ACA surtaxes can refer to one of two new taxes created by the Affordable Care Act. 1) A 0.9% surtax on wages above $200,000 for a single person, and $250,000 for a married person, and 2) A 3,8% surtax on investment income for people whose income is above $200,000 if single and $250,000 if married.
Robert Flach at his “The Tax Professional” blog asks the following question regarding Affordable Care Act penalties assessed on tax returns against people who do not carry health insurance: What is our legal responsibility as tax preparers when it comes to calculating the new convoluted and potentially expensive Obamacare penalty for clients who are not […]