IRS 8958 2012 free printable template

Specific Instructions How To Complete Form 8958 To complete Form 8958 identify your community or separate income deductions credits and other return amounts on the separate lines under the item name on lines 1 through 12. For the latest information about developments related to Form 8958 and its instructions such as legislation enacted after they were published go to www.irs.gov/form8958. Purpose of Form Use Form 8958 to determine the allocation ...

How to fill out irs form 8958 instructions

How to fill out form 8958:

1. Gather all necessary information and documents, such as your personal information, income details, and any applicable tax treaties.
2. Fill in your personal information accurately, including your name, address, and social security number.
3. Take note of any tax treaty benefits that may apply to you and ensure that you properly claim them.
4. Provide information about your income, including the type of income, the amount earned, and any applicable deductions or exemptions.
5. Calculate your total taxable income by adding up all the income amounts listed in the form.
6. Determine the amount of tax owed by referring to the appropriate tax tables or rates.
7. Complete any additional sections or forms that may be required for specific situations, such as self-employment income or foreign tax paid.
8. Double-check all the information you have entered to ensure accuracy and completeness.
9. Sign and date the form before submitting it to the appropriate tax authorities.

Who needs form 8958:

1. U.S. residents who are eligible for certain tax treaty benefits with foreign countries.
2. Individuals who earn income from foreign sources and need to report it to the Internal Revenue Service (IRS).
3. Taxpayers who have received a request from the IRS to complete form 8958 in order to comply with tax laws and regulations.

People Also Ask about

What is the purpose of form 8958?

Use this form to determine the allocation of tax amounts between married filing separate spouses or registered domestic partners (RDPs) with community property rights.

What does married filing separately allocations mean?

If your resident state is a community property state, and you file a federal tax return separately from your spouse or registered domestic partner, use form 8958 to report half of all community income and all your separately earned income.

Why would a married person file separately?

A couple may pay the IRS less by filing separately when both spouses work and earn about the same amount. When they compare the tax due amount under both joint and separate filing statuses, they may discover that combining their earnings puts them into a higher tax bracket.

Is form 8958 mandatory?

If the filing status on an individual tax return is married filing separately and the taxpayer lives in a community property state, Form 8958 must be completed and filed with the return.

When should married couples file separately?

Filing separately may be a benefit if you have a large amount of out-of-pocket medical expenses. It may be easier to reach the 7.5% threshold of your adjusted gross income to qualify for medical deductions if you only claim one income.

What married couples should file separately?

Though most married couples file joint tax returns, filing separately may be better in certain situations. Couples can benefit from filing separately if there's a big disparity in their respective incomes, and the lower-paid spouse is eligible for substantial itemizable deductions.

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What is form 8958?

Form 8958 is the IRS form used to report the allocation of income, expenses, and credits between spouses who file a joint return and have a community property interest.

Who is required to file form 8958?

Form 8958 is required to be filed by married couples living in community property states who file a joint return and need to report the allocation of community income and expenses.

How to fill out form 8958?

To fill out Form 8958, you need to provide information about your community property income and expenses, identify the community property state, and allocate the income and expenses between you and your spouse as per your agreement.

What is the purpose of form 8958?

The purpose of Form 8958 is to ensure proper reporting and allocation of income and expenses to reflect the community property rules for tax purposes.

What information must be reported on form 8958?

Form 8958 requires reporting of the total community income, expenses, and any allocations made between spouses, including dividends, interest, wages, and other income sources.