S*******s
发帖数: 10098 | 1 http://www.journalofaccountancy.com/News/20137097.htm
Here are the act’s main tax features:
Individual tax rates
All the individual marginal tax rates under EGTRRA and JGTRRA are retained (
10%, 15%, 25%, 28%, 33%, and 35%). A new top rate of 39.6% is imposed on
taxable income over $400,000 for single filers, $425,000 for head-of-
household filers, and $450,000 for married taxpayers filing jointly ($225,
000 for each married spouse filing separately).
Phaseout of itemized deductions and personal exemptions
The personal exemptions and itemized deductions phaseout is reinstated at a
higher threshold of $250,000 for single taxpayers, $275,000 for heads of
household, and $300,000 for married taxpayers filing jointly.
Capital gains and dividends
A 20% rate applies to capital gains and dividends for individuals above the
top income tax bracket threshold; the 15% rate is retained for taxpayers in
the middle brackets. The zero rate is retained for taxpayers in the 10% and
15% brackets.
Alternative minimum tax
The exemption amount for the AMT on individuals is permanently indexed for
inflation. For 2012, the exemption amounts are $78,750 for married taxpayers
filing jointly and $50,600 for single filers. Relief from AMT for
nonrefundable credits is retained.
Estate and gift tax
The estate and gift tax exclusion amount is retained at $5 million indexed
for inflation ($5.12 million in 2012), but the top tax rate increases from
35% to 40% effective Jan. 1, 2013. The estate tax “portability” election,
under which, if an election is made, the surviving spouse’s exemption
amount is increased by the deceased spouse’s unused exemption amount, was
made permanent by the act.
Permanent extensions
Various temporary tax provisions enacted as part of EGTRRA were made
permanent. These include:
Marriage penalty relief (i.e., the increased size of the 15% rate bracket (
Sec. 1(f)(8)) and increased standard deduction for married taxpayers filing
jointly (Sec. 63(c)(2));
The liberalized child and dependent care credit rules (allowing the credit
to be calculated based on up to $3,000 of expenses for one dependent or up
to $6,000 for more than one) (Sec. 21);
The exclusion for National Health Services Corps and Armed Forces Health
Professions Scholarships (Sec. 117(c)(2));
The exclusion for employer-provided educational assistance (Sec. 127);
The enhanced rules for student loan deductions introduced by EGTRRA (Sec.
221);
The higher contribution amount and other EGTRRA changes to Coverdell
education savings accounts (Sec. 530);
The employer-provided child care credit (Sec. 45F);
Special treatment of tax-exempt bonds for education facilities (Sec 142(a)(
13));
Repeal of the collapsible corporation rules (Sec. 341);
Special rates for accumulated earnings tax and personal holding company tax
(Secs. 531 and 541); and
Modified tax treatment for electing Alaska Native Settlement Trusts (Sec.
646).
Individual credits expired at the end of 2012
The American opportunity tax credit for qualified tuition and other expenses
of higher education was extended through 2018. Other credits and items from
the American Recovery and Reinvestment Act of 2009, P.L. 111-5, that were
extended for the same five-year period include enhanced provisions of the
child tax credit under Sec. 24(d) and the earned income tax credit under Sec
. 32(b). In addition, the bill permanently extends a rule excluding from
taxable income refunds from certain federal and federally assisted programs
(Sec. 6409).
Individual provisions expired at the end of 2011
The act also extended through 2013 a number of temporary individual tax
provisions, most of which expired at the end of 2011:
Deduction for certain expenses of elementary and secondary school teachers (
Sec. 62);
Exclusion from gross income of discharge of qualified principal residence
indebtedness (Sec. 108);
Parity for exclusion from income for employer-provided mass transit and
parking benefits (Sec. 132(f));
Mortgage insurance premiums treated as qualified residence interest (Sec.
163(h));
Deduction of state and local general sales taxes (Sec. 164(b));
Special rule for contributions of capital gain real property made for
conservation purposes (Sec. 170(b));
Above-the-line deduction for qualified tuition and related expenses (Sec.
222); and
Tax-free distributions from individual retirement plans for charitable
purposes (Sec. 408(d)).
.......
Business tax extenders
The act also extended many business tax credits and other provisions.
Notably, it extended through 2013 and modified the Sec. 41 credit for
increasing research and development activities, which expired at the end of
2011. The credit is modified to allow partial inclusion in qualified
research expenses and gross receipts those of an acquired trade or business
or major portion of one. The increased expensing amounts under Sec. 179 are
extended through 2013. The availability of an additional 50% first-year
bonus depreciation (Sec. 168(k)) was also extended for one year by the act.
It now generally applies to property placed in service before Jan. 1, 2014 (
Jan. 1, 2015, for certain property with longer production periods).
Foreign provisions
The IRS’s authority under Sec. 1445(e)(1) to apply a withholding tax to
gains on the disposition of U.S. real property interests by partnerships,
trusts, or estates that are passed through to partners or beneficiaries that
are foreign persons is made permanent, and the amount is increased to 20%.
New taxes
In addition to the various provisions discussed above, some new taxes also
took effect Jan. 1 as a result of 2010’s health care reform legislation.
