Al wrote: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?
Response:
Gambling earnings are not investment income and, therefore, not subject to the new 3.8% tax. However, there are proposals to limit itemized deductions which could severely limit the deduction of gambling losses (to the extent of gambling winnings).
________________________________
From: A. Moore <realdele@aol.com>
To: vpfree@yahoogroups.com
Sent: Monday, December 10, 2012 2:41 PM
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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