Bob Keebler goes line by line through Form 8960, Net Investment Income Tax for Individual, Estates and Trusts, to help members understand key elements they need to know for tax season.
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This document provides an overview and summary of a presentation on understanding the 3.8% Net Investment Income Tax (NIIT) and its effect on individuals, trusts, estates, and closely held entities. It discusses key aspects of the NIIT such as the definition of net investment income, the threshold amounts, and exceptions. It also summarizes portions of the final regulations related to specific provisions like the treatment of rental real estate activities, qualified retirement plan distributions, and the new safe harbor for real estate professionals.
In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, new charts by Bob Keebler as well as webcast recordings and Forefield Advisor alerts/videos, and the complete four-volume set of The CPA’s Guide to Financial & Estate Planning, recently updated for ATRA and NIIT, and much more.
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Dương Thị Hà
Làm báo cáo thực tập kế toán chi phí bán hàng, tiền lương nguyên liệu
Sđt; 0973.887.643
Yahoo: duonghakt68
Mail: duonghakt68@gmail.com
website:baocaoketoan.com hoặc http://baocaothuctapketoan.blogspot.com
Facebook: https://www.facebook.com/dvbaocaothuctapketoan?ref=hl.
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This document provides an overview and summary of a presentation on understanding the 3.8% Net Investment Income Tax (NIIT) and its effect on individuals, trusts, estates, and closely held entities. It discusses key aspects of the NIIT such as the definition of net investment income, the threshold amounts, and exceptions. It also summarizes portions of the final regulations related to specific provisions like the treatment of rental real estate activities, qualified retirement plan distributions, and the new safe harbor for real estate professionals.
In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, new charts by Bob Keebler as well as webcast recordings and Forefield Advisor alerts/videos, and the complete four-volume set of The CPA’s Guide to Financial & Estate Planning, recently updated for ATRA and NIIT, and much more.
The purpose of Roth IRA conversions as it relates to NIIT is to lower modified adjusted gross income (MAGI) below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries, and more effective funding of the “bypass trust”. Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations, and a four-step process for Roth conversion planning.
Proactive Year-end Financial and Tax Planning StrategiesAICPA
In the third webcast in the AICPA Insights Live webcast series, Beth Gamel, CPA/PFS, Robert S. Keebler, CPA, Ted Sarenski, CPA/PFS and Scott Sprinkle, CPA/PFS, CGMA came together to discuss year-end financial and tax planning strategies, specifically to address the American Taxpayer Relief Act and the Net Investment Income Tax. Below you can find an audio recording from the webcast, as well as the accompanying presentation. Be sure to explore the other webcasts in the AICPA Insights Live webcast series.
This document provides an overview and analysis of tax bracket management for year-end planning. It discusses the tax rates and thresholds for ordinary income, capital gains, itemized deductions, and exemptions through 2017. It also includes an example projecting the taxes for a client with wages, capital gains, and future IRA distributions over a 5-year period under the new rules. The document aims to help CPAs and their clients understand and strategize around income and asset placement to minimize taxes.
A Charitable Remainder Trust is a split interest trust consisting of an income interest, which is paid to the donor or other beneficiary during the term of the trust, and a remainder interest, which is paid to the designated charity. The purpose of this strategy is to harbor net investment income in a tax-exempt environment while leveling income over a longer period of time to keep MAGI below the threshold amount. CRTs are especially useful when there is a large capital gain that pushes income above the threshold amount.
Revised 3CD of 44AB Tax Audit Check List FY 2017-18Ajay K Reddy
The document is a tax audit report for the financial year 2017-18 for an individual or entity. It includes:
1) An explanation of what a tax audit is and who is required to undergo one based on their annual gross receipts or turnover. Business entities with over Rs. 1 crore turnover and professionals with over Rs. 50 lakh receipts need a tax audit.
2) Details of the presumptive taxation schemes under sections 44AD and 44ADA that allow for computing income at a presumptive rate for certain businesses and professions without maintaining books of account.
