One of the more confusing provisions of the current tax law pertains to what is called the Net Investment Income Tax (NIIT). This 3.8% tax applies to the lesser of either your net investment income or the amount by which your modified adjusted gross income (MAGI) exceeds a threshold amount. For example, the threshold for Married filing jointly is $250,000. This tax, which was instituted in December 31, 2012, generally does not include income and gain derived from the ordinary course of business, unless the trade or business is a passive activity. As a result, taxpayers are allowed a one-time election to regroup activities under Code Sec. 469. If you feel this tax may affect you and would like to discuss your options in light of the Net Investment Income Tax, please contact us today.
The IRS provides a tool in order to check your refund. Most refunds are issued in less than 21 days. For more information view the Where’s My Refund? tool.
By now you most likely have received your W-2 from your employer. In the event this has not happened contact your employer for a copy or, after February 23, contact the IRS at 800-829-1040 to report a missing W-2. The IRS will then follow up with your employer for you.
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