1 In tax years beginning in 2013 and later, a 3.8 percent Net Investment Income Tax (NIIT) applies to individuals, estates and trusts that have net investment income above
applicable threshold amounts.
Probate is required for any property that passes by will or by intestacy when total probate assets exceed
the applicable threshold amount.
Probate is not required at all if the value of the probate estate is less than
the applicable threshold.
Assets owned individually by a decedent at death that don't pass to another person by trust (i.e. revocable living trust), contract / beneficiary designation (i.e. life insurance, annuity or 401 (k)-RRB-, or operation of law (i.e. joint tenancy with right of survivorship) may be subject to probate if
the applicable threshold is exceeded.
In order to avoid probate, property must pass by some other legal mechanism or stay under
the applicable threshold.
Distributions of taxable amounts from a non-qualified annuity may also be subject to the 3.8 % Unearned Income Medicare Contribution Tax on Net Investment Income if your modified adjusted gross income exceeds
the applicable threshold amount.
Distributions of taxable amounts from a non-qualified annuity may also be subject to the 3.8 % Unearned Income Medicare Contribution tax that is generally imposed on interest, dividends, and annuity income if your modified adjusted gross income exceeds
the applicable threshold amount.
This tax credit results in tax savings of roughly 20 % -25 % of their income below
the applicable threshold, which ranges from $ 6,931 in Price Edward Island to $ 18,915 in Alberta.
If your net investment income is $ 1 or more, Form 8960 helps you calculate the NIIT you owe by multiplying the amount by which your MAGI exceeds
the applicable threshold or your net investment income — whichever is the smaller figure — by 3.8 percent.
If your estate exceeds
the applicable threshold, estate tax will have to be paid and the amount remaining for your heirs will be less.
The applicable threshold levels for 2018 are $ 315,500 (married filing jointly) or $ 157,500 (single filers), and the deduction is phased out for service business owners with income between the threshold levels plus $ 50,000 for individual filers or $ 100,000 for joint filers.
If you own specified foreign financial assets, complete and file Form 8938, Statement of Specified Foreign Financial Assets, if the assets» total value exceeds
an applicable threshold amount.
You would have received a form on or before January 31 if your exchange account is operated for business use or your GDAX sale volumes exceed
the applicable thresholds.