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Income Tax G A83 Form

Income Tax G A83 Form

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okay for this video we're going to cover the net investment income tax and specifically the irs form 8960 that is to be included with your form 1040 tax return so i've got a sample form in front of us that we'll go through with the return and then a slide here that covers the rules um and some examples that we'll look at when we reference the actual form itself so what is the nit the 8960 who needs to file it well form 8960 the net investment income tax is filed by taxpayers when they're modified agi or modified adjusted gross income exceed certain thresholds and so if you're effectively if you're a high income taxpayer and your income is above these thresholds then you have to pay an additional 3.8 percent tax on your net investment income okay so this doesn't apply to everybody you have to check what your filing status is and what your total modified agi is and if you're below those amounts you can ignore this form it doesn't apply to you if you're above those thresholds then you nee

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