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PSA: California vs Texas

1,813 Views | 7 Replies | Last: 3 yr ago by LOYAL AG
YouBet
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AG
Supreme Court set to hear appeals on constitutionality of ACA this year. If for some reason it's deemed unconstitutional, you could potentially claim a refund on your 2016 and 2017 taxes.

Got a note from CPA on this this week and haven't seen it posted. It may not be well known so sharing here in case you haven't heard. Challenge is that you have to send IRS a claim letter by July 15 to stake your claim or you are SOL.

Call your CPA if you paid the increase in Medicare tax on wages and the tax on net investment income.
FarmerJohn
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AG
I thought we were reminiscing on one of so many early season t.u. football disappointments. But I suppose this is good info too.
ClutchCityAg
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So you have to send the claim letter before the ruling actually happens?
Let it ride
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ClutchCityAg said:

So you have to send the claim letter before the ruling actually happens?
That's what I got from my FA/CPA. I'm going to do it just to cover my base I guess.
combat wombat™
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AG
I think you have to send the letter before 3 year pass since the date you filed your tax return. July 15 is the date if you filed your return on April 15, 2007. It"s called a protective claim. You can look it up online.
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combat wombat said:

I think you have to send the letter before 3 year pass since the date you filed your tax return. July 15 is the date if you filed your return on April 15, 2007. It"s called a protective claim. You can look it up online.
We mailed ours yesterday. Combined letter for 2016 and 2017. If you didn't mail claim for 2016 by today you are SOL. My guys combined the letter to include both years just to make it efficient.
combat wombat™
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AG
Did you extend your return in 2016? If not, your letter would have needed to be filed by 4/15... but presuming COVID relief applied to that so due today.
YouBet
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combat wombat said:

Did you extend your return in 2016? If not, your letter would have needed to be filed by 4/15... but presuming COVID relief applied to that so due today.
I don't remember. Got notice and I filed claim letter by default simply to recover monies in case I qualify. Basically, it's a knee jerk move on my part to cover my ass in case I'm owed any money.

Letter I got from my firm says I had to mail it by today.
LOYAL AG
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I wonder if you can get a refund of the penalty for not having ACA compliant coverage....
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