IRS 1099-MISC Fontana California 2012-2024

2022 IRS 1099-MISC Fontana California: What You Should Know

Form 8938 — Interest and Capital Gains — IRS.gov Taxpayer is required to use Form 8938 to report the taxable interest or capital gain on qualifying interest or capital gains. Qualifying interest and capital gains are distributions received from any U.S. trust or U.S. partnership, as well as qualifying amounts received from a qualified investment. Qualifying interest means interest or capital gain from qualified interest in a qualified trust or qualified investment. Income received as the result of a qualified trust or qualified investment is taxable to the taxpayer at the rate of the excess of the qualified interest or interest from the trust, or investment, which was received over the amount of the interest or interest from the trust or investment that was received, adjusted for inflation. For more information visit IRS.gov 7. Form 8938 instructions — Interest Rate Reduction Procedures (Errors) apply. For more information and additional Errors, see Form 5497. To see if you are required to complete Form 5497, see the Form 5497 Instructions, and contact your tax preparer or other person to receive an authorization for a Form 5498. Form 8938 — Interest and Capital Gains — IRS.gov Form 8938 includes an exception for a taxpayer with a modified adjusted gross income (MAGI) of 40,000 or less, or a partial confederal income tax liability. See the section below titled “How to file.” Form 8938 also includes an exception for a sole proprietor who files Form 1040 or 2555 to make certain interest or dividend distributions to his spouse and certain capital gains distributions to his spouse. See the section below titled “How to file.” To receive interest or capital gain distributions and report those distributions on Line 2a of Form 8938, you must make the distributions through certain bank and investment accounts, such as Individual Retirement Arrangements (IRA), Keogh plans, and retirement accounts. To make any distributions on a Line 2 tax return, you must use a Form 1099-K, Miscellaneous Income. The Form 8938 instructions include instructions about whether to file an amended return.

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