What is Form 8958?
Form 8958 is a tax form designed for married couples or registered domestic partners in community property states, such as Arizona, California, and Texas, to allocate their income when filing separate tax returns. This form ensures that income is divided fairly according to community property laws, which treat most income and assets as jointly owned. By using Form 8958, couples can avoid confusion and ensure accurate tax reporting, making the filing process smoother and more compliant with state regulations.
What is Form 8958 used for?
Form 8958 is essential for those in community property states. Here's what it's used for:
- Allocate income: Divides income between spouses or partners when filing separately.
- List individual sources: Reports total income from each source and the allocated portion for each person.
- Attach additional information: Allows for a statement detailing the sources and allocated amounts if necessary.
How to fill out Form 8958?
- 1
Gather both your and your spouse's W-2s and any community income.
- 2
Identify community or separate income and deductions on separate lines.
- 3
Report half of all community income and your separate income on Form 8958.
- 4
Allocate total amounts from each source to each spouse, listing the source and totals.
- 5
Attach a statement with your name and SSN if necessary, ensuring it is included at the end of your return.
- 6
Ensure Social Security numbers are included for each spouse in Columns B and C.
Who is required to fill out Form 8958?
Married couples and registered domestic partners (RDPs) residing in community property states must complete Form 8958. This is essential for properly allocating individual incomes when filing separate federal income tax returns.
The form is used by those living in community property states such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin to ensure accurate reporting of their income on tax returns.
When is Form 8958 not required?
Form 8958 is not required for couples in community property states filing joint tax returns. You don't need it for income that is clearly separate, such as earnings from a non-community property state, inherited or gifted property, or assets purchased with separate funds. Additionally, if a couple's income isn’t subject to community property laws, they don't need to file this form.
When is Form 8958 due?
The deadline for Form 8958 is April 15th of each year. If you need more time, submit an extension with your extended return by the new deadline, typically in October. Missing Form 8958 or having incorrect income allocations can cause delays in your tax refund, result in IRS correction letters, and may lead to extra taxes or penalties.
How to get a blank Form 8958?
Form 8958, which is issued by the Internal Revenue Service (IRS), helps allocate tax amounts between individuals in community property states. Our website has a blank version of this form ready for you to fill out. Remember, PDF Guru aids in filling and downloading forms but does not support filing.
Do you need to sign Form 8958?
No, you do not need to sign Form 8958. This form is used to allocate tax amounts between spouses or registered domestic partners in community property states when filing separate federal tax returns. Make sure to check the latest updates for any changes. With PDF Guru, you can fill out the form, download it for your records, and handle any additional tasks elsewhere, as we do not support submission.
Where to file Form 8958?
Form 8958 is submitted along with your federal income tax return. Remember, it cannot be filed online.
Mail the completed form to the IRS address specified in the instructions for your state or region. Check the IRS website for the latest filing details.