3) The various forms (3CA, 3CB, 3CD) used to report the findings of the tax audit
SAP Asset accounting book Sample PDF by LearnSAPLearnSAP LLC
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EY's latest newsletter summarizes SEC developments in the last quarter. This issue highlights the remarks made by SEC staff members at the recent AICPA National Conference on Current SEC and PCAOB Developments related to SEC reporting implications of new accounting standards, non-GAAP financial measures and management’s discussions and analysis disclosure considerations for income taxes. We also discuss the SEC's progress on rulemaking and other initiatives, as well as significant personnel changes.
The document discusses accounting standards and regulations in India regarding the preparation and presentation of consolidated financial statements. It outlines the objectives of consolidated financial statements which include providing financial information about a group's economic activities and resources. It also describes key requirements for consolidated financial statements such as elimination of intragroup transactions and uniform accounting policies.
This document provides an assignment for a taxation management course. It includes 6 questions worth a total of 60 marks. Question 1 (10 marks) asks to explain the general rules for claiming deductions under sections 80C to 80U of the Indian Income Tax Act and to explain each major sphere of deductions. Question 2 (10 marks) asks to write short notes on profit in lieu of salary under section 17(3) and tax planning avenues for salary income. Question 3 (10 marks) asks to explain the conditions in section 54ED regarding capital gains and computes capital gains for an individual. Question 4 (10 marks) asks to elaborate on the tax administration and assessment procedures in the Direct Tax Code. Question 5 (10 marks) asks
TAX 650 Final Project Guidelines and Rubric Overview .docxssuserf9c51d
TAX 650 Final Project Guidelines and Rubric
Overview
The final project for this course is the creation of a memorandum with appendix (7–10 pages).
As an associate working in a privately held enterprise or working with privately held clients, it is imperative to be able to advise clients on the tax implications of
their financial investments. The ability to model the tax consequences of transactions and do cost benefit analysis is crucial.
For your final project, you will model the role of an associate working in a private consulting firm. You will demonstrate your ability to advise clients on whether
they should operate as a sole proprietor, a partnership, an S corporation, or a C corporation. Additionally, using your tax research skills and understanding of
federal income taxation, you will have the opportunity to evaluate tax consequences from sales and distributions for their compliance with the Internal Revenue
Code and Treasury regulations.
The project is divided into four milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final
submissions. These milestones will be submitted in Modules Three, Five, Seven, and Eight. The final product will be submitted in Module Nine.
In this assignment, you will demonstrate your mastery of the following course outcomes:
Recommend an appropriate business tax entity based on the analysis of a tax situation for achieving favorable economic impact on the client’s taxable
income
Utilize appropriate tax forms and schedules that compute taxable income on individual tax returns and reflect versatility of thought, resulting in the best
economic solution for the individual taxpayer
Apply accrual and cash basis accounting best practices and moral reasoning in determining when business transactions may be reported for income tax
purposes
Assess the economic impact on taxable income for the business tax entity in relation to Internal Revenue Code and Treasury regulations and the optimum
desired outcomes for the client
Evaluate the tax consequences that result from sales or distributions of property for their compliance with IRS Circular 230, Internal Revenue Code, and
the American Institute for Certified Public Accountants and for advising the client
Prompt
You are currently working at a mid-sized certified public accounting firm. Your client is Bob Jones. Bob, age 60 and single, has recently retired from IBM. He has
$690,000 available in his 401(k) fund and he is thinking of using that money to open a used car business that will be located at 210 Ocean View Drive in
Pensacola, Florida. Bob has estimated that the business might make $300,000 in taxable income.
Bob’s personal wealth including investments in land, stocks, and bonds is about $14,000,000. He reported an interest income of $20,000 and dividend income of
$6,000 last year. The $14,000,000 includes land worth $9,000,000 that B ...
An overview of how the new accounting standards updates affect defined contribution retirement plans (401ks) and their implementation, and the entire process of auditing a defined contribution retirement plan. Created by Joseph Ventura, Audit and Accounting Manager at Gumbiner Savett in Santa Monica, CA. This presentation was delivered to the Los Angeles Westside Chapter CalCPA meeting on July 19, 2016.
Form 8960Department of the Treasury Internal Revenue Serv.docxhanneloremccaffery
Form 8960
Department of the Treasury
Internal Revenue Service (99)
Net Investment Income Tax—
Individuals, Estates, and Trusts
▶ Attach to your tax return.
