“OBAMACARE” TAXES EFFECTIVE JAN. 1, 2013 |
INCOME TEST: | INDIVIDUALS | ESTATES & TRUSTS | |
---|---|---|---|
IF: | MAGI > $125,000 (MFS) 200,000 (S/HOH) 250,000 (MFJ) ? |
INCOME IN TOP ESTATE / (APPROX $12,000 FOR 2013) |
|
YES |
YES |
||
THEN: | |||
3.8% SURTAX ON “INVESTMENT INCOME” OF: |
Lesser Of: | Lesser Of: | |
1) MAGI OVER |
1) ALL INCOME IN |
||
PLUS: .9 % SURTAX ON |
WAGES + S/E INCOME |
NOT APPLICABLE |
MAGI = ADJUSTED GROSS INCOME PER TAX RETURN PLUS ANY EXCLUDED FOREIGN EARNED INCOME; INCLUDES TRADITIONAL IRA & QUALIFIED PLAN DISTRIBUTIONS.
MFS = MARRIED FILING SEPARATELY, S = SINGLE, HOH = HEAD OF HOUSEHOLD, MFJ = MARRIED FILING JOINT.
“INVESTMENT INCOME” = TAXABLE PORTFOLIO, CAPITAL GAIN, RENTAL & OTHER PASSIVE INCOME.
COPYRIGHT 2012 DONALD R. PINKLETON, CPA