Printable Form 8689 Sunnyvale California 2024-2025

Printable Form 8689 Sunnyvale California: What You Should Know

The IRS uses Form 8689 to apportion the tax liability between the U.S. Virgin Islands and the United States (or any other applicable foreign country or state) on individual income tax returns. If one resident alien has earned income from U.S. sources, and another resident alien has earned income from the U.S. Virgin Islands, the U.S. Virgin Islands income tax is apportioned to the U.S. Virgin Islands taxpayer based on the income earned by each taxpayer. The U.S. Virgin Islands income tax is based on a sliding scale: A resident alien with income from the U.S. Virgin Islands pays U.S. income tax on the first 200,000 of self-employment income, up to the amount of income tax paid by the U.S. resident alien with household income of 200,000 or less. Thereafter, resident aliens with income from the U.S. Virgin Islands pay U.S. income tax at each of the following rates, if any: A maximum of 4 percent in the last 90 days of taxable income. An additional 4 percent tax applies to the amount of income in excess of 200,000, if paid in the last 90 days of taxable income. The U.S. Virgin Islands withholding tax rate is 4.25 percent (1/2 of 1 percent of wages and salaries) on wages and salaries paid to nonresident aliens. The U.S. Virgin Islands tax rate is 9.85% (1/5 of 1.85 percent of dividends and interest) if paid prior to June 24, 2007. The U.S. Virgin Islands income tax rate on dividends is 11.90%. The U.S. Virgin Islands tax on interest and dividends is 3.50 percent. The U.S. Virgin Islands tax on income from other non-U.S. sources is: U.S. citizens and residents (including dual citizens) have a taxable worldwide income equal to 0.8% of their taxable income. (This applies to income from any country not subject to a foreign estate or gift tax.) If an individual is a dual, the total net U.S. income is taxed at their worldwide income tax rates instead of the total U.S. income taxed at their foreign income tax rates. All aliens not subject to a foreign estate or gift tax or foreign personal holding company tax are subject to U.S.

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