▶ Information about Form 8960 and its separate instructions is at www.irs.gov/form8960.
OMB No. 1545-2227
2016
Attachment
Sequence No. 72
Name(s) shown on your tax return Your social security number or EIN
Part I Investment Income Section 6013(g) election (see instructions)
Section 6013(h) election (see instructions)
Regulations section 1.1411-10(g) election (see instructions)
1 Taxable interest (see instructions) . . . . . . . . . . . . . . . . . . . . . 1
2 Ordinary dividends (see instructions) . . . . . . . . . . . . . . . . . . . . 2
3 Annuities (see instructions) . . . . . . . . . . . . . . . . . . . . . . . 3
4a Rental real estate, royalties, partnerships, S corporations, trusts,
etc. (see instructions) . . . . . . . . . . . . . . . 4a
b Adjustment for net income or loss derived in the ordinary course of
a non-section 1411 trade or business (see instructions) . . . . 4b
c Combine lines 4a and 4b . . . . . . . . . . . . . . . . . . . . . . . . 4c
5a Net gain or loss from disposition of property (see instructions) . 5a
b Net gain or loss from disposition of property that is not subject to
net investment income tax (see instructions) . . . . . . . 5b
c Adjustment from disposition of partnership interest or S corporation
stock (see instructions) . . . . . . . . . . . . . . 5c
d Combine lines 5a through 5c . . . . . . . . . . . . . . . . . . . . . . 5d
6 Adjustments to investment income for certain CFCs and PFICs (see instructions) . . . . . 6
7 Other modifications to investment income (see instructions) . . . . . . . . . . . . 7
8 Total investment income. Combine lines 1, 2, 3, 4c, 5d, 6, and 7 . . . . . . . . . . . 8
Part II Investment Expenses Allocable to Investment Income and Modifications
9a Investment interest expenses (see instructions) . . . . . . 9a
b State, local, and foreign income tax (see instructions) . . . . 9b
c Miscellaneous investment expenses (see instructions) . . . . 9c
d Add lines 9a, 9b, and 9c . . . . . . . . . . . . . . . . . . . . . . . . 9d
10 Additional modifications (see instructions) . . . . . . . . . . . . . . . . . . 10
11 Total deductions and modifications. Add lines 9d and 10 . . . . . . . . . . . . . 11
Part III Tax Computation
12 Net investment income. Subtract Part II, line 11 from Part I, line 8. Individuals complete lines 13–
17. Estates and trusts complete lines 18a–21. If zero or less, enter -0- . . . . . . . . . 12
Individuals:
13 Modified adjusted gross income (see instructions) . . . . . 13
14 Threshold based on filing status (see instructions) . . . . . 14
15 Subtract line 14 from line 13. If zero or less, enter -0- . . . . 15
16 Enter the smaller of line 12 or line 15 . . . . . . . . . . . . . . . . . . . . 16
17 Net investment income tax for individuals. Multiply line 16 by 3.8% (.038). Enter here and
includ ...
This document provides an overview of financial reporting and the revised Schedule VI format for preparation and presentation of financial statements in India. Some key points covered include:
- Definition of common financial statements like the balance sheet, income statement, and cash flow statement.
- Components of a financial report including the balance sheet, income statement, cash flow statement, directors' report, and auditor's report.
- The revised Schedule VI format introduced by the Ministry of Corporate Affairs, including changes to the balance sheet, income statement, and note presentation.
- Classification of assets and liabilities as current/non-current and guidelines for line items in the balance sheet like share capital, reserves, borrowings, provisions, and
Balance sheet And P & L as per Revised shedule six with exapleAvinash Chavan
This document appears to be a project report submitted by a student named Avinash Chavan to the University of Mumbai for his Master of Commerce program. The report is titled "Balance sheet and Revenue statement Revised Schedule VI with Example". It includes the title page, declaration by the student, evaluation certificate, acknowledgements, index, and the beginning of the introduction section. The introduction provides an overview of the revised Schedule VI format for balance sheets and revenue/profit and loss statements in India as required by the Companies Act of 1956.
