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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 ...
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How to fill out form 8958

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How to fill out form 8958:

01
Gather all necessary information and documents, such as your personal information, income details, and any applicable tax treaties.
02
Fill in your personal information accurately, including your name, address, and social security number.
03
Take note of any tax treaty benefits that may apply to you and ensure that you properly claim them.
04
Provide information about your income, including the type of income, the amount earned, and any applicable deductions or exemptions.
05
Calculate your total taxable income by adding up all the income amounts listed in the form.
06
Determine the amount of tax owed by referring to the appropriate tax tables or rates.
07
Complete any additional sections or forms that may be required for specific situations, such as self-employment income or foreign tax paid.
08
Double-check all the information you have entered to ensure accuracy and completeness.
09
Sign and date the form before submitting it to the appropriate tax authorities.

Who needs form 8958:

01
U.S. residents who are eligible for certain tax treaty benefits with foreign countries.
02
Individuals who earn income from foreign sources and need to report it to the Internal Revenue Service (IRS).
03
Taxpayers who have received a request from the IRS to complete form 8958 in order to comply with tax laws and regulations.

Video instructions and help with filling out and completing form 8958

Instructions and Help about fillable 8958 form

Today we're here to talk about how to file taxes in a community property state there are a number of states that our community property states Arizona California there's a whole slew of them but if you happen to live in one of these states, and you want to file separately then it comes into play if you're married filing jointly it really doesn't have a lot of impact, so this is mostly for people who want to file married filing separately be aware that one of the issues that you have to contend with is that on your property you'll have to split all of your property 5050 with your spouse and all the income and deductions allocated to the property will be split 5050 when I say property I'm referring to community property if there are properties that are owned by you exclusively or by your spouse exclusively then they will be treated just on that individuals return you won't have to divide those on both returns separate property would be property that you had owned before your marriage sometimes if you acquire property in a non community property state it may be considered separate property same thing with income if you earn income in a non-profit non community property state, or before you were married that may be considered separate income and won't be part of the community property split also if you were given either in if you had an inheritance or were given property or income that was given to you that even during the marriage that may be considered separate funds and not part of the community property equation and lastly if you purchase property separately during your marriage with separate funds then that too may be separate property and not part of the community property equation now there are a whole slews of rules and regulations that surround the issues of community property, and you will need to really take a good look at those rules and regulations and possibly get a tax professional involved before you file your taxes because it can become a little complicated

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Form 8958 is required to be filed by any individual who has a foreign financial asset or asset for which a foreign financial institution is the custodian. This includes any individuals who are citizens or residents of the United States, as well as certain non-resident aliens.
Form 8958 is used to report allocation of income and deductions between spouses in a qualified joint venture. It requires information such as the taxpayer’s name, address, and Social Security number, the name and Social Security number of the other spouse, the taxable year for which the return is being filed, the total amount of income and deductions, and the amounts allocated between the spouses. It also requires the taxpayer to provide the information necessary to calculate the amount of any tax due, including the total tax liability, the amount of tax withheld, and any taxes owed.
The penalty for the late filing of Form 8958 is 5% of the total understatement of tax with a maximum penalty of 25%.
Form 8958 is a tax form used by taxpayers who are married filing separately in community property states. It is the Allocation of Tax Amounts Between Certain Individuals in Community Property States form. This form is used to determine the allocation and reporting of income, deductions, and credits between spouses in community property states, where each spouse is responsible for reporting their respective share of community income and expenses.
Form 8958, titled "Allocation of Tax Amounts Between Certain Individuals in Community Property States," is used to allocate certain income and deductions between spouses or registered domestic partners in community property states. Here are the steps to fill out Form 8958: 1. Enter your identifying information: Provide your name, Social Security Number (SSN), and your spouse's or registered domestic partner's name and SSN. 2. Choose the filing status: Check the box that corresponds to your filing status (Married Filing Jointly or Married Filing Separately). 3. Calculate the total income and deductions: Determine the total income and deductions that should be allocated on this form. You'll need this information from your tax return. 4. Allocate income: In Part I, provide the percentage allocation of income between you and your spouse or registered domestic partner. This percentage should be based on each person's share of the total income. 5. Allocate deductions and losses: In Part II, allocate deductions and losses between the two individuals in the same way you did for income in Part I. Report the allocated amounts for each deduction or loss category. 6. Compute the totals: Calculate the total allocated income, deductions, and losses for each individual. 7. Review and sign: Verify that all the information you provided is accurate and complete. Then, both spouses or registered domestic partners should sign and date the form. Note: It's important to read the instructions for Form 8958, available on the IRS website, to ensure you understand the specific requirements and details for your situation. If you're uncertain about any aspect of filling out this form, consult a tax professional or seek assistance from the IRS.
Form 8958, Allocation of Tax Amounts Between Certain Individuals in Community Property States, is used by married taxpayers who reside in community property states to report the allocation of income, deductions, and credits between each spouse for tax purposes. Community property states have specific rules for how income and deductions are divided between spouses, and this form helps ensure that each spouse accurately reports their share of the community income on their separate federal tax returns.
The deadline to file Form 8958 in 2023 is typically on April 18th, which is the usual deadline for filing federal income tax returns. However, it is always recommended to double-check for any updates or changes from the Internal Revenue Service (IRS) closer to the filing season as these dates can occasionally be adjusted.
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