Tackling the American Taxpayer Relief Act of 2012 in 5 Easy Steps

Our friends over at Ed Slott’s website www.irahelp.com sent us a really great little one sheet last week and we wanted to share it with you!  Ed Slott is one of our favorite radio guests and one of the top IRA experts in the country.  We’ll break up the information for you over the next few days, and we hope you find it as useful as we did!

Step 3: Be aware of these other KEY tax law changes.

The $5.25 million estate/gift/GST tax exemption and portability for the estate and gift tax exemptions are  PERMANENT features of the law, and the top estate tax rate has climbed from 35% to 40%. Capital gains rates are the same EXCEPT for individuals in the highest income tax bracket, who will pay a 20% tax rate. A permanent AMT patch indexed for inflation was also instituted. The 2012 AMT exemption is $78,750 (married filing jointly) and $50,600 (single).

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