Net Investment Income Tax

Passed as part of the Health Care and Education Reconciliation Act of 2010 and codified as Internal Revenue Code (“Code”) section 1411, the Net Investment Income Tax (NIIT) imposes a 3.8% tax on net investment income of individuals, trusts, and estates for tax years beginning on or after January 1, 2013. Proposed regulations were issued in late 2012 and after a review of numerous comments from the legal community and interested parties the IRS issued final and new proposed regulations implementing the NIIT in late 2013. If you have questions on if you are subject to the tax, how the tax is calculated and which types of income will be taxed contact Patrick J. Kennedy, Jr.

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