Get the free irs form 8958 fillable

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 8958 form

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.

Video instructions and help with filling out and completing irs form 8958 fillable

Instructions and Help about form 8958 instructions pdf

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

People Also Ask about form 8958 2021

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.