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FAQ

Who needs to fill out 8959?
The tax applies to wages from employment, self-employment income and railroad retirement income, but if you are receiving W-2 income, the tax will most likely be withheld from your wages. Either way, anyone subject to the tax is required to file Form 8959 with their annual income tax filing.
Are 401k contributions subject to the additional Medicare tax?
Contributions to a 401k are subject to social security and medicare tax, but not to ordinary income tax.
How do I fill out form 8959?
0.53 6.24 How to Complete IRS Form 8959 - Additional Medicare Tax - YouTube YouTube Start of suggested clip End of suggested clip So the 8959 is used to report an additional 0.9 percent medicare tax on earned compensation. SoMoreSo the 8959 is used to report an additional 0.9 percent medicare tax on earned compensation. So that's w-2 wages or self-employment income via schedule c or maybe you're a partner in a partnership.
How is additional Medicare tax calculated?
It is paid in addition to the standard Medicare tax. An employee will pay 1.45% standard Medicare tax, plus the 0.9% additional Medicare tax, for a total of 2.35% of their income....What is the additional Medicare tax? StatusTax thresholdmarried tax filers, filing separately$125,0003 more rows • 24 Sept 2020
Do you pay Medicare tax on 401k contributions?
Contributions to a 401(k) are subject to Social Security and Medicare taxes, but are not subject to income taxes unless you are making a Roth (after-tax) contribution.
Who is subject to the additional Medicare tax?
A 0.9% Additional Medicare Tax applies to Medicare wages, self-employment income, and railroad retirement (RRTA) compensation that exceed the following threshold amounts based on filing status. $250,000 for married filing jointly; $125,000 for married filing separately; and. $200,000 for all other taxpayers.
What is a 8559 form?
Use this form to figure. the amount of Additional Medicare Tax you owe and. the amount of Additional Medicare Tax withheld by your employer, if any.
Are all earnings subject to Medicare tax?
There's no wage base limit for Medicare tax. All covered wages are subject to Medicare tax.
Who must file form 8960?
Attach Form 8960 to your return if your modified adjusted gross income (MAGI) is greater than the applicable threshold amount. Use Form 8960 to figure the amount of your Net Investment Income Tax (NIIT). Controlled foreign corporation (CFC).
Why do I have to fill out form 8959?
Purpose of Form Use Form 8959 to figure the amount of Additional Medicare Tax you owe and the amount of Additional Medicare Tax withheld by your employer, if any. You will carry the amounts to one of the following returns. Form 1040.
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