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HEALTH CARE LAW PROVISIONS AFTER 2012

By now most of you realize that the Supreme Court has upheld the Health Care Law by a 5-4 decision.  So what does all this mean to you?   Well, some of the provisions which go into effect in 2013 are as follows:
 
  • Taxpayers with a MAGI over $200K ($250K if MFJ; $125K if MFS) will be
paying a 3.8 % surtax on net investment income.
 
  • Medical expense deductions in excess of 7.5% of your AGI will now have to be in excess of 10% of your AGI.  If you turn 65 this year, then you will be allowed to use the 7.5% threshhold.  Eventually, all individuals, regardless of age, will have to use the 10% threshhold.
 
  • An increase from 1.45% to 2.35% to your hospital insurance portion of  the FICA tax will go in to effect.  This applies to wages exceeding $200K.  ($250K if MFJ; $125K if MFS)
 
As changes occur or if more information becomes available, I will let you know. 
 
 

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