Form 8689 - Allocation Of Individual Income Tax To The U.s. Virgin Islands - 2016 Page 4
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Form 8689 (2016)
Page
Part II—Adjusted Gross Income From the
Part IV—Payments of Income Tax to the
USVI
USVI
Lines 21 through 23. If you had USVI source self-
Amounts overpaid to the United States generally will not
employment income, figure the amount to enter on each
be applied to the amount you owe to the USVI. Similarly,
line by (1) dividing your USVI source self-employment
amounts overpaid to the USVI will not be applied to the
income by your total (worldwide) self-employment
amount you owe to the United States.
income and (2) multiplying the total amount of each
Line 45. Enter the amount you owe to the USVI that you
deduction that applies to you by the result in (1).
will pay when you file your income tax return.
Line 24. Enter the amount of penalty on early withdrawals
Credit for U.S. tax paid to the USVI. You can take a
from savings accounts in USVI banks or USVI branches
credit on your U.S. return for the U.S. tax allocated to the
of U.S. banks. The Form 1099-INT or Form 1099-OID you
USVI only if you actually paid the tax to the USVI. To take
received will show the amount of any penalty you were
the credit, you must complete Form 8689 and attach it to
charged.
your Form 1040. Add line 40 and line 45 of Form 8689
Line 25. Enter the total of your and your spouse’s IRA
and include the amount in the total on Form 1040, line 74.
deductions attributable to USVI compensation or earned
On the dotted line next to line 74, enter “Form 8689” and
income. Figure the amount to report on line 25 by (1)
the amount paid.
dividing your USVI compensation or earned income by
Penalty for Failure To Furnish Information
your total (worldwide) compensation or earned income
If, in tax year 2001 or later, you became or ceased to be a
and (2) multiplying the amount of your IRA deduction by
bona fide resident of a U.S. possession, you may be
the result in (1). Figure the amount of your spouse’s IRA
required to file Form 8898, Statement for Individuals Who
deduction the same way.
Begin or End Bona Fide Residence in a U.S. Possession.
Line 28. Include in the total on line 28 the amount of any
If you fail to provide the required information, you may
other deductions included on Form 1040, line 36, that are
have to pay a $1,000 penalty for each failure unless you
attributable to your USVI income. On the dotted line next
can show the failure was due to reasonable cause and
to line 28, enter the amount of each deduction
not willful neglect. This penalty is in addition to any
attributable to your USVI income and identify it as you did
criminal penalty provided by law. For details, see the
on Form 1040, line 36. If you or your spouse had an
Instructions for Form 8898.
Archer MSA deduction on Form 1040, line 36, figure the
amount to report on line 28 the same way you would an
IRA deduction (see Line 25, above).
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