For tax years beginning on or after Jan. 1, 2013, the Net Investment Income Tax affects the returns of individuals, estates, and trusts. Estates and trusts are subject to the NIIT if they have undistributed Net Investment Income and adjusted gross income over the dollar amount at which the highest tax bracket begins for such tax year. IRS issued final regs on the tax on Dec. 2, 2013. This EIA discusses the NIIT as applied to estates and trusts.
Diane L. Mutolo, J.D., LL.M. is a member of the New York Bar, and her LL.M. is in Taxation. She is the update author for the LexisNexis Matthew Bender treatise, How to Save Time & Taxes Preparing Fiduciary Income Tax Returns.
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