IRS 8959 2023-2024 free printable template
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For Paperwork Reduction Act Notice see your tax return instructions. Cat. No. 59475X Form 8959 2023. Form Department of the Treasury Internal Revenue Service Additional Medicare Tax Your social security number Total Additional Medicare Tax Add lines 7 13 and 17. Also include this amount on Schedule 2 Form 1040 line 11 Form 1040-SS filers see instructions and go to Part V. Part V Railroad retirement RRTA compensation and tips from Form s W-2 box 14 see instructions. Enter the following amount...
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How to fill out form 8959 for 2023-2024
How to fill out form 8959
01
To fill out Form 8959 for the year 2023, follow these steps:
02
Gather all the necessary information, including your income data and any Medicare taxes paid.
03
Start with Part I of the form, which calculates your Additional Medicare Tax. Provide your filing status and the combined wages, Medicare compensation, and self-employment income.
04
Subtract the applicable threshold amount from the combined wages, Medicare compensation, and self-employment income. Enter the result in the appropriate field.
05
Multiply the result by the Additional Medicare Tax rate, which is currently 0.9%. Enter the calculated tax amount in the designated box.
06
Move on to Part II, which determines the Additional Medicare Tax on self-employment income. Provide the necessary information, such as the amount of self-employment income and any wages subject to Medicare tax.
07
Calculate the Medicare Wages and Tips by subtracting any wages already accounted for in Part I from the total wages and tips subject to Medicare tax.
08
Multiply the Medicare Wages and Tips by the Additional Medicare Tax rate (0.9%) and enter the calculated amount in the specified field.
09
Add the amounts from Part I and Part II to determine the total Additional Medicare Tax.
10
If you had Additional Medicare Tax withheld or paid with your return, enter the amount in the applicable box.
11
Complete any other necessary fields and double-check all the information provided.
12
Sign and date the form.
13
Attach Form 8959 to your tax return and submit it to the Internal Revenue Service (IRS).
Who needs form 8959?
01
The 2023 Form 8959 is needed by taxpayers who have earned income that is subject to the Additional Medicare Tax.
02
You may need to fill out this form if:
03
- Your combined wages, Medicare compensation, and self-employment income exceed the threshold amount determined by your filing status.
04
- You have a combination of wages, Medicare compensation, and self-employment income and have met the threshold for any portion of those earnings.
05
- You are subject to self-employment tax and have an additional Medicare tax on self-employment income.
Video instructions and help with filling out and completing form 8959 for
Instructions and Help about 8959 sample form
Welcome back this Thomas again for another tax reform update for the context online course this is scheduled for other taxes which basically is the section that they pulled out of the 1040 2017 version and reschedule it and renamed it schedule for other taxes which deals with line 57 to 64 so if you got the 1040 2017 version, and you go to that same line 57 to 64 till match your schedule that they get simply pulled out of the 10 or 14 so big city each section antenna for they put it out and call it a schedule and then enter one through six so of the taxes is what this deal with self-employment live 57 and record of Social Security and Medicare tips form 4137 for people working the tip industry waiters or waitresses and bartenders and people know how to get tips which is included only w-2s for people who get a w-2 who considered employees box 718 every 10 funny wait early w-2 should be filled in with some type of dollar amount also 959 additional taxes on iris and qualify were kind of plans so for people call out my only 401 ks before they fit nine and a half years old they get penalized additional tax for doing that they get at a nine are at the end of the year for the money they pull down if they didn't pay it back before then that's how it normally works then comes to insurance for individual responsibilities they got a section for that longer you check for years cause a lot of people get insurance through their jobs or do the government or whoever they get insurance through really no matter at all they got insurance that's how they go and so a lot of things that other taxes deal with him, it's the same section of the 10th wave line of the 2017 version that they get simply called out and renamed is scheduled for and so again another video I've gone to more detail with each of these schedules as they relate to that you're going to receive the goalie basic and contact program that you have access to for 12 months of your it's your leisure to learn this stuff at your own pace and I see in the next video
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What is 2023 form 8959?
2023 form 8959 is a tax form used by taxpayers to report the Additional Medicare Tax. It is used to calculate and report the Additional Medicare Tax liability.
Who is required to file 2023 form 8959?
Individuals who earn wages, self-employment income, or receive compensation in excess of the threshold amount for Additional Medicare Tax are required to file form 8959.
How to fill out 2023 form 8959?
To fill out form 8959, you need to provide your personal information, wages, self-employment income, and other compensation subject to Additional Medicare Tax. You will then calculate your Additional Medicare Tax liability and report the amount on your tax return.
What is the purpose of 2023 form 8959?
The purpose of form 8959 is to calculate and report the Additional Medicare Tax liability. It ensures that taxpayers pay their fair share of Medicare taxes.
What information must be reported on 2023 form 8959?
On form 8959, you must report your personal information, including your name, address, and Social Security number. You also need to report your wages, self-employment income, and other compensation subject to Additional Medicare Tax.
When is the deadline to file 2023 form 8959 in 2023?
The deadline to file form 8959 in 2023 is April 15th.
What is the penalty for the late filing of 2023 form 8959?
The penalty for the late filing of form 8959 is a percentage of the unpaid tax amount. The penalty rate varies depending on how late the form is filed and the amount of tax owed.
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