Instructions for IRS Form 8959 Additional Medicare Tax

IRS Form 8959 Additional Medicare Tax

This document contains official instructions for IRS Form 8959 , Additional Medicare Tax - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8959 is available for download through this link.

FAQ

Q: What is IRS Form 8959?
A: IRS Form 8959 is used to calculate and report the Additional Medicare Tax.

Q: Who is required to file IRS Form 8959?
A: You are required to file IRS Form 8959 if your wages, compensation, or self-employment income exceeds certain thresholds.

Q: How do I calculate the Additional Medicare Tax?
A: The Additional Medicare Tax rate is 0.9% of your wages, compensation, or self-employment income that exceeds the applicable threshold.

Q: What are the thresholds for the Additional Medicare Tax?
A: For individuals, the threshold is $200,000 for single filers and $250,000 for married filers. For married couples filing separately, the threshold is $125,000.

Q: When do I need to file IRS Form 8959?
A: IRS Form 8959 is filed annually with your federal income tax return.

Q: Can I e-file IRS Form 8959?
A: Yes, you can file IRS Form 8959 electronically using tax preparation software or through a tax professional.

Q: Are there any penalties for not filing IRS Form 8959?
A: Yes, failing to file IRS Form 8959 or inaccurately reporting the Additional Medicare Tax may result in penalties or interest charges.

Q: Can I claim a refund of the Additional Medicare Tax?
A: You may be eligible for a refund of the Additional Medicare Tax if you had excess withholding or made estimated tax payments that exceed your tax liability.