Net investment income tax - Instructions for Form 8960 (2013) 

February 27: The IRS posted the final version of the instructions for Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, for 2013.

The Unearned Income Medicare Contribution Tax, imposed by section 1411, is a 3.8% tax on net investment income and affects tax returns filed for 2013.

A 40-page report from KPMG LLP explores the types of income and gain that are included in and excluded from the net investment income tax base, as well as the deductions and losses that are allowed to reduce the tax base and special rules that apply to the calculation of net investment income.

Read a February 2014 report [PDF 338 KB] prepared by KPMG LLP: What’s News in Tax: An Income Tax by Any Other Name . . . Is an Income Tax

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