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.

2019年6月1日 · On form 8960, miscellaneous investment expenses on line 9c can be deducted only to the extent these items are deductible in Schedule A. As the new tax law has suspended the itemized miscellaneous deduction, these expenses are not deductible on form 8960 either. Please see the instructions for form 8960, especially on page 18:

2020年3月1日 · Yes, you can only use the State, Local and foreign income taxes on Form 8960 if you itemize deductions on for regular tax. If you want to switch to itemized deductions, please see the following instructions: You should enter all your income and deductions before switching.

2025年2月28日 · It would make sense that the value would be calculated using the ratio of your total investment income: (Form 8960, Line 8 ) divided by your AGI (1040 Line 11). You then simply multiply your state+local taxes by this ratio. Form 8960, Line 9b = (Investment income; Form 8960, Line 8 ) / (AGI; 1040 Line 11) x (State+Local Taxes; Schedule A, Line 5)

2024年12月22日 · On Form 8960 your net investment income is on line 12. The amount of income that you pay the additional 3.8% tax on is on line 16, and it cannot be more than your net investment income on line 12. You are not paying tax at …

2023年2月17日 · In the pop-up window Tool Center, choose Delete a form. You won't be deleting a form, but you need to select Delete a Form in order to see the list of forms for your return. If you wanted to delete Form 8960, or any other form, then select Delete next to the form/schedule/worksheet in the list and follow the instructions.

2024年4月21日 · 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. Topic No. 559 Net Investment Income Tax - Internal Revenue Service

2019年6月4日 · Here is how the Net income Tax is Determined on a 8960 Form. First it totals all your investment income and places an amount on Line 12 of the form. Next it takes your Modified adjusted Gross Income for the year and subtracts $200,000 and reports this amount in line 15.

2025年1月28日 · Yes, taxable Social Security would be included in your MAGI on line 13 of Form 8960. According to Topic no. 559, Net Investment Income Tax " Modified adjusted gross income (MAGI), for purposes of the NIIT, is generally defined as adjusted gross income (AGI) for regular income tax purposes increased by the foreign earned income exclusion (but also adjusted for …