Form 8960 (Net Investment Income Tax – Individuals, Estates, and Trusts) used for the 3.8% surtax on investment income for the Affordable Care Act. It first appeared in tax year 2013.

2019年6月4日 · The instructions to form 8960, page 12 (shown below) say you can allocate state, local, and foreign income taxes if properly deducted on your income tax return. We pay California state income tax on our investment income, so our state income taxes are allocable to our investment income. However, our state income tax deduction is limited to $10,000.

2019年6月1日 · Are investment advisory fees deductible on form 8960 in calculating net investment income for the 3.8% investment income tax?

2024年12月22日 · I erroneously said it's reflected on Form 8960, Line 21 - it's just listed on Line 17 and Schedule 2, Line 12. This seems terribly unfair.

2020年3月1日 · Hi, is it true that you must itemize in order to get a credit for State, Local, and Foreign tax (Line 9B) when filling out form 8960? I am not itemizing this year and that figure is blank for me currently and doesn't seem editable, though in previous years I did have figure there. Is there any way t...

2024年4月21日 · The official rules are in Part II—Investment Expenses Allocable to Investment Income and Modifications which shows an example of the application of itemized deductions on investment income. State and local taxes are capped at $10,000 on the federal return and that is the maximum allowed on the 8960. Related: Form 8960 Instructions for Form 8960

2019年6月3日 · Form 8960 (Net Investment Income Tax – Individuals, Estates, and Trusts) used for the 3.8% surtax on investment income for the Affordable Care Act. It first appeared in tax year 2013.

2024年7月3日 · Please tell me if you know how to make adjustments to Form 8960 line 5c. This is for a capital gain that is not subject to the net investment tax.

2021年3月27日 · There is a TT oversight regarding form 8960. TT does not reduce your investment income by state and local taxes when calculating the investment surcharge. You can do it manually and in certain situations, it will reduce the surtax you owe.

2022年4月3日 · Hi - per IRS Instructions for Form 8960 (2021) document "Other items of net investment income not otherwise included on Form 8960 reported on Schedule 1 (Form 1040), line 8z" should go into line 7 for Form 8960. Was expecting the number from "line 8z" to flow through but it is not showing up in Form...