Friday, March 22, 2013

Impact of Medicare Tax on 2013 Estimated Tax Vouchers

Q.  I've been hearing a lot about the new Medicare tax affecting our returns this year. I don't follow. Where do I find this new tax?
A.  The Medicare Tax takes affect this year, 2013, so you won't find it until this time next year when we file our 2013 returns. It is a tax on investment income, and won't affect the majority of Americans. If you are filling a joint return, the threshold amount is investment income of $250,000 or more; $125,000 for single filers, and everyone else (such as a trust return) $200,000.

The only impact this year is on figuring your estimated tax payments. I think most of us can rest easy!

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