Balnce sheet And P & L as per Revised shedule six with exapleAvinash Chavan
This document appears to be a project report submitted by a student named Avinash Chavan for his Master of Commerce program. The report is on the topic of "Balance sheet and Revenue statement Revised Schedule VI with Example". The document includes an introduction, declaration by the student, evaluation certificate, acknowledgements, index, and the beginning of the content on the introduction to revised schedule VI. It provides the format and key changes included in the revised schedule VI regarding preparation of balance sheets and statements of profit and loss in India.
This chapter discusses segment and interim reporting requirements. It outlines how companies must determine operating segments and disclose financial information for significant segments. Companies must also report certain entity-wide information by product, geographic region, and major customers. The chapter also describes interim reporting standards, requiring companies to treat interim periods as integral parts of the annual period. Key differences between US GAAP and IFRS for segment and interim reporting are also reviewed.
Special provisions of presumptive taxation under income tax act 1961MVSARMA1
The document discusses India's presumptive taxation scheme for small businesses and professionals under sections 44AD, 44ADA, and 44AE of the Income Tax Act of 1961. It provides relief for small taxpayers by allowing them to declare income at prescribed rates without needing to maintain extensive books of accounts or get accounts audited. Eligible assessees include individuals, HUFs, and partnerships with turnover below Rs. 2 crore, excluding brokers, commission agents, and those claiming other tax deductions. The schemes deem 8% of turnover as business income for most sectors and 6% if receipts are through specific bank instruments.
This document outlines accounting standards for classifying and disclosing items in a statement of profit and loss. It defines key terms like ordinary activities, extraordinary items, and prior period items. It provides guidance on classifying items as profit/loss from ordinary activities, extraordinary items, or prior period items. It also addresses accounting for changes in estimates and policies, requiring disclosure of material changes and their effects.
Accounting standard 17 its application in corporate sectorVivek Mahajan
The document is a project report submitted by a student named Vivek Shriram Mahajan to the University of Mumbai in partial fulfillment of an M.Com degree. It discusses Accounting Standard 17 on segment reporting in India. The report includes an introduction to accounting standards, a list of Indian accounting standards, definitions related to segment reporting, and an analysis of the application of segment reporting in an Indian conglomerate called the Tata Group.
- The document is an investor presentation for a company's third quarter 2016 financial results.
- It highlights improvements in adjusted EBITDA (+1,400%), earnings per share (+33%), gross profit margin (+210 bps), and total cash (+219%) compared to the third quarter of 2015.
- The presentation includes sections on financial highlights, operating metrics, and financial statements to summarize the company's performance and financial position.
The document summarizes accounting and financial reporting issues from the second quarter of 2015. It discusses changes to the presentation of debt issuance costs, accounting for internal use software, classification within the fair value hierarchy, revenue recognition guidance, business combinations, equity and share-based accounting methods, and financial statement presentation for not-for-profits. The Financial Accounting Standards Board issued or proposed updates on each of these topics, aimed at simplifying and improving various accounting standards.
This document summarizes a framework for measuring the performance of microfinance institutions through standardized financial reporting and analysis. It outlines financial statements including an income statement, balance sheet, cash flow statement, portfolio report, and non-financial data report. It provides definitions and examples of line items for each statement to allow for meaningful analysis and monitoring of microfinance institutions according to international financial reporting standards.
Similar to Explore the New IRS Form for Net Investment Income Tax (20)
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Introduction
About the PFP Section & PFS Credential
• The AICPA PFP Section provides information,
resources, advocacy and guidance for CPAs who
specialize in providing estate, tax, retirement, risk
management and investment planning advice to
individuals and their closely held entities (learn more
at aicpa.org/PFP)
• The CPA/Personal Financial Specialist (PFS)
credential distinguishes CPAs as subject-matter
experts who have demonstrated their financial
planning knowledge through experience, education
and testing (learn more at aicpa.org/PFS)
American Institute of CPAs®
Personal Financial Planning Section
2
3. Introduction
Robert S. Keebler, CPA, MST, AEP
Robert.Keebler@KeeblerandAssociates.com
920-593-1700
American Institute of CPAs®
Personal Financial Planning Section
3
4. Form 8960 – Part 1
American Institute of CPAs®
Personal Financial Planning Section
4
5. Line 1
Taxable Interest
• Form 1040; Line 8A; or Form 1041; Line 1
Interest income earned in the ordinary course of
your non-section 1411 trade or business is excluded
from net investment income.
