vpFREE2 Forums

2013

#1

It would seem we all should be talking about this new 3.8% tax in 2013...and how it affects those of us who get a boatload of w-2's during the year....now am I mistaken or will we be OK, because:

here is a story on that 3.8% new "Medicare tax"

In there is a link to the Treasury talking about it,.,..

It seems the tax is imposed on the lesser of two amounts: Net Investment Income or the excess of the modified adjusted gross for the year.

So for me, it seems though since Investment income will be lower, the tax applies to that, and not some pie-in-the-sky numbmer like 3.8% of 1 million?

Anyone have insight?

Sweet Al

[Non-text portions of this message have been removed]

#2

With apologies to Toyota, I think the theme for taxes in 2013 should be:

"You asked for it, you got it, O*ama!" (IMHO, of course.)

.....bl

···

--- In vpFREE@yahoogroups.com, "A. Moore" <realdele@...> wrote:

It would seem we all should be talking about this new 3.8% tax in 2013.

Anyone have insight?

Sweet Al

#3

I thought politics was forbidden hereabouts.

If that's not the case......

···

On Dec 10, 2012 4:29 PM, "Peter" <bornloser1537@yahoo.com> wrote:

**

With apologies to Toyota, I think the theme for taxes in 2013 should be:

"You asked for it, you got it, O*ama!" (IMHO, of course.)

.....bl

--- In vpFREE@yahoogroups.com, "A. Moore" <realdele@...> wrote:
>
>
> It would seem we all should be talking about this new 3.8% tax in 2013.
>
> Anyone have insight?
>
> Sweet Al

[Non-text portions of this message have been removed]

#4

I looked in the proposed Treasury Regulations and they not indicate how gambling wins (W2G) forms will be considered. The other potential problem is if they seem to be attacking itemized deductions - if they put a limit of $25,000 (or some other amount) on itemzed deductions are gambling losses of a large amount no longer deductible? As a senior I am getting hammered by the additional medicare costs due to high amount of W2G forms in 2010. Any will be appreciated. Mike
> To: vpfree@yahoogroups.com

From: realdele@aol.com
Date: Mon, 10 Dec 2012 14:41:53 -0500
Subject: [vpFREE] 2013

It would seem we all should be talking about this new 3.8% tax in 2013...and how it affects those of us who get a boatload of w-2's during the year....now am I mistaken or will we be OK, because:

here is a story on that 3.8% new "Medicare tax"

In there is a link to the Treasury talking about it,.,..

It seems the tax is imposed on the lesser of two amounts: Net Investment Income or the excess of the modified adjusted gross for the year.

So for me, it seems though since Investment income will be lower, the tax applies to that, and not some pie-in-the-sky numbmer like 3.8% of 1 million?

Anyone have insight?

Sweet Al

[Non-text portions of this message have been removed]

------------------------------------

vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm

Yahoo! Groups Links

[Non-text portions of this message have been removed]

#5

Al wrote:It would seem we all should be talking about this new 3.8% tax in 2013...and how it affects those of us who get a boatload of w-2's during the year....now am I mistaken or will we be OK, because:

here is a story on that 3.8% new "Medicare tax"

In there is a link to the Treasury talking about it,.,..

It seems the tax is imposed on the lesser of two amounts: Net Investment Income or the excess of the modified adjusted gross for the year.

So for me, it seems though since Investment income will be lower, the tax applies to that, and not some pie-in-the-sky numbmer like 3.8% of 1 million?

Anyone have insight?

Response:

Gambling earnings are not investment income and, therefore, not subject to the new 3.8% tax. However, there are proposals to limit itemized deductions which could severely limit the deduction of gambling losses (to the extent of gambling winnings).

···

________________________________
From: A. Moore <realdele@aol.com>
To: vpfree@yahoogroups.com
Sent: Monday, December 10, 2012 2:41 PM
Subject: [vpFREE] 2013
   

It would seem we all should be talking about this new 3.8% tax in 2013...and how it affects those of us who get a boatload of w-2's during the year....now am I mistaken or will we be OK, because:

here is a story on that 3.8% new "Medicare tax"

In there is a link to the Treasury talking about it,.,..

It seems the tax is imposed on the lesser of two amounts: Net Investment Income or the excess of the modified adjusted gross for the year.

So for me, it seems though since Investment income will be lower, the tax applies to that, and not some pie-in-the-sky numbmer like 3.8% of 1 million?

Anyone have insight?

Sweet Al

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#6

Mike:

Gambling wins are not investment income and therefore not subject to the 3.8% tax.

Proposed limitations on itemized deductions are another issue which could be a problem for high rollers (depending on what, if anything, gets passed). Presently, gambling losses are fully deductible as itemized deductions up to the amount of gambling wins. If a new law is passed limiting itemized deductions (and gambling losses are not exempted), high rollers are in for a substantial increase in their taxes. I, for one, will quit playing high limit VP.

···

________________________________
From: MIKE LOONEY <M_R_LOONEY@hotmail.com>
To: vpfree@yahoogroups.com
Sent: Monday, December 10, 2012 5:46 PM
Subject: RE: [vpFREE] 2013
   

I looked in the proposed Treasury Regulations and they not indicate how gambling wins (W2G) forms will be considered. The other potential problem is if they seem to be attacking itemized deductions - if they put a limit of $25,000 (or some other amount) on itemzed deductions are gambling losses of a large amount no longer deductible? As a senior I am getting hammered by the additional medicare costs due to high amount of W2G forms in 2010. Any will be appreciated. Mike

To: mailto:vpfree%40yahoogroups.com
From: mailto:realdele%40aol.com
Date: Mon, 10 Dec 2012 14:41:53 -0500
Subject: [vpFREE] 2013

It would seem we all should be talking about this new 3.8% tax in 2013...and how it affects those of us who get a boatload of w-2's during the year....now am I mistaken or will we be OK, because:

here is a story on that 3.8% new "Medicare tax"

In there is a link to the Treasury talking about it,.,..

It seems the tax is imposed on the lesser of two amounts: Net Investment Income or the excess of the modified adjusted gross for the year.

So for me, it seems though since Investment income will be lower, the tax applies to that, and not some pie-in-the-sky numbmer like 3.8% of 1 million?

Anyone have insight?

Sweet Al

[Non-text portions of this message have been removed]

------------------------------------

vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm

Yahoo! Groups Links

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]