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Old 12-05-2012, 03:07 PM
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Which Taxpayers are going to be affected by the 3.8% Medicare Surtax Rate increase?

The surtax will apply to individuals, trusts and estates if certain thresholds are met as shown below.

1)For individuals:
The 3.8 percent surtax is imposed on the lesser of Net investment income for the tax year or the amount by which the modified adjusted gross income (MAGI)exceeds the “threshold amount” in that year. The threshold amounts are as follows:
  1. $200,000 for single filers
  2. $250,000 for married filing jointly
  3. $125,000 for married filing separately

2)For trusts and estates:
The 3.8 percent surtax is imposed on the lesser the undistributed net investment income for the tax year or the excess (if any) of the taxpayer’s adjusted gross income over the dollar amount at which the highest tax bracket begins ($11,650 in 2012).

The Medicare Surtax Rate increase apparently does not apply to nonresident aliens.

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