The IRS Form 8959 is included with Form 1040 to calculate the additional Medicare tax owed or refunded to the individual taxpayer. This article and video tutorial cover an example Form 8959 filing for the 2020 tax year.
The IRS Form 1040 Schedule 3 is included with the Form 1040 to report additional credits or payments made during the tax year. This article and video tutorial walkthrough the basics of the Schedule 3.
The IRS Form 1040 Schedule 2 is included with the Form 1040 to report additional taxes owed with the income tax return. This article and video tutorial walkthrough the basics of the Schedule 2.
The IRS Form 1040 Schedule 1 is included with the Form 1040 to report additional income and adjustments to income. This article and video tutorial walkthrough the basics of the Schedule 1.
An S corporation shareholder is treated as a self-employed individual with respect to health insurance premiums paid by the S corporation. The premiums must generally be included in wages and reported on Form W-2.
The net investment income tax (NIIT) is a 3.8% tax imposed on net investment income for taxpayers with AGI above certain thresholds. The Form 8960 is used to calculate a taxpayer's investment income and the related NIIT.
A taxpayer's adjusted gross income (AGI) and taxable income are two different calculations. This article and video tutorial discuss those different calculations and why they are important.
Investors in partnerships and S corporations must carefully characterize whether the investment is an active or passive activity. Passive activity losses are subject to certain rules and reporting obligations on IRS Form 8582. This article and video cover a sample Form 8582 with the Form 1040.
The IRS Form 8880 is included with a taxpayer's Form 1040 when they make qualified retirement contributions. For certain taxpayers, they may be eligible for a federal tax credit. This article and video cover an example for the 2020 tax year.
When a general partner personally pays for business related expenses, the partnership should generally reimburse that partner for those costs. If a partner has unreimbursed expenses, they may be able to deduct those on their personal tax return.
