I looked in the proposed Treasury Regulations and they not indicate how gambling wins (W2G) forms will be considered. The other potential problem is if they seem to be attacking itemized deductions - if they put a limit of $25,000 (or some other amount) on itemzed deductions are gambling losses of a large amount no longer deductible? As a senior I am getting hammered by the additional medicare costs due to high amount of W2G forms in 2010. Any will be appreciated. Mike
> To: vpfree@yahoogroups.com
> From: realdele@aol.com
> Date: Mon, 10 Dec 2012 14:41:53 -0500
> Subject: [vpFREE] 2013
>
>
> It would seem we all should be talking about this new 3.8% tax in 2013...and how it affects those of us who get a boatload of w-2's during the year....now am I mistaken or will we be OK, because:
>
>
> here is a story on that 3.8% new "Medicare tax"
>
> In there is a link to the Treasury talking about it,.,..
>
> It seems the tax is imposed on the lesser of two amounts: Net Investment Income or the excess of the modified adjusted gross for the year.
>
> So for me, it seems though since Investment income will be lower, the tax applies to that, and not some pie-in-the-sky numbmer like 3.8% of 1 million?
>
> Anyone have insight?
>
>
>
> Sweet Al
>
>
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> ------------------------------------
>
> vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm
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