If line 1 includes self-charged interest income
received from a partnership or S corporation that is
a nonpassive activity see the Line 7 instructions for
a possible adjustment to net investment income.
American Institute of CPAs®
Personal Financial Planning Section
5
6. Line 2
Ordinary Dividends
• Form 1040; Line 9A; or Form 1041; Line 2A
Note:
• If line 2 includes dividends from employer securities
held in an employee stock ownership plan (ESOP)
that are deductible under section 404(k) or Alaska
Permanent Fund Dividends, include those amounts
as negative modifications on line 7.
American Institute of CPAs®
Personal Financial Planning Section
6
7. Line 3
Annuities from Non-Qualified Plans
• Enter the gross income from all annuities received from
nonqualified plans.
Distributions from the following annuities/retirement
plans are not included in calculating your net investment
income:
• Section 401- Qualified pension, profit-sharing, and stock bonus
plans;
• Section 403(a) - Qualified annuity plans purchased by an employer
for an employee;
• Section 403(b) - Annuities purchased by public schools or section
501(c)(3) tax-exempt organizations;
• Section 408 - Individual Retirement Accounts;
• Section 408A - Roth IRAs; and
• Section 457(b) – Deferred compensation plans of a State and local
government and tax-exempt organization.
American Institute of CPAs®
Personal Financial Planning Section
7
8. Line 4A & Line 4B
Line 4A: Rental Real Estate, Royalties,
partnerships, S Corporations, trusts, etc.
• Form 1040; Line 17; or Form 1041; Line 5
Line 4B:Adjustment for net income or loss
derived in the ordinary course of a nonsection 1411 trade or business.
American Institute of CPAs®
Personal Financial Planning Section
8
9. Line 4B (continued)
Enter the net positive or net negative amount
for the following items included in line 4a
that are not included in determining NII:
• Net income or loss from a section 162 trade or business that is
not a passive activity and is not engaged in a trade or business
of trading financial instruments or commodities,
• Net income or loss from a passive section 162 trade or business
activity that is taken into account in determining self-employment
income,
• Royalties derived in the ordinary course of a section 162 trade
or business that is not a passive activity, and
• Passive losses of a former passive activity that are allowed as a
deduction in the current year by reason of section 469(f)(1)(A).
American Institute of CPAs®
Personal Financial Planning Section
9
10. Line 4B (continued) & Line 4C
Line 4B:
• In addition, use line 4b to adjust for certain types of nonpassive
rental income or loss derived in the ordinary course of a section
162 trade or business.
- See the instructions for examples of what items line 4B
includes; i.e., self-rentals, real estate professional safe
harbor, etc.
Line 4C: Combine lines 4A and 4B.
American Institute of CPAs®
Personal Financial Planning Section
10
11. Line 5A
Net gain or loss from disposition of property
• From form 1040, combine lines 13 and 14; or from form 1041,
combine lines 4 and 7.
Generally, the general income tax rules in IRC
chapter 1 will determine whether there has been a
disposition of property for the NIIT purposes.
Generally, the term disposition means a:
• Sale, Exchange, Transfer, Conversion, Cash settlement,
Cancellation, Termination, Lapse, Expiration, Deemed disposition,
for example under section 877A, or Other disposition.
If you incur gain or loss from a disposition that is
not reported on Form 1040, lines 13 and 14, or Form
1041, lines 4 and 7, report those gains on Form 8960,
line 7.
American Institute of CPAs®
Personal Financial Planning Section
11
12. Line 5B
Net gain or loss from disposition of property
that is not subject to net investment income
tax.
Gains and losses that are not taken into
account in computing taxable income are not
taken into account in computing net
investment income.
• For example, gain that is not taxable by reason of section
121 (sale of a principal residence) or section 1031 (likekind exchanges) is not included in net investment income.
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Personal Financial Planning Section
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13. Line 5B (continued)
Use line 5b to adjust the amounts included
on line 5a for gains and losses that are
excluded from the calculation of net
investment income.
