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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
President Obama's fiscal 2013 budget proposal, unveiled on February 13, 2012, would trim the deductions for certain retirement plan contributions by upper-income taxpayers.
The budget proposal would reinstate the limitation on itemized deductions and the 36% and 39.6% tax rates for upper-income taxpayers. The budget proposal would also limit the tax value of specified deductions or exclusions from AGI and all itemized deductions. This limitation would reduce the value to 28% of the specified exclusions and deductions that would otherwise reduce taxable income in the 36% or 39.6% tax brackets. A similar limitation also would apply under the alternative minimum tax.
The income exclusions and deductions limited by this provision would include employer-sponsored health insurance paid for by employers or with before-tax employee dollars, health insurance costs of self-employed individuals, employee contributions to defined contribution retirement plans and individual retirement arrangements, and contributions to health savings accounts and Archer MSAs. This proposal would apply to itemized deductions after they have been reduced by the statutory limitation on certain itemized deductions for higher income taxpayers.
The proposal would be effective for taxable years beginning after December 31, 2012.
Source: Department of the Treasury, General Explanations of the Administration's Fiscal Year 2013 Revenue Proposals, February 2012.
For more information, visit http://www.wolterskluwerlb.com/rbcs.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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