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Filling up form 8960 Line 7. Hi - per IRS Instructions for Form 8960 (2021) document "Other items of net investment income. not otherwise included on Form 8960 reported on Schedule 1 (Form 1040), line 8z" should go into line 7 for Form 8960. Was expecting the number from "line 8z" to flow through but it is not showing up in Form 8960.
Form 8960, Line 8 / AGI x SCH A*, Line 5 = Line 9b. If this 9b is over 10,000, you have to put 10,000 on Line 9b. I used TaxAct last year and it did not put the 10,000, so I had to manually over-ride it. You may also use Line 9b even if you take the Standard Deduction.
April 11, 2023 10:41 AM. Yes. You can deduct this amount of $11,772 on line 9b. Please read the instructions for form 8960 page 14. April 11, 2023 11:26 AM. Thanks for the prompt reply. Yes, I read the instructions for Form 8960. That's where I figured I should be able to deduct the portion of my NJ state taxes related to investment gains.
Yes, I think 5c can only be accessed in Forms Mode directly on Form 8960. An explanatory statement is required, so a return with that adjustment might have to be printed and mailed when using TurboTax, regardless.
Form 8960 (Net Investment Income Tax – Individuals, Estates, and Trusts) used for the 3.8% surtax on investment income for the Affordable Care Act. It first appeared in tax year 2013. If you have income from investments and your modified adjusted gross income (MAGI) exceeds $200,000 for individuals, $250,000 for spouses filing jointly, and ...
If you are using TurboTax CD/download, then click on Forms, upper right of your screen. In the left margin, scroll through your list of forms to find Form 8960. If Form 8960 is there, then click on it and it will open on your screen. To get back to the screen (s) where you respond to questions, then click on Step-by-Step in the upper right of ...
Form 8960 Line 9b 2021. TurboTax 2021 will not allow me to enter Investment Expenses Allocable to Investment Income for state taxes paid on line 9b (Form 8960, Part II). I see where there is an itemized deduction limitation on the worksheet and ultimately total deductions are limited to 2% of AGI. I used the standard deduction, but I don't see ...
64dancer. Level 3. Line 7 is for Recoveries of deductions taken on a prior year's Form 8960. A recovery or refund of a previously deducted item increases net investment income in the year of the recovery. In 2020, I had a value on 8960 line 9b. I believe I now need to include that (or a portion of it) in income in the year of the recovery.
TT2023 Form 8960 is definitely including Social Security in the calculation for NII tax. As we see in this example, line 12 includes all dividends, interest and capital gains while line 13 include social security income. Social security income is obviously being used in the calculation for the NII tax.
However, the following is also in the Form 8960 instructions (with a caution icon): Miscellaneous itemized deductions suspended for tax years 2018 through 2025. Miscellaneous itemized deductions under section 67 are not allowed for tax years beginning after 2017 and before 2026. See section 67(g).