8960 to figure the amount of your Net Investment Income Tax (NIIT).

Who needs to file form 8960?

Who must file IRS form 8960? Any U.S. citizen or resident can file Form 8960. Everyone with the MAGI over an applicable threshold amount, or a net investment income, should pay 3.8% of these, based on their filing status. Non-residents may also file Form 8960 if they're subject to the net investment income tax.

Who pays 3.8 net investment tax?

As an investor, you may owe an additional 3.8% tax called net investment income tax (NIIT). But you'll only owe it if you have investment income and your modified adjusted gross income (MAGI) goes over a certain amount.

Why am I getting net investment income tax?

In general, net investment income includes, but is not limited to: interest, dividends, capital gains, rental and royalty income, and non-qualified annuities. Net investment income generally does not include wages, unemployment compensation, Social Security Benefits, alimony, and most self-employment income.

What is the additional 3.8% net investment income tax?

Those who are subject to the tax will pay 3.8 percent on the lesser of the following: their net investment income or the amount by which their modified adjusted gross income (MAGI) extends beyond their specific income threshold. Net investment income typically includes the following: interest. dividends.

Do I have to pay net investment income tax?

As an investor, you may owe an additional 3.8% tax called net investment income tax (NIIT). But you'll only owe it if you have investment income and your modified adjusted gross income (MAGI) goes over a certain amount.

What income is subject to 3.8% net investment tax?

The net investment income tax is a 3.8% surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds....Do I Need to Pay the Net Investment Income Tax? Filing StatusIncome ThresholdSingle or head of household$200,000Married filing jointly$250,0002 more rows Jan 5, 2023

Get Irs 8960 2024

For instructions and the latest information. Attachment Sequence No. 72 Your social security number or EIN Name(s) shown on your tax return Part I Investment Income Section 6013(g) election (see instructions) Section 6013(h) election (see instructions) Regulations section 1.1411-10(g) election (see instructions) 1 Taxable interest (see instructions) . . . . . . . . . . . . . . . . . . . . 2 Ordinary dividends (see instructions) . . . . . . . . . . . . . . . . . . . 3 Annuities (see instruct.

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