Net Investment Income Tax Supreme Court Case

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Possible impact on the NIIT with Supreme Court ACA case: PwC

(7 days ago) The Supreme Court will hear the case this fall and is expected to render a decision in the first half of 2021. A question has arisen whether, if the ACA is found to be unconstitutional in its entirety, the net investment income tax (NIIT), while technically not enacted as …

https://www.pwc.com/us/en/services/tax/library/possible-impact-on-the-niit-with-supreme-court-aca-case.html

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Supreme Court Rules Plaintiffs Did Not Have Standing to

(9 days ago) Essentially, the Court decided the case on a technicality—but one that may mean no party will be able to bring a case before the Court to decide the specific issues of constitutionality of the mandate or, if the mandate is unconstitutional, require the entire Affordable Care Act, including the Net Investment Income Tax, to be rendered

https://www.currentfederaltaxdevelopments.com/blog/2021/6/17/supreme-court-rules-plaintiffs-did-not-have-standing-to-challenge-affordable-care-act-net-investment-income-tax-remains-in-force

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Protective Claim for Refund of Net Investment Income Tax

(6 days ago) Protective Claim for Refund of Net Investment Income Tax. In Mar. 2020, the U.S. Supreme Court announced it will hear a case challenging the constitutionality of the individual mandate under the Affordable Care Act (ACA). While the court’s decision isn’t expected until the first half of 2021, in the meantime there is uncertainty as to

https://doeren.com/protective-claim-for-refund-of-net-investment-income-tax/

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Taxpayers That Paid The Net Investment Income Tax Or The

(9 days ago) However, a ruling from the Supreme Court that the ACA was constitutional prior to the enactment of the TCJA might eliminate a taxpayer’s ability to claim a refund of the net investment income

https://www.jdsupra.com/legalnews/taxpayers-that-paid-the-net-investment-24820/

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Supreme Court to Rule on Constitutionality of the

(8 days ago) Taxpayers need to be aware of a potential refund claim opportunity that is time sensitive. Taxpayers subject to the Net Investment Income Tax (NIIT) and the Additional Medicare Tax in tax years 2016 through 2019 may be able to claim a refund of those taxes contingent on the ruling of the U.S. Supreme Court that is anticipated to be made in early 2021.

https://dmcpas.com/article/supreme-court-to-rule-on-constitutionality-of-the-affordable-care-act-should-you-file-a-refund-claim/

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Net Investment Income (NII) Tax Protective Refund Claims

(8 days ago) Net Investment Income (NII) Tax Protective Refund Claims. The Supreme Court recently announced that it would render a decision in 2021 on the validity of the 2010 Patient Protection and Affordable Care Act (ACA) that may impact certain taxes you paid in prior years. There is a remote possibility that the 3.8% net investment income tax, the 0.9%

https://www.saxllp.com/net-investment-income-nii-tax-protective-refund-claims/

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PROTECTION CLAIM FOR REFUND OF NET INVESTMENT …

(5 days ago) of limitations expires. The AdditionalMedicare Tax and Net Investment Income Tax are contingent on the case pending before the United States Supreme Court, California, et al., Petitioners v. Texas, et al., No. 19-840. At issue before the United States Supreme Court is whether reducing the amount specified in 5000A(c) of the Patient

https://smithcpas.com/wp-content/uploads/2021/03/NIIT-Protective-Refund-Claims-2017-FILL-IN.pdf

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Challenge To The Constitutionality Of The ACA Raises NII

(Just Now) The constitutionality of the Affordable Care Act (ACA) is being challenged before the Supreme Court for a third time this fall in the case of California v.Texas (captioned Texas v.U.S. in prior litigation). Among the provisions of the ACA that could be struck down is the 3.8% net investment income (NII) tax that has applied to the investment income (such as dividends, interest, and capital

https://www.mondaq.com/unitedstates/capital-gains-tax/962924/challenge-to-the-constitutionality-of-the-aca-raises-nii-tax-refund-possibility

