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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).

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.

Can you deduct brokerage fees on Form 8960?

For instance, brokerage fees that are not properly allocable will not be allowed as a deduction. The instructions to Form 8960 provides examples of deductions that are not deductible for NII purposes. For example, deductions for contributions to IRAs or other qualified plans.

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.

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Do I need a 8960?

If you earn income from any of your investments this year, you may have to pay the net investment income tax, in addition to the regular income taxes you owe. You wont know for sure until you fill out Form 8960 to calculate your total net investment income.

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.

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 tax form 8960 used 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).

Who needs to file form 8960?

If you earn income from any of your investments this year, you may have to pay the net investment income tax, in addition to the regular income taxes you owe. You wont know for sure until you fill out Form 8960 to calculate your total net investment income.

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