Get IRS 8860 2006-2024

What is the 3.8% “MEDICARE TAX” or NET INVESTMENT INCOME TAX (“NIIT”)? Many investors selling real estate or other high value investments are often surprised to find out that their tax liability could be subject to an extra 3.8% surtax in addition to the applicable short-term or long-term capital gains tax rates.

Internal Revenue Code section 7121 authorizes the Internal Revenue Service and taxpayers to enter into closing agreements. Closing agreements are generally reflected on Form 866, Agreement as to Final Determination of Tax Liability or Form 906, Closing Agreement on Final Determination Covering Specific Matters.

The threshold is $250,000 for joint filers, $125,000 for married filing separately, and $200,000 for all other filers.

Form 8960 is the IRS form used to calculate your total net investment income (NII) and determine how much of it may be subject to the 3.8% Medicare contribution tax.

More In Form 886-H-EIC Toolkit This tool is to help you identify what documents you need to provide to the IRS, if you are audited, to prove you can claim the Earned Income Tax Credit (EITC) with a qualifying child (if you are not sure you are qualified, use the EITC Assistant to find out if you qualify).

Purpose of Form Use Form 8860 to claim the qualified zone academy bond (QZAB) credit. A QZAB is a taxable bond issued after 1997 by a state or local government, the proceeds of which are used to improve certain eligible public schools.

Form 886-H-EIC makes clear that the taxpayer does not have to claim a dependent to qualify for the EIC. Internal Revenue Service. The Commissioner of Internal Revenue should reassess the evidentiary requirements for recertification.

You may qualify for Head of Household filing status if you meet the following three tests: Marriage Test, Qualifying Person Test, and Cost of Keeping up a Home Test. Single Go to the Qualifying Person Test and Cost of Keeping up a Home Test.

Use Form 8863 to figure and claim your education credits, which are based on qualified education expenses paid to an eligible postsecondary educational institution. There are two education credits. The American Opportunity Credit, part of which may be refundable. The Lifetime Learning Credit, which is nonrefundable.