2012 TO 2013 TAX TRANSITIONS SUMMARY
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1 2012 TO 2013 TAX TRANSITIONS SUMMARY September 2012 Individual Income Tax 2012 Law Scheduled 2013 Law* Green Book Q3 and Q and Q General Overview Lower rates with special treatment of qualified dividends and capital gains, no Medicare surtax, AMT thresholds reverted to 2001 levels in January 2012 Higher individual income tax rates with lower AMT threshold (unless another extender is enacted, which appears probable, but the timing and duration are not known), new Medicare surtax Allow tax cuts to expire for high income (AGI $250,000 married, $200,000 individual) but extend for lower income, continue AMT but at higher 2011 thresholds (indexed) Permanently extend tax cuts, further reduce individual tax rates, reduce tax preferences, eliminate taxation of investment income for lower income, reduce corporate income tax rate, repeal AMT and new Medicare surtax Consider the timing of income Consider the timing of deductions and the effect on AMT liability Monitor developments for any tax driven decisionmaking Keep sight of overall nontax driven decisions with respect to income and wealth transfer events (e.g., the sale or transfer of a business) Ordinary Income 10%, 15%, 25%, 28%, 33%, 35% 15%, 28%, 31%, 36%, 39.6% 10%, 15%, 25%, 28%, 36%, 39.6% 8%, 12%, 20%, 22.4%, 26.4%, 28% and eliminate tax on investment income (long-term capital gains, dividend, interest) for lower income ($200,000 married, $100,000 single, $150,000 head of household) Review 2013 withholding and estimated tax payments if making payments based on current year safe-harbor Evaluate Roth conversion opportunity Evaluate after tax returns of taxable investments and effect on cash flow Evaluate asset location in taxable and taxdeferred accounts northerntrust.com 2012 to 2013 Tax Transitions Summary 1 of 6
2 Individual Income Tax 2012 Law Scheduled 2013 Law* Green Book Q3 and Q and Q Marriage Penalty Relief Married 15% bracket twice single bracket Married 15% bracket less than twice single bracket Extend relief, married 15% bracket twice single bracket Review 2013 withholding and estimated tax payments if based on current-year safe harbor Dividends 0% and 15% Ordinary income tax rates 0% and 15% for lower income and ordinary income tax rates for high income 0% and 15% for high income, eliminate for lower income Marginal after tax dividend yield reduced significantly from 2012 to 2013 Evaluate opportunities to accelerate dividends to 2012, with financing as appropriate Capital Gains 0% and 15% 10% and 20% (and limited 8% and 18%) 0% and 15% for lower income tax payers and 20% for high income Tax carried interests as ordinary income 0% and 15% for high income, eliminate for lower income Consider tax year of recognition of gains and harvesting losses based on assessment of probable rate changes northerntrust.com 2012 to 2013 Tax Transitions Summary 2 of 6
3 Individual Income Tax 2012 Law Scheduled 2013 Law* Medicare Contribution Tax on Net Investment Income None 3.8% for net investment income above applicable individual modified adjusted gross income thresholds ($250,000 married filing jointly, $125,000 married filing single, $200,000 other) and for trusts and estates in marginal tax bracket in 2013 (estimated $12,000) Green Book Q3 and Q and Q Continue in effect Repeal Consider timing of modified adjusted gross income and net investment income to avoid application of additional tax in 2013 Consider advantages of Roth IRA/401(k) compared to Traditional IRA/401(k) Where available, in 2013 consider distributions of income from trusts where beneficiary not subject to Medicare surtax AMT Threshold Married Joint/ Surviving Spouse Married Separate Single / Head of Household Social Security Payroll Tax Relief Itemized Deductions $45,000 ($78,750 under pending extender bill) $22,500 ($39,375 under pending extender bill) $33,750 ($50,600 under pending extender bill) 2% reduction for 2012 (employees 6.2% to 4.2% and self-employed 12.4% to 10.4%) No additional high income taxpayer phase-out Same as 2012 $74,450 $37,225 Repeal In timing deductible expenditures consider effect on AMT exposure, which will affect more in 2012 than in 2011 unless a patch is enacted Reduction expires Phase-out up to 80% above applicable thresholds $48,450 No specific change is proposed Phase-out up to 80% for high income No specific change is proposed No specific change is proposed Consider timing of itemized deductions that do not affect AMT (e.g., charitable contributions) northerntrust.com 2012 to 2013 Tax Transitions Summary 3 of 6