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Upcoming Supreme Court Case on ACA and Protective Refund

(6 days ago) The Supreme Court will hear the case during the Fall of 2020 and is expected to render a decision during the first part of 2021. One potential outcome to consider: If the ACA is found to be unconstitutional in its entirety, income taxes established under the ACA may effectively be repealed.

https://www.ahcpa.com/upcoming-supreme-court-case-on-aca-and-protective-refund-claims/

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By Overturning The ACA, The Supreme Court Would Cut Taxes

(3 days ago) On average, repealing the ACA would cut taxes for the top 1 percent by about $32,000 in 2019 (or 1.9 percent of after-tax income) and by about $200,000 (or 2.5 percent of after-tax income

https://www.forbes.com/sites/howardgleckman/2020/05/12/by-overturning-the-aca-the-supreme-court-would-cut-taxes-substantially-for-high-income-households/

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Taxpayers That Paid the Net Investment Income Tax or the

(7 days ago) Individuals, estates, and trusts that paid significant amounts of the 3.8% net investment income tax or the 0.9% additional Medicare tax in 2016 or later years should consider filing protective claims for refund of those taxes that may become available subject to the outcome of litigation pending before the Supreme Court of the United States.

https://www.mccarter.com/insights/taxpayers-that-paid-the-net-investment-income-tax-or-the-additional-medicare-tax-should-consider-filing-protective-claims-for-refund/

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PROTECTIVE CLAIM FOR REFUND

(Just Now) Investment Income Tax liabilities paid for the tax year 2016, 2017 and 2018. These taxes are contingent on the pending US Supreme Court case California, et al., Petitioners vs. Texas, et al. No. 19-840 (US Supreme Court). These taxes were assessed and timely paid with the individual income tax

https://bwtpcpa.com/wp-content/uploads/2020/07/PROTECTIVE-CLAIM-FOR-REFUND-1.pdf

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By Overturning the ACA, The Supreme Court Would Cut Taxes

(1 days ago) Taxes for middle-income households would be cut by an average of $50, about 0.1 percent of their after-tax income. The ACA included several tax hikes, some of which Congress repealed in the intervening years. But a handful remain, including the 3.8 percent Net Investment Income TAX (NIIT) and the 0.9 percent additional Medicare tax on wages and

https://www.taxpolicycenter.org/taxvox/overturning-aca-supreme-court-would-cut-taxes-substantially-high-income-households

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Today in History: Income Tax Ruled Unconstitutional in

(5 days ago) On this date in 1895, the U.S. Supreme Court decided Pollock v. Farmers Loan Trust Co., striking down the federal income tax of 1894. The bill had passed as part of a general reduction in tariffs, although President Cleveland was no fan, letting it become enacted without his signature. The tax – 2 percent on …

https://taxfoundation.org/today-history-income-tax-ruled-unconstitutional-pollock-v-farmers-loan-trust-co

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Rental Real Estate and Net Investment Income Tax 7

(9 days ago) In the case, Commissioner v. Groetzinger, the Supreme Court examined what is required for an activity to rise to the level of a "trade or business" for tax purposes and determined that no Rental Real Estate and Net Investment Income Tax_7.2013 Author: Amanda Mills, CPA, Tax Manager

https://keitercpa.com/wp-content/uploads/2013/07/Rental-Real-Estate-and-Net-Investment-Income-Tax_7.20131.pdf

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Protective Refund Claims for ACA-Related Income Taxes

(Just Now) For taxable estates and trusts, the 3.8% NIIT tax applies to the lesser of their undistributed net investment income or the excess of adjusted gross income over the dollar value at which the highest tax rate starts to apply. For example, in 2016, the highest trust income tax bracket began at $12,400. These brackets are indexed for inflation.

https://www.berdonllp.com/protective-refund-claims-for-aca-related-income-taxes/

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Q&A: Net Investment Income (III) Tax Protective Refund

