High-income taxpayers are scrambling to file their 2016 taxes on Wednesday to secure a potential refund if the Affordable Care Act is overturned later this year or next.
High-income taxpayers scrambled to file their 2016 taxes on Wednesday to secure a potential refund if the Affordable Care Act is overturned later this year or next.
“Many taxpayers are filing ‘protective claims’ to essentially hold their place in line for a refund, in the event the NIIT is ruled unconstitutional,” Mike Savage, CEO of 1-800Accountant, told Yahoo Finance. “If the taxpayer does not file a protective claim, they potentially may not be able to claim the refund after July 15, 2020, for the 2016 tax returns, in the event that the ACA is invalidated in the future by the Supreme Court.
What is the NIIT?In 2010, the Health Care and Education Reconciliation Act, which amended the Affordable Care Act, created a new tax known as the NIIT of 3.8% along with the Additional Medicare Tax of 0.9%.
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