In "Turn Windows Features on or off", under Internet Information Services -> World Wide Web Services -> Application Development Features, make sure that .NET Extensibility 3.5, .NET Extesibility 4.5, ASP.NET 3.5, ASP.NET 4.5, ISAPI Extensions, and ISAPI Filters are SELECTED.
This was outlined here: http://www.iis.net/learn/get-started/whats-new-in-iis-8/iis-80-using-aspnet-35-and-aspnet-45#TOC301258515 but since that refered to server 2012 instead of windows 8 I couldn't find the right location for these settings.
Note: Answer added to clean the question from unanswered