(1 days ago) The main item to keep in mind while making this determination is of course, the magnitude of the net investment income tax and/or additional .9% Medicare tax liabilities. In addition, in the event the Supreme Court rules in favor of taxpayers and the taxes ultimately become refundable, a taxpayer would need to file an amended return for the

https://www.saxllp.com/qa-net-investment-income-iii-tax-protective-refund-claims/

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Challenge to the Constitutionality of the ACA Raises NII

(3 days ago) Due to the uncertainty created by the Supreme Court’s recent decision to hear this case, we wanted to make you aware of the July 15, 2020 deadline …

https://www.lexology.com/library/detail.aspx?g=75af8b48-14ac-47df-b7f3-9f3198f23d46

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Things to Consider Before Filing a Protective Claim Refund

(2 days ago) A recent decision by the U.S. Supreme Court to hear a case challenging the constitutionality of the Affordable Care Act (ACA) could result in a refund of some portion of taxes paid for either the Additional Medicare Tax and/or the Net Investment Tax on your income tax

https://www.bergankdv.com/resources/blog/things-to-consider-before-filing-a-protective-claim-refund-letter-before-july-15/

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What taxpayers should know about protective claims for

(9 days ago) Assume the Supreme Court does not rule until May 31, 2021. The taxpayer should file a protective refund claim by April 15, 2021, to ensure the option of later amendment if the ruling is in her favor. The Net Investment Income Tax is calculated and reported on Form 8960, attached to individual income tax return Form 1040.

https://www.aaha.org/publications/newstat/articles/2020-10/what-taxpayers-should-know-about-protective-claims-for-possible-aca-tax-refunds/

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Urgent: You May Want To File A Protective Claim For Refund

(9 days ago) The Supreme Court has heard the case and is expected to render a decision in the first half of 2021. Recently, a question has arisen whether, if the ACA is found to be unconstitutional in its entirety, the 3.8% Net Investment Income Tax (“NIIT”) and the 0.9% Additional Medicare Tax

https://www.hmpc.com/news/urgent-you-may-want-to-file-a-protective-claim-for-refund-for-2017-by-june-15-2021/

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Potential Protective Claim For Refund For 2016 Through

(9 days ago) The net investment income tax on form 8960. This is an additional 3.8% tax on net investment income, imposed on those with adjusted gross income over $200,000 single, $250,000 married-filing-jointly. If you want to see how much of these taxes you paid, find these forms 8959 and 8960 in your copy of the tax return for 2016, 2017, and 2018, and

https://www.dmj.com/dmj-blog/potential-protective-claim-for-refund-for-2016-through-2018/

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Commissioner v. Standard Life & Acc. Ins. Co. :: 433 U.S

(2 days ago) The tax was levied only on net investment income, that is, the excess over the amount deemed necessary to pay death claims. If, for example, the amount of the net valuation premium had been calculated on the assumption that the company would receive a 4% return on its investment of premiums between the time of its payment and the death of the

https://supreme.justia.com/cases/federal/us/433/148/

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U.S. Supreme Court Declines to Hear Income Tax Petition

(8 days ago) The Court’s recent decision in Kaestner—the trust income taxation case the Court did hear this spring term—held that the residence of a discretionary beneficiary alone provides insufficient

https://www.wealthmanagement.com/high-net-worth/us-supreme-court-declines-hear-income-tax-petition

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Obamacare Tax Refund You Say

(9 days ago) The plan was to be funded through a combination of required enrollment, penalties and a 3.8% Net Investment Income Tax and an additional 0.9% Medicare Tax. The Tax Cuts and Jobs Act of 2017 (TCJA), reduced the fine for violating the individual mandate to zero, starting in 2019.

https://orlandoaccounting.com/2020/06/28/obamacare-tax-refund-you-say-possibly/

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ACA Repeal Lawsuit Would Cut Taxes for Top 0.1

