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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.

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).

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.

Who fills out 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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Who is subject to net investment income?

3. What individuals are subject to the Net Investment Income Tax? Filing StatusThreshold AmountMarried filing jointly$250,000Married filing separately$125,000Single$200,000Head of household (with qualifying person)$200,0001 more row

What is form 8960 Line 5a?

The amount of the gain or loss from the disposition for regular income tax purposes is included on Form 8960, line 5a, as a gain or loss.

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.

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).

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.

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How do you avoid net investment income tax?

Can I deduct state income taxes on form 8960?

What is 8960 for?

Who must pay net investment income tax?

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Who is subject to net investment income?

What is form 8960 Line 5a?

How is Form 8960 calculated?

What is 8960 tax for for?

Can I deduct state income taxes on form 8960?

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