|
|
My Blog
Joan Felts: Posted on Saturday, March 09, 2013 4:36 PM
By now most of you realize that the Supreme Court has upheld the Health Care Law by a 5-4 decision.  So what does all this mean to you? Well, some of the provisions which go into effect in 2013 are as follows: - Taxpayers with a MAGI over $200K ($250K if MFJ; $125K if MFS) will be
paying a 3.8 % surtax on net investment income. - Medical expense deductions in excess of 7.5% of your AGI will now have to be in excess of 10% of your AGI. If you turn 65 this year, then you will be allowed to use the 7.5% threshhold. Eventually, all individuals, regardless of age, will have to use the 10% threshhold.
- An increase from 1.45% to 2.35% to your hospital insurance portion of the FICA tax will go in to effect. This applies to wages exceeding $200K. ($250K if MFJ; $125K if MFS)
As changes occur or if more information becomes available, I will let you know. |
|
|
|
