6 Critical Changes to Note When Filing Your 2013 Taxes

Wealthy taxpayers will see the most changes in the tax code.

A 1040 income tax form. The pen obscures the year to add to the image usefulness.
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• The maximum that taxpayers can save in flexible spending account is $2,500 a year. In some cases, they will be able to carry forward up to $500 in unused funds from one year to the next.

[See: 9 Little-Known Ways to Pay Fewer Taxes.]

• Taxpayers who earn more than $200,000 if they are single or $250,000 for a married couple filing jointly will pay an additional 0.9 percent Medicare tax.

• Taxpayers who earn more than $200,000 if they are single or $250,000 for a married couple filing jointly will also pay a new Net Investment Income Tax. That tax is 3.8 percent of either net investment income or modified adjusted gross income – whichever is less.

• Taxpayers who earn more than $150,000 (married filing separately), $250,000 (single), $275,000 (head of household) or $300,000 (other filing status) face new limits on itemized deductions.