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Protective Refund Claim Update – Affordable Care Act (ACA)
  • COVID-19, Tax
An open business report featuring charts and graphs sits on a desk, accompanied by a pen and calculator. In the background, city buildings blur through the window, perhaps reflecting on changes influenced by the Affordable Care Act.

On June 17, 2021, the U.S. Supreme Court upheld the Affordable Care Act in the case brought before the Court, California v. Texas, commonly known as the Affordable Care Act Repeal Lawsuit. In the lawsuit the constitutionality of provisions of the ACA was addressed including the following:

  • Additional Medicare tax of 0.9% on earned income greater than $200,000 or $250,000 if filing jointly.
  • The Net Investment Income tax of 3.8% on net investment income for taxpayers with adjusted gross income above $200,000 or $250,000 if filing jointly.

The Supreme Court decision makes clear that the entirety of the ACA is lawful and continues to stand. Therefore, if we prepared and filed a protective claim for recovery of the additional Medicare tax and Net Investment Income tax on your behalf, the claim will be denied based on this Court decision. So you should expect to receive a notice from the IRS.

Disclosures

Cerity Partners LLC (“Cerity Partners”) is an SEC-registered investment adviser with offices across the United States. Registration as an investment adviser does not imply any level of skill or training.

The information provided is not intended as personalized investment, tax, or legal advice. There is no guarantee that any opinions, projections, or views expressed will materialize. You should consult a qualified professional before making financial decisions.

Information is subject to change without notice and is believed to be reliable but is not guaranteed. For Cerity Partners’ registration status, please visit the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

For additional details about our services, fees, or potential conflicts of interest, please request our disclosure statement, including Form CRS and ADV Part 2, using the contact information provided.

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