5074 PDF 2023-2024 Form

Instructions and help about 5074 tax form

will be going over IRS form 8689 allocation of individual income tax to the U.S Virgin Islands this is a tax form that taxpayers will use to figure the amount of their U.S tax liability that's allocable to the U.S Virgin Islands fairly straightforward form the form itself is one page which you will file when you uh in in accompaniment with your form 1040 or 1040sr so and then there's a purposefully blank page and then there are form instructions on the back so and then on the first page there are four parts there are Income items specifically sources of income allocable to the US Virgin Islands part two is uh adjustments to arrive at adjust a gross income for the U.S Virgin Islands allocation of your total tax liability and then payments of income tax so basically a form flows very similarly to your standard tax return the primary difference is you're only reporting sources of income that would be allocated to the U.S Virgin Islands so a couple of points of note here so uh taxpayers mu