Enter the amount of gains (as a negative
number) and losses (as a positive number)
included on line 5a that are excluded from
net investment income.
• See the instructions for examples of amounts that line 5b may
include.
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Personal Financial Planning Section
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14. Line 5C & Line 5D
Line 5C:
• Adjustment from disposition of partnership interest or S
Corporation stock.
• Enter the amount from the worksheet provided for in the
instructions for Lines 5a-5d, Part II, line 3d.
• Attach a statement as described in the Required
statements part of the instructions to your return for the
year of the disposition.
Line 5D:
• Combine lines 5A, 5B, and 5C
See Lines 5a-5d – Net Gains and Losses
Worksheet in the instructions.
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Personal Financial Planning Section
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15. Line 6
Changes to investment income for certain
CFCs and PFICs
If you own stock, directly or indirectly, in a
CFC or a PFIC (other than certain CFCs and
PFICs held in a section 1411 trade or
business), use line 6 for adjustments
necessary to calculate your net investment
income.
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Personal Financial Planning Section
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16. Line 7 & Line 8
Line 7:
• Other modifications to investment income.
• Use line 7 to report additional net investment income
modifications to net investment income that are not
otherwise specified in lines 1-6.
• See the instructions or examples of additions and
modification to net investment income that should be
reported in line 7.
• See the instructions for a Line 7 – Deduction Recoveries
Worksheet.
Line 8:
• Total Investment Income
• Combine Lines 1, 2, 3, 4C, 5D, 6, and 7
American Institute of CPAs®
Personal Financial Planning Section
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17. Form 8960 - Part 2 and 3
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Personal Financial Planning Section
17
18. Line 9A
Investment Interest Expenses
Enter on Form 8960, line 9a, interest expense
you paid or accrued during the tax year from
either Schedule A (Form 1040), line 14 or the
amount from Form 4952, line 8.
Observation: The Investment Interest Expense deduction allowed by
Section 163 IS NOT subject to EITHER the 2% Floor (Section 67) or 3%
Pease (Section 68) limitations.
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Personal Financial Planning Section
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19. Line 9B
State Income Tax
Include on line 9b any state or local income
taxes, or foreign income taxes you paid which
are attributable to net investment income.
• This may be all or part of the amount you reported on
Schedule A (Form 1040), line 5a (or Form 1041, line 11).
• For purposes of line 9b, sales taxes are not deductible
in computing net investment income.
Observation: State Income Tax deductions ARE subject to the 3% Pease
(Section 68) limitation but NOT the 2% Floor (Section 67) limitation.
American Institute of CPAs®
Personal Financial Planning Section
19
20. Line 9C & Line 9D
Line 9C:
• Miscellaneous Investment Expenses
• Investment expenses you incur that are directly connected to the
production of investment income are deductible expenses in
determining your net investment income.
- Generally, these amounts are reported on Form 4952, line 5.
- As in the case with line 5 of Form 4952, the amounts reported on
line 9c are the amounts allowable after the application of the
deduction limitations imposed by sections 67 and 68.
Observation: The Miscellaneous Investment Expense deduction allowed IS
subject to the 2% Floor (Section 67) or 3% Pease (Section 68) limitations.
Line 9D:
• Add lines 9A, 9B, and 9C
American Institute of CPAs®
Personal Financial Planning Section
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21. Line 10
Line 10:
• Additional Modifications
• Use line 10 to report additional deductions and
modifications to net investment income that are not
otherwise reflected in lines 1-9.
- See the instructions for properly allocable deductions to
report on line 10.
• Enter amounts on line 10 as positive numbers.
• See the instructions for Lines 9 and 10 – Application
of Itemized Deduction Limitations on Deductions
Properly Allocable to Investment Income Worksheet.
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Personal Financial Planning Section
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22. Line 11 & Line 12
Line 11:
• Total Deductions and Modifications
• Add lines 9D and 10
Line 12:
• Net Investment Income.
- Subtract Part 2, Line 11 from Part 1, Line 8.
- If 0 or less, enter 0.
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Personal Financial Planning Section
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23. Individuals & Estates/Trusts
Individuals complete lines 13-17
Estates/trusts complete lines 18A-21
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Personal Financial Planning Section
23
25. Line 13
Modified Adjusted Gross Income
If you did not exclude any amounts from your
gross income under section 911 and you do not
own a CFC or PFIC, your MAGI is your AGI as
reported on Form 1040, line 38.