Additional hospital insurance tax on high-income taxpayers. The employee
portion of the hospital insurance tax part of FICA, normally 1.45% of
covered wages, is increased by 0.9% on wages that exceed a threshold amount.
The additional tax is imposed on the combined wages of both the taxpayer
and the taxpayer’s spouse, in the case of a joint return. The threshold
amount is $250,000 in the case of a joint return or surviving spouse, $125,
000 in the case of a married individual filing a separate return, and $200,
000 in any other case.
For self-employed taxpayers, the same additional hospital insurance tax
applies to the hospital insurance portion of SECA tax on self-employment
income in excess of the threshold amount.
Medicare tax on investment income. Starting Jan. 1, Sec. 1411 imposes a tax
on individuals equal to 3.8% of the lesser of the individual’s net
investment income for the year or the amount the individual’s modified
adjusted gross income (AGI) exceeds a threshold amount. For estates and
trusts, the tax equals 3.8% of the lesser of undistributed net investment
income or AGI over the dollar amount at which the highest trust and estate
tax bracket begins.
For married individuals filing a joint return and surviving spouses, the
threshold amount is $250,000; for married taxpayers filing separately, it is
$125,000; and for other individuals it is $200,000.
Net investment income means investment income reduced by deductions properly
allocable to that income. Investment income includes income from interest,
dividends, annuities, royalties, and rents, and net gain from disposition of
property, other than such income derived in the ordinary course of a trade
or business. However, income from a trade or business that is a passive
activity and from a trade or business of trading in financial instruments or
commodities is included in investment income.
Medical care itemized deduction threshold. The threshold for the itemized
deduction for unreimbursed medical expenses has increased from 7.5% of AGI
to 10% of AGI for regular income tax purposes. This is effective for all
individuals, except, in the years 2013–2016, if either the taxpayer or the
taxpayer’s spouse has turned 65 before the end of the tax year, the
increased threshold does not apply and the threshold remains at 7.5% of AGI.
Health flexible spending arrangement. Effective for cafeteria plan years
beginning after Dec. 31, 2012, the maximum amount of salary reduction
contributions that an employee may elect to have made to a flexible spending
arrangement for any plan year is $2,500. | a****5
发帖数: 747 | 2 Thanks for the details. Very informative. | d*******n
发帖数: 1566 | | S*******s
发帖数: 10098 | 4 You are more than welcome. I take interest on these tax code details (for
the benefit of my clients).
Back then while I was learning accounting in college, a super smart
professor of mine (a PhD on that subject) used to work as a tax specialist
in a consulting firm. He withdrew from that field because the tax code
changes each year and he doesn't want to deal with books of new code.
【在 a****5 的大作中提到】
: Thanks for the details. Very informative.
| S*******s
发帖数: 10098 | 5 几个highlights;
对于收入超过40万/45万的人来说，新边际税率39.6%， 超过原来的35%。
对于富人来说，遗产税将提升到40%， 超过原来的35%。
对于收入超过一定“槛”的人来说， 会增加一点hospital insurance surtax.
股息收入的税率从15%提高到20%， 只对收入最高的人适用。 | w**1
发帖数: 1014 | 6 这个浓缩版是政客的talking points，还是数字版清楚。
除了Seashores的highlights，还有
- AMT 'permanent' fix
- 0.9% Medicare tax hike for 200K/250K+
- itemized deductions phaseout for 250K/300K
【在 d*******n 的大作中提到】
: 太复杂太长了！我就只有耐心读这种浓缩版了
| a****5
发帖数: 747 | 7 你显然是非常严肃认真的人啊。。
【在 w**1 的大作中提到】
: 这个浓缩版是政客的talking points，还是数字版清楚。
: 除了Seashores的highlights，还有
: - AMT 'permanent' fix
: - 0.9% Medicare tax hike for 200K/250K+
: - itemized deductions phaseout for 250K/300K
| c********t
发帖数: 4527 | 8 - itemized deductions phaseout for 250K/300K
starting to phase out at 250/300k or total phased out already?
【在 w**1 的大作中提到】
: 这个浓缩版是政客的talking points，还是数字版清楚。
: 除了Seashores的highlights，还有
: - AMT 'permanent' fix
: - 0.9% Medicare tax hike for 200K/250K+
: - itemized deductions phaseout for 250K/300K
| w**1
发帖数: 1014 | 9 混混也是要有张有驰的！
【在 a****5 的大作中提到】
: 你显然是非常严肃认真的人啊。。
| a****5
发帖数: 747 | 10 BSO coolness?
【在 w**1 的大作中提到】
: 混混也是要有张有驰的！
| w**1
发帖数: 1014 | 11 BSO isn't cool by definition.
【在 a****5 的大作中提到】
: BSO coolness?
| t*m
发帖数: 4414 | 12 Important question, but seems nobody knows.
And we don't know if the cutoff is indexed for inflation or not.
傻X国会，从来不把屎拉痛快了
【在 c********t 的大作中提到】
: - itemized deductions phaseout for 250K/300K
: starting to phase out at 250/300k or total phased out already?
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