" Do You Know What is AMT According to IRS ? "

AMT is Alternate Minimum Tax per IRS Definition is a Flat Tax on the Taxable Income Above a certain Threshold.  For Taxpayers who make more than the Threshold Income, AMT is assessed. The AMT amount is added to Tax on Line  45 of Form 1040 and is computed using Form 6251 for TY 2015.  Some details about AMT:
1. When Taxable Income Plus Certain Adjustments Exceeds your Exemption Amount based upon Filing Status, Taxpayer pays AMT for TY 2015
2.  AMT Exemption Amount:
          Single or Head Of Household       $ 53, 600
          MFJ or QW                                   $ 83,400
          MFS                                               $ 41,700    
3.   AMT Exemption is phased out at certain Higher Income levels.

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" Who Pays Additional Medicare Tax ? "

Taxpayers whose Income Exceed Certain Limits, pay Additional Medicare Tax. List details:
1. Additional Medicare Rate -  0.9%
2. What Income is Subject to  Additional Medicare  Tax ?  Medicare Wages, Self Employment Income, & Railroad Retirement Compensation
3.  Threshold Amount:
         Filing  Status                                    Threshold Amount
   o        MFJ                                                    $250,000
   o        MFS                                                   $125,000
   o        Single                                                 $200,000
   o        HH                                                     $200,000
   o        QW ( 1 Child)                                      $200,000
4.    Withholding / Estimated  Tax -  Employers must withhold this Tax and Self Employed must include this in Estimated Tax Payments.
5.  Under Payment Penalty -  If you withhold too little Tax or didn't pay enough Estimated Tax,
IRS will impose Under Payment Tax Penalty.

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" Will IRS Provide Copies Of Fraudulent Returns to Victims? "

IRS Will provide ID Theft Victims copies of Fraudulent Returns. The hope is that Victims learn from these returns and understand how these were made and filed under their name. They can Guard against such future ID Theft attempts. The Victims can also learn how their personal and Financial information was obtained by the ID Thieves.
These fraudulent copies will be redacted  so that other SSN and Names are not provided to the Victim.

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" What is Saver's Credit ? "

If you contribute to 401(k) or IRA for TY2015, you might be able to claim the Saver's Credit - Also known as Retirement Savings Contribution Credit.  This is in addition to the Pre-tax dollars put away in the Retirement plans.
List Saver's Credit overview:
1. Credit Limit - Up to $4000 for MFJ, or $2000 for Single.  The credit rate reduces and phases out as income exceeds threshold levels.
2.  Income Limits
    o  MFJ  with Income less than $61,000
    o  HH   with Income less than $45,750
    o S or MFS with Income under $30,500
3. Other Qualification Criteria
    o Age must be under 18 Yrs.
    o You can't be Full time Student in 2015
    o  No Taxpayer can claim you as dependant on their Tax Return.
4.  Contribution Date - Before April 18, 2016 for TY2015 Saver's Credit.

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" What Are The Tax Implications Of Unemployment Benefits? "

Get Unemployment Benefits when you are out of a Job but what are its Tax Implications ?   Read Top Five Consequences Listed Below:

1.  Unemployment Compensation  - Is  Income and Taxable.  Expect Form 1099-G by Jan 31, of the Following Year.. It shows amount of Taxes Withheld if any.

2.  Paid Under Federal Or Sate Law - Various Types of Unemployment Compensation.  Tax Treatment varies depending upon its classification.

3. Union Benefits - Only Benefits in excess of Taxpayer Contribution are Taxable. 

4. Choose to Have Your Taxes Withheld - Use Form W-4V to Withhold Taxes. If you choose not to Withhold Taxes , You may need to make Estimated Tax Payments.

5. Visit irs.gov for more details.

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" What Deadlines For Foreign Income & Assets ? "

US Citizens must report World Wide Income On Federal Tax Return.  If you lived Outside the US  on the due date of Regular Return, your 2016 Tax Return Deadline is June 15, 2016.  Deadline to report interest in Foreign Financial Institutions is End of June 2016.

 A) FATCA Requirements - Referring to the Foreign Account Tax Compliance Act, US Citizen and Resident Aliens must report World Wide Income.  That is disclose Income from Foreign Accounts on Schedule B.

B) You may have to file form 8938 showing Statement of Special Foreign Financial Assets with your Tax Return.

C) FBAR Requirements - It refers to Form 114, Report of Foreign Bank & Financial Accounts. This is filed with Financial Crimes Enforcement Network (FinCEN) a bureau of Treasury Department.if the Aggregate value of the Account exceeds $10,000.  This includes any Signature authority  on the accounts.This form 114 is filed electronically separately from Tax Return. Deadline for filing Form 114 is June 30.

Failure to File these forms can result in $10,000 or more in  Penalties including Jail time.

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How Does The Net Investment Income Tax Affect Taxpayers ?

The Lesser of the Net Investment Income Or the Amount of your Gross Adjusted Income Exceeds the thresholds set by your Filing Status, that is used to determine the Excess Income. 3.8% of the Excess Income is the Net Investment Tax.

A)          Filing Status                                      Threshold Amount
        1.     Single of HOH                                          $200,000
        2.     MFJ                                                           $250,000
        3.     Qualifying Widower with Child             $250,000
        4.     MFS                                                           $125,000

B)   Net Investment Income Includes - Interest, Dividends, Capital Gains,  Rental & Royalty Income, Non-Qualified Annuities

C)   Excludes Income From- Wages, Self Employment, Unemployed Compensation,  Social Security Benefits, and Alimony.

D)   Fill out Form 8960 to see if the Net Investment Income Tax is applicable.

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