Archive for Tax Year 2013
New Investment Income Tax – 2013
Posted by: | CommentsAfter December 31, 2012 …
New 3.8% Medicare tax assessed on net investment income of individuals, estates, and trusts with income over $200,000 Single and $250,000 Married Filing Joint.
Medicare Premium Increase 2013
Posted by: | CommentsAfter December 31, 2012 …
Medicare premium increases by 0.9% for taxpayers whose AGI (Adjusted Gross Income) exceeds $200,000 Single and $250,000 Married Filing Joint.
FSA Contributions Limit 2013
Posted by: | CommentsFor tax years aftger December 31, 2012 …
FSA contributions limited to $2,500.
Medical Expense Deduction 2013
Posted by: | CommentsFor tax years after December 31, 2012 …
Medical expense deduction increases to 10% after 2012, after 2017 for people 65 or older.
Home Sales – Medicare Surtax 2013
Posted by: | CommentsIf you plan on selling your primary home at a substantial gain, take note.
High profit sales AFTER 2012 can trigger the special 3.8% Medicare surtax. Starting in 2013, the new health care law imposes a 3.8% levy on investment income of singles with adjusted gross income (AGI) over $200K and marrieds above $250K. The surtax is levied on the smaller of the filer’s net investment income or the excess of AGI over the thresholds. Capital gains are treated as investment income. Thus, if the surtax will hit you after 2012 and Read More→
Health Care Reform – FSAs & HSAs 2013
Posted by: | CommentsThe health care reform package modifies the definition of qualified medical expenses for health FSAs and HSAs to conform to the definition used for the medical expense itemized deductions (excluding over-the-counter medicines unless prescribed by a health care professional) beginning in 2011.
Additionally, the health care package caps health FSA contributions at $2,500 per year after 2012, indexed annually for inflation after 2013.