american taxpayer relief act 2012

January 2013 American Taxpayer Relief Act of 2012 Fiscal Cliff Resolution

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The Fiscal Cliff resolution passed on the beginning of January 2013 will have a big impact on certain taxpayers starting in 2013.

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Page 1: American Taxpayer Relief Act 2012

January 2013

American Taxpayer Relief Act of 2012Fiscal Cliff Resolution

Page 2: American Taxpayer Relief Act 2012

Payroll Tax Increase

✤ Employee portion of medicare tax will rise to 6.2% of income

✤ (up from 4.2%)

✤ Due to payroll tax reduction expiration

Page 3: American Taxpayer Relief Act 2012

Medicare

✤ Medicare Surtax

✤ 0.9% on earned income once earnings exceed $200,000 ($250,000 if married filing joint, $125,000 if married filing separate)

✤ 3.8% on net invested income for those with modified adjusted gross income over $200,000 ($250,000 if married filing joint, $125,000 if married filing separate)

Page 4: American Taxpayer Relief Act 2012

Some Tax Cuts Made Permanent

✤ Tax brackets extended

✤ 10%, 25%, 28%, & 33% tax brackets extended for certain taxpayers

✤ High income brackets

✤ For those making over $400,000 ($450,000 if married filing joint, $425,00 if head of household)

✤ Top tax bracket is now 39.6%

Page 5: American Taxpayer Relief Act 2012

Itemized Deductions

✤ High income taxpayers may lose some deductions

✤ Generally,

✤ Loss will be reduced 3% of the excess of adjusted gross income over $250,000 ($275,000 for head of household, $300,000 for married filing joint)

✤ Loss of deductions cannot exceed 80% of itemized deductions

✤ Medical expenses, investment interest, casualty losses, gambling losses not included in deduction losses

Page 6: American Taxpayer Relief Act 2012

Personal Exemption

✤ $3,900 per taxpayer & dependent for 2013

✤ Phased out for high income earners

✤ Reduced by 2% for each $2,500 of income over $250,000 ($275,000 for head of household, $300,000 for married filing joint)

Page 7: American Taxpayer Relief Act 2012

Capital Gains & Dividends

✤ 15% rate extended for those making less than $400,000

✤ 20% rate for high income earners (over $400,000 if unmarried, over $450,000 if married filing joint)

✤ Note: the top rate will be 23.8% when subject to the 3.8% Medicare surtax

Page 8: American Taxpayer Relief Act 2012

Alternative Minimum Tax (AMT)

✤ Permanent resolution for AMT

✤ Previously, AMT had to be patched on an annual basis

✤ Exemption amounts will adjust annually on the basis of inflation

Page 9: American Taxpayer Relief Act 2012

Other Extensions

✤ Child Tax Credit

✤ Marriage Penalty Relief

✤ Student Loan Interest Deduction

✤ Dependent Care Credit

Page 10: American Taxpayer Relief Act 2012

Temporary Extensions

✤ American Opportunity Tax Credit

✤ Education credit, extended through 2017

✤ Mortgage Debt Relief

✤ Through 2013

✤ Deduction for state & local general sales tax

✤ Through 2013

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