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Video instructions and help with filling out and completing Form 8959 and 8960

Instructions and Help about Form 8959 and 8960

Welcome to downtown fremont california my name is Ron Coan I'm a tax partner with the firm of Greenstein Rogoff Olsen & Company and this is our short little weekly tax update well lots of things going on the tax season is starting to get into full swing and I thought I'd mentioned a few issues this form 8960 regarding the net investment income tax on individuals this is part of the Obamacare tax we're on net investment income if your incomes over a certain level you pay an additional three point eight percent of federal income tax well for many of our higher-income taxpayers this has been a huge liability we've been projecting it all through last year and now it's coming do as people were working through their forms in some cases there's some planning that you can do around it but it's a lot we have several clients paying ten twenty fifty a hundred thousand dollars of additional tax so please make sure that you've worked through form 8960 it kicks in if you are single and your adjusted gross income is over two hundred thousand dollars or if you're married in your modified adjusted gross income there's certain adjustments is over 250 thousand dollars so for most people it's not an issue because their incomes below those levels but for a lot of high-income folks it will come as a shock as to how much additional tax this creates condition there's a form 89 59 the additional medicare tax so this also has been in full swing all during 2022 but now we're seeing the results on the tax returns coming due in april again if you're married and your incomes over 250,000 or you're single and your incomes over 200,000 there's an additional point nine of one percent nine-tenths of one percent Medicare tax that has to be paid its intended to help fund the Obamacare insurance plans and and on withholding if your income went over two hundred thousand dollars your employer started with holding the additional point nine of one percent in your pay already if you're self-employed you should have been trying to take this into account in your estimated tax payments if your incomes were over those levels again now these things that were talked about in Washington all of last year and that bills were passed in November of 2022 we've been talking about them all through last year they're now becoming cash realities if you all haven't been in some cases should have been paying them an estimated tax payments or withholdings alright well one little success story here forms 5472 and 5471 come into play where for the 5472 if you're a foreign corporation or shareholder owning a US company that's called inbound or if you are a US person or company or trust or partnership owning a foreign corporation that's called outbound in each case inbound or outbound these forms required often they don't create any.

FAQ

Can you work 2 different jobs at the same company (entry level), if so how does that affect your taxes?
If you make more than 200k working 2 jobs for the same company you maybe assessed an excess medicare tax. There is a form like 8960 or 8959. The more you make you will have to pay more on your personal tax. If you have too much state taxes witheld, you will pay the alt min tax Form 6251. Also if you itemize, you and earn more than 200k , your itemize deduction might be restricted. In 2022. your personal exemption is reduce.
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