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Who needs to file 8960?

If you file a joint return or use the qualifying widow(er) status, your MAGI (as of publication date) has to be more than $250,000. If youre married but file separately, your MAGI has to be more than $125,000. Single and head-of-household filers can report an MAGI of $200,000 or less.

How is form 8960 calculated?

If your net investment income is $1 or more, Form 8960 helps you calculate the NIIT you might owe by multiplying the amount by which your MAGI exceeds the applicable threshold or your net investment incomewhichever is the smaller figureby 3.8 percent.

How do you avoid net investment income tax?

If we can increase investment expenses to lower our net income, that is another way to avoid the Net Investment Income Tax. Examples of expenses are rental property expenses, investment trade fees, and state and local taxes.

What is 8960 tax for for?

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).

Do I need form 8960?

IRS Form 8960 Applies If The Following Are True You have investment income. Your Modified Adjusted Gross Income (MAGI) is above the threshold outlined below.

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How is Form 8960 calculated?

If your net investment income is $1 or more, Form 8960 helps you calculate the NIIT you might owe by multiplying the amount by which your MAGI exceeds the applicable threshold or your net investment incomewhichever is the smaller figureby 3.8 percent.

Who must pay net investment income tax?

As an investor, you may owe an additional 3.8% tax called net investment income tax (NIIT). But youll only owe it if you have investment income and your modified adjusted gross income (MAGI) goes over a certain amount.

Does 3.8% net investment income tax apply?

If you have investment income and go over the MAGI threshold, the 3.8% tax will apply to your net investment income or the portion of your MAGI that goes over the thresholdwhichever is less.

Can I deduct state income taxes on form 8960?

The total of the state, local, and foreign income taxes that you paid for the current tax year is entered on line 9b of form 8960. Enter only the tax amount that is attributed to the net investment income. Do not include sales tax or any foreign income taxes paid for which you took a credit.

What is 8960 for?

Taxpayers use this form to figure the amount of their net investment income tax (NIIT).

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