Draft IRS Form 8960 Released

The IRS released a draft of Form 8960, which will be used by individuals, estates, and trusts to compute the new 3.8% net investment income tax (NIIT). Beginning in 2013, individuals must pay the 3.8% NIIT on the lesser of (1) net investment income or (2) modified adjusted gross income (MAGI) over a certain threshold amount. Trusts and estates will owe it on the lesser of (1) undistributed net investment income or (2) the excess of AGI over the amount at which the highest estate and trust income tax bracket begins.

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Reed Tinsley, CPA