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8689 is a four-digit number. Without any context, it is difficult to provide a specific meaning or significance to the number. It could be completely random or part of a larger sequence, code, or pattern.

Form 8689, also known as the Allocation of Individual Income Tax to the U.S. Virgin Islands, is required to be filed by individuals who are bona fide residents of the U.S. Virgin Islands (USVI) and have income from sources within the USVI. This form is used to allocate and calculate the amount of income tax that should be paid to the USVI rather than to the United States.

Form 8689, also known as the Allocation of Individual Income Tax to the U.S. Virgin Islands, is used by U.S. taxpayers to allocate and report income earned in the U.S. Virgin Islands for tax purposes. Follow these steps to fill out the form: 1. Header Information: Start by entering your name, Social Security Number (SSN), and the tax year you are filing for at the top of the form. 2. Part I: Residential Notice: Here, you need to indicate whether you were a resident of the U.S. Virgin Islands during the tax year. Tick the appropriate box. If you were not a resident, you need to provide a brief explanation. 3. Part II: Figure Your Allocated Possession Income: This section involves calculating your allocated income from the U.S. Virgin Islands. Start by entering your adjusted gross income from your U.S. federal income tax return. Then, fill in the specified amounts for wages, salaries, tips, self-employment income, interest, dividends, rents, royalties, pensions, annuities, and any other income derived from the U.S. Virgin Islands. 4. Part III: Computation of Possession Income Tax: Use this section to calculate your income tax liability to the U.S. Virgin Islands. Multiply the allocated income amount by the appropriate possession tax rate provided in the instructions. This will give you the U.S. Virgin Islands tax liability. 5. Part IV: Computation of U.S. Tax Credit: In this part, you determine the U.S. tax credit for taxes paid to the U.S. Virgin Islands. Enter the taxes paid to the U.S. Virgin Islands from Form 1040-ES or Form 1040, Schedule 3 (if applicable), and calculate the credit amount. 6. Part V: Differences in Tax Years or Exclusion Periods: If any differences exist between the tax year in the U.S. and the U.S. Virgin Islands or if there are any exclusion periods, you need to provide the necessary details in this section. 7. Part VI: Carryover or Carryback of Unused Credit: If you have any unused credit, you can carry it forward or back to other tax years to offset any tax liabilities. Enter the relevant details in this section. 8. Sign and Date: Finally, sign and date the form to certify that the information provided is true and accurate to the best of your knowledge. Remember to review the instructions and consult a tax professional if you have specific questions or concerns regarding Form 8689 or your tax situation.

Form 8689, also known as the Allocation of Individual Income Tax to the US Virgin Islands, is used to report the allocation of income tax to the US Virgin Islands for residents who have both US Virgin Islands and US mainland income. The following information must be reported on Form 8689: 1. Personal Information: The taxpayer's name, address, social security number, and filing status should be provided. 2. Income Statement: Details of the taxpayer's income from both the US Virgin Islands and the US mainland must be reported. This includes wages, self-employment income, rental income, dividends, interest, and any other income sources. 3. US Virgin Islands Sourced Income: The portion of income that is derived from activities performed in the US Virgin Islands should be specified. This typically includes income earned from employment or self-employment within the US Virgin Islands. 4. Calculation of Allocable Income: The taxpayer must calculate the portion of their total income that is allocable to the US Virgin Islands. This may involve determining the ratio of US Virgin Islands income to total income and applying it to various deductions and credits. 5. Credit for Tax Paid to US Virgin Islands: If the taxpayer has already paid income tax to the US Virgin Islands, this credit can be claimed on Form 8689 to offset any US mainland tax liability. 6. Tax Calculations: Finally, the taxpayer must complete the necessary tax calculations based on the allocated income, deductions, and tax credits to determine the total tax liability or refund. It's important to note that this is a general overview, and specific circumstances may require additional information or forms to be filed. Individuals should consult the Form 8689 instructions or seek professional tax advice for accurate and personalized guidance.

The deadline to file Form 8689 for the tax year 2023 would typically be April 15, 2024. However, please note that tax deadlines can vary, so it's always advisable to consult official IRS guidelines or seek professional advice for accurate and up-to-date information regarding filing deadlines.

Form 8689, also known as the Allocation of Individual Income Tax to the U.S. Virgin Islands, is typically filed by U.S. citizens or residents who have income from the U.S. Virgin Islands and need to allocate a portion of their federal income tax to the USVI. The penalty for the late filing of Form 8689 could include a failure-to-file penalty and potential interest charges. The current penalty for failing to file this form on time is typically 5% of the unpaid tax amount per month, up to a maximum of 25% of the unpaid tax. It's worth noting that penalties may vary based on individual circumstances and the IRS has the authority to waive certain penalties for reasonable cause. It is always recommended to consult with a tax professional or refer to the IRS guidelines for the most accurate and updated information regarding penalties.