(4 days ago) With the Supreme Court likely to decide the case in 2021, striking down the law would lead to even larger coverage losses, as millions more people are expected to turn to ACA programs for coverage due to the recession. Medicare Net Investment Income Tax. The ACA also imposed a 3.8 percent tax on unearned income (such as capital gains

https://www.cbpp.org/research/health/aca-repeal-lawsuit-would-cut-taxes-for-top-01-percent-by-an-average-of-198000

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Protective Refund Claim – Affordable Care Act UPDATE

(1 days ago) the net investment income tax of 3.8% on net investment income for taxpayers with adjusted gross income in excess of $200,000 (or $250,000 for joint filers). These taxes appear on Forms 8959 (Medicare tax) and 8960 (net investment income tax) as part of your tax return.

https://www.isdanerllc.com/news/2021/02/protective-refund-claim-affordable-care-act-update/

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Pending Case Law for Affordable Care Act.

(7 days ago) The 3.8% Net Investment Income Tax for taxpayers with adjusted gross income above $250,000 per couple ($200,000 for a single taxpayer) and some trusts. Additional information regarding the Supreme Court’s decision to review the case and a history of the case can be found here.

https://www.heritagewealth.net/news/pending-case-law-for-affordable-care-act/

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Obamacare Tax Decision Deadline Looming Net Investment

(3 days ago) If the Supreme Court were to repeal Obamacare, in part or whole, it is possible that 3.8% tax on Net Investment Income and the 0.9% Additional Medicare tax under Obamacare would also be repealed. In November of 2020, the Supreme Court held oral arguments in the case ( California v. Texas Dkt. No. 19-840) and a ruling is expected this spring.

https://www.barnesdennig.com/obamacare-tax-decision-unresolved/

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Protective Refund Claim – Affordable Care Act Isdaner

(4 days ago) Earlier this year, the Supreme Court agreed to hear a case regarding the Patient Protection and Affordable Care Act (ACA). In Texas v US, the Court of Appeals held that the requirement for individuals to carry health insurance was unconstitutional. the net investment income tax of 3.8% on net investment income for taxpayers with adjusted

https://www.isdanerllc.com/news/2020/07/protective-refund-claim-affordable-care-act/

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You May Need a Protective Claim Before July 15 IRS Tax

(1 days ago) This letter is my (our) formal written Protective Claim for Refund of Additional Medicare Tax and/or Net Investment Income Tax liabilities paid for tax year 2016. These taxes are contingent on the pending Supreme Court case California, et al., Petitioners vs. Texas, et al. No. 19-840 (U.S. Supreme Court).

https://www.taxpros.org/blog/you-may-need-a-protective-claim-before-july-15/44581

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The Supreme Court Will Decide the Fate of the Affordable

(6 days ago) The larger of the two is the 3.8 percent Net Investment Income Tax on investment income and capital gains. The other is the .9 percent Additional Medicare Tax on wages and other earned income. These taxes principally apply to taxpayers if their adjusted gross income is over $200,000 if single, or $250,000 if filing a joint tax return, and are

https://ecohen.com/blog/the-supreme-court-will-decide-the-fate-of-the-affordable-care-act-again/

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Topic No. 559 Net Investment Income Tax Internal Revenue

(5 days ago) In the case of an estate or trust, the NIIT is 3.8 percent on the lesser of: (A) the undistributed net investment income, or. (B) the excess (if any) of: the adjusted gross income over the dollar amount at which the highest tax bracket begins for an estate or trust for the tax year. (For estates and trusts, the 2020 threshold is $12,950)

https://www.irs.gov/taxtopics/tc559

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A Protective Refund Claim Could Help You Recover Taxes

(3 days ago) The net investment income tax of 3.8 percent that is imposed on single filers with adjusted gross income over $200,000 or joint filers with adjusted gross income over $250,000. If the Court

https://www.lexology.com/library/detail.aspx?g=450e7076-503e-4d96-8078-54d54f20b672

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POTENTIAL TAX SAVINGS: You May Need a Protective Claim

