WSJ article (2020-7-14) re Protective Claim for re...
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Level 2

WSJ article (2020-7-14) re Protective Claim for refunds re ACA?

Anyone have advice re filing of a "Protective Claim" for undetermined refund amount?

WSJ article discusses need to do so by tomorrow to avoid expiration of 3 year limit for refund claims for 2016 tax year (if filed on deadline, later if extension was used) in event ACA deemed unconstitutional and thus additional medicare/investment taxes also ruled invalid.

Thanks.

2 Replies
Employee Tax Expert

WSJ article (2020-7-14) re Protective Claim for refunds re ACA?

Not sure what ACA has to do with this, but if you haven't filed your 2016 tax return and think you might have a refund, you must file the tax return by 07/15/20 (Yes, the IRS extended that deadline from 04/15/20 to 07/15/20).

Level 2

WSJ article (2020-7-14) re Protective Claim for refunds re ACA?

Here is the link to the article; https://www.wsj.com/articles/taxpayers-race-to-file-refund-claims-if-obamacare-is-struck-down-[phone...

 

The premise was that if the Supreme Court overturns Obamacare that could invalidate the additional Medicare and Net Investment Income taxes that were paid with the 2016 return.  The statute of limitations expires 3 yrs post filing.  Unless one files a protective claim...

I was asking whether anyone had given this matter any thought, and whether it might make sense to file the protective claim for both 2016/17, or what risks that might entail.

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