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How Might ObamaCare Affect Your 2013 Year Taxes?

August 17, 2012

The effects of the new healthcare law are different for individuals and business. We’ve compiled the following information for you and provided a succinct explanation of specific changes. This list is certainly not all-inclusive, so please contact our firm for more detail and to inquire how ObamaCare might affect your 2013 year taxes.

For Individuals:

  • An additional 0.9% Medicare tax applies to wages exceeding $250,000 for joint returns, $125,000 for married taxpayers filing separate returns, and $200,000 for all other filing categories (begins in 2013).
  • The additional 0.9% Medicare tax also applies to self-employment income in excess of the thresholds noted above. The deduction for 50% of self-employment taxes does not include this additional tax (begins in 2013).
  • The 3.8% surtax is probably the most significant change in 2013. The surtax applies to net investment income of individuals, estates, and trusts with modified adjustment gross income over $200,000 ($250,000 for married couples filing joint returns). Call our office for a detailed explanation of how this surtax might apply to you.
  • The 3.8% Medicare surtax also applies to trusts and estates that have net investment income in excess of certain threshold amounts unless the income is distributed to beneficiaries.
  • Investment income for 2013 for certain higher income taxpayers will increase as follows (unless Congress extends the Bush tax cuts):

    • Capital gains tax rate: 20% plus the new 3.8% = 23.8%
    • Dividends tax rate: 39% plus the new 3.8% = 43.4%.

For Business/Employers:

  • Starting in 2012, employers who filed at least 250 W-2’s in 2011 must report the cost of employer sponsored health coverage on 2012 W-2’s.
  • Starting in 2013, employers must withhold an additional 0.9% Medicare tax on an employee’s wages in excess of $200,000. No matching tax payment is required employers.

Again, if you have questions, please contact our office.

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