(7 days ago) Currently before the Supreme Court is a case challenging the legality of the ACA and if the Supreme Court decides in the taxpayer’s favor, taxpayer’s may be entitled to refunds on the Medicare and net investment income taxes paid beginning in 2016. Below is a brief history of the case.

https://www.cdlcpa.com/firm-news/potential-tax-savings-you-may-need-a-protective-claim-before-october-15th/

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Ending Obamacare would be a big tax cut for the rich

(3 days ago) If the net investment income tax disappeared, those in the top 1% would pay $20,250 less in federal taxes a year, on average, and see their after-tax income

https://www.cnn.com/2020/11/07/politics/affordable-care-act-obamacare-tax-cut-rich/index.html

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Net Investment Income Tax Internal Revenue Service

(7 days ago) If an individual has income from investments, the individual may be subject to net investment income tax. Effective Jan. 1, 2013, individual taxpayers are liable for a 3.8 percent Net Investment Income Tax on the lesser of their net investment income, or the amount by which their modified adjusted gross income exceeds the statutory threshold amount based on their filing status.

https://www.irs.gov/individuals/net-investment-income-tax

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Supreme Court Would Provide Massive Tax Cut for the Rich

(3 days ago) Download National and State-by-State Data. If the Supreme Court strikes down the Affordable Care Act (ACA), as argued for by the Trump administration and the president’s nominee to the court, Amy Coney Barrett, one under-appreciated result will be a tax break of roughly $40 billion annually for about 3 percent of Americans, who all have incomes of more than $200,000.

https://itep.org/supreme-court-could-provide-massive-tax-cut-for-the-rich-if-it-strikes-down-affordable-care-act/

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Supreme Court to Hear Challenge to ACA’s Individual

(Just Now) If the Supreme Court was to strike down the ACA, the contention is that such a ruling would invalidate the income taxes established pursuant to the ACA, specifically: The 0.9% Medicare tax (reported on tax return Form 8959); and; The 3.8% Net Investment Income tax (reported on tax

https://fgmk.com/news-resources/thought-leadership/supreme-court-to-hear-challenge-to-acas-individual-mandate/

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U.S.TAX COURT DECISION MAY ALLEVIATE THE 3.8% NET

(3 days ago) Because trusts are subject to the 3.8% Net Investment Income Tax at a very low income level, $12,150 for 2014, trustees of trusts owning interests in operating entities have been considering ways to meet the material participation requirements to avoid this tax.

https://www.wealthdirector.com/2014/03/u-s-tax-court-decision-may-alleviate-the-3-8-net-investment-income-tax-burden-for-many-trusts/

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Sample-Protective-Claim-for-Refund (01528934).DOC

(1 days ago) Tax year(s): This letter is a formal written Protective Claim for Refund of Additional Medicare Tax and/or Net Investment Income Tax liabilities paid for tax year(s) 2016. These taxes are contingent on the pending Supreme Court case California, et al., Petitioners vs. Texas, et al. No. 19-840 (U.S. Supreme Court).

https://35624j298pnq2fzibq414myw-wpengine.netdna-ssl.com/wp-content/uploads/Sample-Protective-Claim-for-Refund-01528934-2x8958D.doc

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Should You File a 2016 Protective Claim for Refund by July

(8 days ago) Generally, an individual whose adjusted gross income exceeds $250,000 married filing joint or $200,000 single is subject to these taxes. Estates and trusts with adjusted gross income in excess of the dollar amount at which the highest tax bracket begins can also be subject to the 3.8% net investment income tax.

https://www.eidebailly.com/insights/articles/2020/6/should-you-file-a-2016-protective-claim-for-refund-by-july-15-2020

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Affordable Cares Act Protective Refund Claims

(2 days ago) Under this section, taxpayers pay a 3.8% tax on net investment income over the same thresholds as the additional Medicare tax. This tax is computed on IRS Form 8960. A. The Court decision on ACA constitutionality. On June 28, 2012, the Court upheld Congress’ power to enact most provisions of the ACA and the HCERA.

https://www.eisneramper.com/aca-protective-refund-claims-0820/

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