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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.
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