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****** Scenario 5: The Intricacies of the Net Investment Income Tax (NIIT)...

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Accounting

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Scenario 5: The Intricacies of the Net Investment Income Tax (NIIT)
Taxpayer has the following income:
Wages: $30,000
Short-term Capital Gains: $60,000
Qualified Dividends: $40,000
Nonqualified Dividends: $30,000
Limited Partnership Income (passive): $50,000
Itemized Deductions: $28,000
Allowable deduction for self-employment tax: None
Calculate:
Modified Adjusted Gross Income (MAGI) for NIIT
Net Investment Income
Potential NIIT liability
Analyze what types of income are and are not subject to NIIT

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