If you exclude amounts under section 911 or
own certain CFCs or PFICs, your MAGI is your
AGI as modified by certain rules described in
Regulations section 1.1411-10(e)(1).
See Instructions for a Line 13 – MAGI Worksheet
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Personal Financial Planning Section
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26. Line 14
The threshold amount is based on your filing
status.
Filing Status
Married Filing Jointly
Qualified Widower with Dependent Child
Married Filing Seperately
Single or Head of Household
American Institute of CPAs®
Threshold Amount
$
250,000.00
$
250,000.00
$
150,000.00
$
200,000.00
Personal Financial Planning Section
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27. Line 15 & Line 16
Line 15:
• Subtract line 14 from line 13.
• If 0 or less, enter 0.
Line 16:
• Enter the smaller of line 12 or line 15.
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Personal Financial Planning Section
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28. Line 17
Net Investment Income Tax for
individuals.
• Multiply line 16 by 3.8%.
• Enter here and in Form 1040, line 60.
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Personal Financial Planning Section
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30. Line 18
A) Net Investment Income
• Line 12
B) Deductions for distributions of net
income and deductions under section
642(C).
C) Undistributed net investment income.
• Subtract line 18B from 18A.
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Personal Financial Planning Section
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31. Line 19A
Adjusted Gross Income
Guidance on calculating an estate or trust's
AGI for regular tax purposes can be found in
the instructions to Form 1041, line 17.
• If the estate or trust does not own a CFC or PFIC,
enter the estate or trust's AGI for regular tax
purposes.
• If the estate or trust owns a CFC or PFIC, the trust or
estate may need to modify its regular tax by making
adjustments with respect to income derived from
certain CFCs and PFICs.
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Personal Financial Planning Section
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32. Line 19B & Line 19C
Line 19B:
• Highest tax bracket for estates and trusts for the year.
• For the highest tax bracket for estates and trusts for
the year, see Form 1041, Schedule G instructions for
the tax rate schedule.
Line 19C:
• Subtract line 19B from 19A
• If 0 or less, enter 0.
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Personal Financial Planning Section
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33. Line 20 & Line 21
Line 20:
• Enter the smaller of either line 18C or 19C.
Line 21:
• Net Investment Income Tax for Estates and Trusts.
• Multiply line 20 by 3.8%.
• Enter here and on form 1041, schedule G, line 4.
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Personal Financial Planning Section
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35. Netting Losses for NIIT
Final Reg.§1.1411-4(d)
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Personal Financial Planning Section
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36. Example – Regular Tax
Sale of Business (LTCG)
$100,000
Portfolio Loss (LTCL)
($60,000)
Net LTCG
American Institute of CPAs®
$40,000
Personal Financial Planning Section
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37. Example – Net Investment Income Tax
Sale of Business (LTCG)
Portfolio Loss (LTCL)
Net Investment Income
Excluded from NII
($60,000)
$0
*NII can never be a negative number. The computation
ends at zero. The $60,000 loss is lost forever and
cannot be carried forward.
American Institute of CPAs®
Personal Financial Planning Section
37
38. Sections 67 & 68 Limitations
for NIIT
American Institute of CPAs®
Personal Financial Planning Section
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39. Sections 67 & 68 Limitations –
Regular Income Tax Purposes
Section 67 – 2% Floor on Miscellaneous Itemized
Deductions: For regular income tax purposes, the
miscellaneous itemized deductions are only allowed
to the extent that the aggregate of such deductions
exceeds 2% of AGI.
Section 68 – Overall Limitation on Itemized
Deductions: For regular income tax purposes, Pease
cuts itemized deductions by 3% of AGI above a
certain threshold amount (up to a maximum of 80%).
American Institute of CPAs®
Personal Financial Planning Section
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40. Sections 67 & 68 Limitations –
Net Investment Income Tax Purposes
Any deduction allowed against net investment
income that, for purposes of computing your regular
income tax, is subject to either the 2% floor on
miscellaneous itemized deductions (section 67) or
the overall limitation on itemized deductions
(section 68) is allowed in determining net investment
income, but only to the extent the items are
deductible after application of both limitations.
