8959 and 8960 Form

8959 and 8960 Form: What You Should Know

Instructions for Form 8960 — IRS.

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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 2023 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...