4 Gift, Estate, GST Tax Marginal Tax Rates Exemptions / Exclusions IRS Interest Rates September 2012 GRATs Dynasty Trusts 2012 Law Scheduled 2013 Law* Green Book Gift 35% 55% Revert to 2009 levels Estate 35% 55% and 5% surtax with 45% marginal rates GST 35% 55% Gift $5,120,000 $1,000,000 Revert to 2009 levels with $3,500,000 estate Estate $5,120,000 $1,000,000 and GST exemption with portability and exclusion amounts GST $5,120,000 $1,400,000 ($1,000,000 for gift tax), (estimated) but with portability Repeal estate tax Repeal estate tax Q3 and Q and Q Consider using traditional tax and wealth planning methods that are not affected by uncertain changes (e.g., annual gifts) High gift and GST exemption levels and low tax rates may make 2012 lifetime gifts in trust (dynasty, GRAT, family lifetime access gift trusts) attractive Sec % To be determined Not affected Not affected Low rates may make new family loans, Short-term.21% refinancing existing family loans, GRATs AFR 1 semiannual and charitable lead annuity trusts attractive Mid-term AFR.84% semiannual Long-term AFR 2.17% semiannual Short-term permitted; zero remainder permitted Long-term permitted No change No change Require minimum 10-year term and that remainder value be greater than zero Limit duration to which GST exemption applies to 90 years NA NA Low Section 7520 rate and permitted short-term and zero value remainder for gift tax may make GRATs attractive High gift tax applicable exclusion amount and low gift tax rates with permitted longterm may make dynasty trusts attractive Defective Grantor Trusts Permitted No change Inclusion of trusts taxed as grantor trusts in taxable estates NA Would be prospective; may continue to use for 2012 planning 1 AFR rates compounded semi-annually northerntrust.com 2012 to 2013 Tax Transitions Summary 4 of 6
5 Pending Legislation Summary (August 2012) Bill Number Bill Name Brief Summary Status August 2012 SB 3412 Middle Class Tax Cut Act Extension of 2012 income tax rates for 1 year for low and middle income Senate passed SB 3413 Tax Hike Prevention Act of 2012 Extension of 2012 income tax rates for 1 year for all Senate defeated Extension of 2012 gift, estate and GST tax rates, exclusions and exemption for 1 year HR 8/ HR 6169 Job Protection and Recession Prevention Act of 2012; Pathway to Job Creation Through a Simpler, Fairer Tax Code Act of 2012 Extension of 2012 income tax rates for 1 year for all Expedited consideration of bill providing for comprehensive tax reform House of Representatives passed HR 15 Middle Class Tax Cut Act Extension of 2012 income tax rates for 1 year for low and middle income HR 16 Sensible Estate Tax Relief Act Reinstate 2009 gift, estate, and GST tax rates, exclusions and exemption (45% marginal tax rate; $3,500,000 estate and GST and $1,000,000 gift tax exclusions and exemption) House of Representatives defeated Introduced TBD Family and Business Tax Cut Certainty Act of 2012 Extension of tax cuts known as extenders that expired at the end of 2011 (AMT relief, deduction for state and local general sales tax, tax-free distribution from IRA for charitable purposes, etc.) Approved by bipartisan Senate Finance Committee northerntrust.com 2012 to 2013 Tax Transitions Summary 5 of 6
6 IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. For more information about this notice, see LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. Clients should under no circumstances rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. northerntrust.com 2012 to 2013 Tax Transitions Summary 6 of 6
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