American Institute of CPAs®
Personal Financial Planning Section
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41. Miscellaneous Itemized Deductions –
Net Investment Income Tax Purposes
The amount of your miscellaneous itemized
deductions, after application of the 2% floor but
before application of the overall limitation, used in
determining your net investment income is the
lesser of:
• That portion of your miscellaneous itemized deductions before
the application of the 2% floor that is properly allocable to net
investment income, or
• Your total miscellaneous itemized deductions allowed after the
application of the 2% floor but before the application of the
overall limitation on itemized deductions.
American Institute of CPAs®
Personal Financial Planning Section
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42. Itemized Deductions –
Net Investment Income Tax Purposes
The amount of your itemized deductions allowed in
determining your net investment income after
applying both the 2% floor and overall limitation is
the lesser of:
• The sum of:
- 1. The amount of your miscellaneous itemized deductions
allowed as a deduction against your net investment income
(before application of the overall limitation), and
- 2. The total amount of your itemized deductions that are not
subject to the 2% floor and are properly allocable to items of
income or net gain for purposes of determining your net
investment income, or
• The total amount of your itemized deductions allowed
after the application of both the 2% floor and the
overall limitation on itemized deductions.
American Institute of CPAs®
Personal Financial Planning Section
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43. Itemized Deductions –
Net Investment Income Tax Purposes
Example
• Gary and Barbara have a passive interest in a number of
investments which generate investment income of
$50,000. Assume the Surtax applies to NII.
• $5000 of expenses attributable the investments are
miscellaneous expenses.
• $25,000 of expenses attributable the investments are
itemized deductions not subject to the 2% floor.
• Matt and Mary in total will itemize $50,000 in deductions
after taking into account the 2% limitation on
miscellaneous deductions and reducing their deductions
for PEASE.
• A deduction of $30,000 ($25,000+$5000<$50,000) is
allowed against NII.
American Institute of CPAs®
Personal Financial Planning Section
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44. Required Disclosure Under Circular 230
Pursuant to the rules of professional conduct set forth in Circular 230, as promulgated
by the United States Department of the Treasury, nothing contained in this
communication was intended or written to be used by any taxpayer for the purpose of
avoiding penalties that may be imposed on the taxpayer by the Internal Revenue
Service, and it cannot be used by any taxpayer for such purpose. No one, without
our express prior written permission, may use or refer to any tax advice in this
communication in promoting, marketing, or recommending a partnership or other
entity, investment plan or arrangement to any other party.
For discussion purposes only. This work is intended to provide general information
about the tax and other laws applicable to retirement benefits. The author, his firm or
anyone forwarding or reproducing this work shall have neither liability nor
responsibility to any person or entity with respect to any loss or damage caused, or
alleged to be caused, directly or indirectly by the information contained in this work.
This work does not represent tax, accounting, or legal advice. The individual
taxpayer is advised to and should rely on their own advisors.
American Institute of CPAs®
Personal Financial Planning Section
44
45. Resources for Post-ATRA & NIIT Planning
Planning After ATRA and the Net Investment Income Tax Toolkit
•
•
•
aicpa.org/pfp/proactiveplanning
Complimentary PFP Section member/PFS credential holder benefit
Includes Bronze Edition of Tax Evaluator, infographic on tax brackets, planning
ideas to use in client meetings, client communication templates,
webcast/podcast archives, and more!
Other Resources for Purchase from Bob Keebler (www.cpa2biz.com)
•
•
Tax Planning After the Healthcare Surtax: Tools, Tips, and Tactics*
The Rebirth of Roth: A CPA's Ultimate Guide for Client Care*
Now Available! More Resources for Purchase from Bob Keebler*
(www.cpa2biz.com)
•
•
Planning Opportunities After ATRA: Tools, Tips, and Tactics (PTX1307M)
Tax Rate Evaluator: A Graphical Calculator for Tax Planning After ATRA
(PTX1306M)
Visit aicpa.org/pfp/join to become a member
*discounts available for PFP/PFS members
American Institute of CPAs®
Personal Financial Planning Section
45