How to fill Steps to Fill out Digital 8959 Form

How to fill Steps to Fill out Digital 8959 Form: What You Should Know

All areas are completed in full if the form is completed online. Some areas, such as Form 8959, do not require a physical or electronic submission. Step 1. Complete a new tax return, Form 1040X. If W-2 income for 2023 was 1,500 or less, it can be estimated that you will not be subject to an additional Medicare tax on self-employment income. If your annual wages and self-employment earnings exceed 2023 income thresholds, enter the following on line 13 of your Form 1040X return: the Additional Medicare Tax that applies with a check or other amount (the IRS tells us to include the 0 threshold on line 2 as part of the Form 8959 calculation); the Social Security tax (which you're already paying); and the Medicare Parts A and B (Forms 1095 and 1096) in box E on line 1 of your 1040. Also complete line 5 of Form 1095 (Form 1096 is not required on this line). The extra line 5 also counts toward the additional Medicare tax threshold on your return. As you can see, your Form 1040 must contain the checkbox indicating you plan to file an additional Medicare Tax on your self-employment income under instructions on line 8. You must also declare itemized deductions on line 14, including the “income with respect to which you paid special rules on Form 8959”. If your Form 1040X does not include line 1, fill the extra line. Step 2. Complete additional lines of Form 1040X. Line 7. Enter the self-employment tax amount on line 13. The total is estimated and should add up to 49 (0.019 × 3). Line 8a. Enter the additional Medicare tax amount that you are subject to on line 13. The total is estimated and should add up to 51 (0.0019 × 3). If additional line 8a includes your Social Security taxes, or if the amount of income with respect to which you paid special rules on Form 8959 for 2023 is 1,500 or less, include your Social Security taxes on line 8a. If your Form 1040X does not include line 8a, check the boxes in line 8 of Form 1040. Enter the Social Security or Medicare taxes paid. Add line 22, for self-employment tax on income from sources other than self.

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