Ed Slott and Company is spending two full days talking about the new tax laws, IRAs, retirement distribution planning and more during our 2-Day IRA Workshop starting tomorrow in Orlando. We took some time in the video below to talk about the new tax laws (American Taxpayer Relief Act of 2012) and key planning strategies and dates clients and their tax team should be aware of when filing their 2012 tax returns.
The 2012 tax law changes, passed by Congress after the fact in 2013, have necessitated some changes in forms used to file your 2012 taxes. IRS has just updated Form 8606, Nondeductible IRAs. This latest version is dated January 15, 2013.
We have covered the new tax law (the American Taxpayer Relief Act of 2012) from both a retirement planning and tax planning standpoint since it was signed into law by President Barack Obama on January 2, 2013. We wrote a quick analysis of the law complete with a 5-plus-minute video on 5 key planning points. We followed with a detailed look at qualified charitable distributions (a topic we get frequent questions about), and how they were affected by the new law.
IRS released a revenue procedure (Rev. Proc. 2013-15) on Friday that set forth inflation adjusted items for 2013 and other items whose values for the coming year are specified in the American Taxpayer Relief Act of 2012. IRS welcomed the addition of the new 39.6% income tax bracket, the beginning income levels for the limitation on certain itemized deductions and the beginning income levels for the phaseout of personal exemptions.
As much as we like Roth conversions and encourage individuals to convert, we do realize that Roth conversions aren't for everyone. There have always been many factors to consider before doing a conversion. With the passage of the 2012 tax act on January 2, 2013 and with the healthcare surtaxes taking effect in 2013, there are now more factors to consider. We explain these below.
The questions are rolling in, as consumers are trying to make sense of the American Taxpayer Relief Act of 2012. Enjoy this week's Slott Report Mailbag!
On January 2, 2013 President Barack Obama signed the American Taxpayer Relief Act (ATRA) into law. Chances are this was pretty good news for you. Although the ATRA does create a new 39.6% tax bracket, this bracket is only expected to impact about 2% of all taxpayers. But just because your ordinary tax rate doesn’t increase in 2013 doesn’t mean you won’t pay more tax this year. In fact, most estimates show that anywhere between 75% and 80% of all taxpayers will pay more tax in 2013 than they did in 2012. Here’s a few reasons why that could be the case for you.
The new tax provisions within the American Taxpayer Relief Act of 2012 make some subtle, if not substantial, changes to income tax rates, the top estate tax rate, capital gains rates for upper-income earners and more. Click to learn how these changes may impact you.
Congress finally got around to passing tax legislation for 2012 with the American Taxpayer Relief Act of 2012. It revived qualified charitable distributions (QCDs) for two years – retroactively for 2012 and also for 2013. They had to tweak the rules, though, for 2012 since they did not renew the provision until 2013. What major tweak is in store?
The House of Representatives passed a previously-passed Senate bill (H.R. 8), a 157-page bill called the American Taxpayer Relief Act of 2012. There are many retirement planning provisions included in the bill that kept the United States from plunging off the fiscal cliff (cue scary music, plus the equally-scary reality that another showdown over spending cuts and deficit reduction is looming on the horizon).
