The Internal Revenue Service has released the long-awaited final instructions for the 3.8 percent Net Investment Income Tax that was included as part of the Affordable Care Act.
The IRS released draft instructions for the tax early last month, but didn’t finalize the form itself, Form 8960, until the end of last month (see IRS Previews Instructions for Net Investment Income Tax Form and IRS Finalizes Net Investment Income Tax Form). The tax took effect on Jan. 1, 2013 and applies at a rate of 3.8 percent to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts of $250,000 for married filing jointly tax returns, $125,000 for married filing separately tax returns, and $200,000 for single taxpayers.
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