8689 Form 2023-2024

8689 Form: What You Should Know

File Form 8689, Tax with Support Income earned and expenses incurred on the U.S. Virgin Islands have to be reported on your U.S. tax return if you earn more than  11,000. No additional tax is due if you report the income on another U.S. tax filing or information return (for example, the  Form 706). Report on Form 8689, Tax with Support, your income and expenses from your income source in the U.S. Virgin Islands. To see if you are eligible to make Form 8689 with an income that is subject to tax  On December 31 of the year of filing the Form 8689, the income source used to determine the U.S. Virgin Islands tax should have a valid, completed Form 3523-B, if the gross income on that Form 3523-B is over 11,000. Form 3523-B was replaced by Form 8955, Trust Income Tax Return, and has no longer been updated in the  IRS. You may report your U.S. Virgin Islands income on this form, but you must attach a copy of Form 3523-B to Form 8689. Form 8689: Allocation of Individual Income Tax to the U.S. Virgin Islands What do you need for Form 8689, Allocation of Individual Income Tax to the U.S. Virgin Islands? All income from sources in the U.S. Virgin Islands is subject to U.S. tax. Form 8689 is intended to help U.S.-based U.S. citizens and resident aliens with their U.S. residency  revenue. Fill out and sign Form 8689, Allocation of Individual Income Tax to the U.S. Virgin Islands The U.S. Virgin Islands has an income tax of 6.6% or the same tax rate the taxpayer paid in the State or Territory, whichever is less. Form 8689 provides for reporting on a single Form 1541 (or a multiple of five), which allows you to use one form of income. To determine the tax rate that applies for each tax year to which this form of income applies, see the Form 8955 instructions for the current tax year (the following table applies in years after 2018).

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