Get Irs 8960 2017

The IRS 8960 form, also known as Net Investment Income Tax, is essential for individuals, estates, and trusts to compute and report their net investment income tax. This guide provides a clear, step-by-step approach to filling out the form online, ensuring you have all the necessary instructions at hand.

Follow the steps to effectively complete the IRS 8960 form.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter the name(s) shown on your tax return in the designated field.
3. In Part I, indicate any relevant elections available under sections 6013(g), 6013(h), and regulations section 1.1411-10(g) as instructed.
4. Complete the taxable interest field by entering the amount of taxable interest you earned.
5. Fill in the ordinary dividends field with the total amount of ordinary dividends received.
6. Input the annuities amount in the corresponding field if applicable.
7. For rental real estate, royalties, partnerships, S corporations, and trusts, enter your income in line 4a.
8. If applicable, adjust for net income or loss from a non-section 1411 trade or business in line 4b, then combine with line 4a in line 4c.
9. For net gain or loss from the property, complete lines 5a, 5b, and 5c appropriately and combine them in line 5d.
10. Continue with any adjustments to investment income for certain CFCs and PFICs in line 6, and report other modifications in line 7.
11. Calculate the total investment income by combining lines 1, 2, 3, 4c, 5d, 6, and 7 in line 8.
12. Proceed to Part II to report investment expenses allocable to investment income, beginning with the investment interest expenses in line 9a.
13. Continue accounting for state, local, and foreign income tax in line 9b and miscellaneous investment expenses in line 9c.
14. Add lines 9a, 9b, and 9c together, and note any additional modifications in line 10.
15. Sum the total deductions and modifications in line 11.
16. In Part III, calculate the net investment income by subtracting line 11 from line 8.
17. For individuals, complete lines 13 through 17, and for estates and trusts, lines 18a through 21 to determine the investment income tax.
18. Review your entries for accuracy, then save your changes, download, print, or share the completed form as needed.

Start filling out the IRS 8960 form online today to ensure accurate reporting of your investment income tax.