The IRS has posted a list of 30 additional tax forms that 1040 filers cannot begin filing until late February or into March. The forms will be accepted by the IRS after the updating of forms and completion of programming and testing of the service’s processing systems. A specific date for filing will be announced soon, the service noted.
January 11, 2013 12:00 amFollowing the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems.
January 11, 2013 12:00 amNew taxes also took effect Jan. 1, 2013 as a result of 2010’s health care reform legislation. Additional hospital insurance tax on high-income taxpayers.
January 7, 2013 12:00 amWith the expiration of the payroll tax cuts, the majority of workers will be facing smaller amounts of take home pay starting this month. Nearly three-quarters of American households will have smaller paychecks this year because in the fiscal cliff legislation Congress chose not to extend the 2 percentage-point payroll tax holiday that has been in effect for two years. That means someone who earns $50,000 will take home about $1,000 less.
January 7, 2013 12:00 amContribution and Out-of-Pocket Limits for Health Savings Accounts and for High-Deductible Health Plans 2013 HSA contribution limit (employer + employee) Individual: $3,250 Family: $6,450 HSA catch-up contributions (age 55 or older)* $1,000 HDHP minimum deductible amounts Individual: $1,250 Family: $2,500 HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums) Individual: $6,250 Family: $12,500
January 7, 2013 12:00 amDefined Contribution Plan Limits For 401(k), 403(b) and most 457 plans, below are the COLA increases for dollar limits on benefits and contributions. 2013 Maximum elective deferral by employee. $17,500 Catch-up contribution (age 50 and older during 2012).
January 7, 2013 12:00 amThe updated tables show the new rates for 2013, which reflect the expiration of the tax cuts in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16) and in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA, P.L. 108-27).
January 7, 2013 12:00 am"The American Taxpayer Relief Act” (the Act), would prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable tax breaks that were scheduled to expire. However, it would also increase income taxes for some high-income individuals and slightly increase transfer tax rates. This article provides an overview of the Act's key provisions.
January 7, 2013 12:00 amClick here to read Letter >
December 13, 2012 12:00 am2012 Roth IRA Conversions The IRS made significant changes to conversion rules starting in 2010. In the past high income earners with incomes over $100,000 were not allowed to convert to a Roth IRA. Their incomes also kept them from contributing to a Roth IRA.
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