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As a Real Estate Broker since 1986 I have paid into FICA

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both employee and employers portions...
As a Real Estate Broker since 1986 I have paid into FICA both employee and employers portions. The new income tax law affecting 2014 Social Security income ending with me paying much higher taxes than expected. Since taxes were paid on the amounts sent for FICA, is this a case of double dipping from the IRA? THANK YOU FOR YOUR RESPONSE.
Submitted: 1 year ago.Category: Tax
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Answered in 13 minutes by:
9/20/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,234
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Can you be more specific what 2014 tax law you are referring to?

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Customer reply replied 1 year ago
I don't have the actual tax code. It was a IRS tax code/law that affected Social Security income starting in 2014. it had several level which affected how much of the SS income was taxed.
Customer reply replied 1 year ago
I just went on the IRS website and can't find a reference to the code/law. As a tax professional would you have the information in your files?
Tax Professional: emc011075, Tax adviser replied 1 year ago

I guess you are talking about the Medicare increase for High income earners that is calculated on your tax return starting in 2013. The income is not taxed again, it is additional tax if you are considered higher earner.

250K for married filing jointly, 200K for married filing separately or Head of household.

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Tax Professional: emc011075, Tax adviser replied 1 year ago

The logic is that if you earn more than average, you an afford to pay little more to contribute failing Medicare. The more income, the higher your tax bracket, the more income taxes you pay. The same logic is applied to Medicare tax.

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Customer reply replied 1 year ago
In 2014 I ended up paying over $7,000. in unexpected tax. Does this seem like a logical amount to cover the higher Medicare tax? We filed jointly with a total adjusted gross income of $82,641.
Tax Professional: emc011075, Tax adviser replied 1 year ago

No. That's not Medicare tax increase. Do you have your 2013 and 2014 return available? There could be many reasons why. Did you have medical insurance through Obamacare maybe?

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Customer reply replied 1 year ago
I do have the 2013 and 2014 copies of my returns. I feel like I am beating a dead horse. Would it have helped if I had created a trust for all the real estate income?
Tax Professional: emc011075, Tax adviser replied 1 year ago

Not necessary. Can you compare line by line your 2013 and 2014 return and tell me if there's a significant increase or decrease from one year to another and what line?

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Customer reply replied 1 year ago
I can and will do the comparison. But I guess this is all for now. Thank you for your responses. Bye
Tax Professional: emc011075, Tax adviser replied 1 year ago

Ok. Just let me know and we can discuss it further.

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Tax Professional: emc011075, Tax adviser replied 1 year ago

Hi. Just want to check if you have any questions.

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