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 8959 Form 2016

2016-2025 Form

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What is a W-9 tax form? What is a W-9 tax form?

What is the 8959 Form

The 8959 Form, officially known as the "Additional Medicare Tax" form, is utilized by employers and employees to report and calculate the Additional Medicare Tax imposed on high-income earners. This tax applies to wages, compensation, and self-employment income that exceed specific thresholds. For individuals, the threshold is two hundred thousand dollars for single filers and two hundred fifty thousand dollars for married couples filing jointly. The form is essential for ensuring compliance with federal tax regulations and for accurately reporting income subject to this additional tax.

How to use the 8959 Form

Using the 8959 Form involves several key steps. First, gather all relevant income information, including wages and self-employment earnings. Next, determine if your income exceeds the applicable thresholds for the Additional Medicare Tax. If it does, complete the form by entering your total wages, the amount subject to the Additional Medicare Tax, and the tax amount owed. After filling out the form, it must be submitted along with your annual tax return to the Internal Revenue Service (IRS). It is crucial to ensure that all figures are accurate to avoid potential penalties.

Steps to complete the 8959 Form

Completing the 8959 Form requires careful attention to detail. Follow these steps:

  • Gather your income documents, including W-2 forms and any self-employment records.
  • Identify if your income exceeds the two hundred thousand dollars threshold.
  • Fill in your total wages and the applicable amounts on the form.
  • Calculate the Additional Medicare Tax owed based on your income.
  • Review the completed form for accuracy before submission.

Legal use of the 8959 Form

The 8959 Form serves a legal purpose in the context of federal tax compliance. It is required for individuals and employers to accurately report and pay the Additional Medicare Tax. Failing to file this form when required can lead to penalties and interest on unpaid taxes. It is essential to use the most current version of the form to ensure compliance with IRS regulations. Additionally, understanding the legal implications of the Additional Medicare Tax can help taxpayers avoid potential issues during audits or reviews by the IRS.

Filing Deadlines / Important Dates

Filing deadlines for the 8959 Form align with the general tax return deadlines. Typically, the form must be submitted by April fifteenth of the following tax year. If you are unable to meet this deadline, you may file for an extension, but it is important to note that any taxes owed must still be paid by the original deadline to avoid penalties. Keeping track of these dates is crucial for compliance and to avoid unnecessary fees.

Form Submission Methods (Online / Mail / In-Person)

The 8959 Form can be submitted in various ways, depending on your preference and the requirements of the IRS. You may file the form electronically as part of your annual tax return through approved tax software. Alternatively, you can print the completed form and mail it directly to the IRS. For those who prefer to file in person, visiting a local IRS office is an option, though appointments may be necessary. Each submission method has its own guidelines, so it is important to follow the instructions provided by the IRS for each method.

Quick guide on how to complete 2016 8959 form

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