As part of our Tax & Business Planning program, we review over 200 dentists’ tax returns each year. We consistently find one common mistake; they overpay the Net Investment Income Tax (NIIT). Tyler Ott, CPA, CFP®, a Tax & Business Planning Advisor with McGill and Lyon Dental Advisors, says roughly 50% of his clients have made this error, often costing thousands in unnecessary taxes.
The NIIT, commonly known as the Obamacare Surtax, is a 3.8% surtax imposed on investment income for married couples filing jointly with a Modified Adjusted Gross Income of $250,000 or more ($200,000 or more for single filers). This tax is imposed on all investment income including interest, capital gains, dividends, certain types of rental income, and non-qualified annuities.
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