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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. If you have income from investments and your modified adjusted gross income (MAGI) exceeds $200,000 for individuals, $250,000 for spouses filing jointly, and ...
Form 8960, Line 8 / AGI x SCH A*, Line 5 = Line 9b. If this 9b is over 10,000, you have to put 10,000 on Line 9b. I used TaxAct last year and it did not put the 10,000, so I had to manually over-ride it. You may also use Line 9b even if you take the Standard Deduction.
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:
Filling up form 8960 Line 7. 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 8960.
Yes, I think 5c can only be accessed in Forms Mode directly on Form 8960. An explanatory statement is required, so a return with that adjustment might have to be printed and mailed when using TurboTax, regardless.
TT2023 Form 8960 is definitely including Social Security in the calculation for NII tax. As we see in this example, line 12 includes all dividends, interest and capital gains while line 13 include social security income. Social security income is obviously being used in the calculation for the NII tax.
64dancer. Level 3. Line 7 is for Recoveries of deductions taken on a prior year's Form 8960. A recovery or refund of a previously deducted item increases net investment income in the year of the recovery. In 2020, I had a value on 8960 line 9b. I believe I now need to include that (or a portion of it) in income in the year of the recovery.
March 14, 2020 4:25 PM. 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.
1 Best answer. AlanT. Expert Alumni. 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. If you have income from investments and your modified adjusted gross income (MAGI) exceeds $200,000 for individuals ...
Form 8960 Line 9b 2021. TurboTax 2021 will not allow me to enter Investment Expenses Allocable to Investment Income for state taxes paid on line 9b (Form 8960, Part II). I see where there is an itemized deduction limitation on the worksheet and ultimately total deductions are limited to 2% of AGI. I used the standard deduction, but I don't see ...