2013 PPACA Checklist - (Page 11)

Higher Income Threshold to Take Advantage of Itemized Deduction of Medical Expenses Effective: Tax years beginning after 2012 Small Employers Large Employers Individuals Small employers will NOT have any direct responsibility to comply with this requirement. Large employers will NOT have any direct responsibility to comply with this requirement. Individuals and married couples may be subject to a higher income threshold to take advantage of itemized deductions for medical expenses if they are under the age of 65. Beginning in 2013, the adjusted gross income threshold for itemized deductions of unreimbursed medical expenses increased from 7.5 to 10 percent. Those over the age of 65 are waived from this requirement until 2017. 11

Table of Contents for the Digital Edition of 2013 PPACA Checklist

2013 PPACA Checklist
Contents
Accountable Care Organization (ACO)
Increased Federal Insurance Contributions Act (FICA) Withholding
Excise Tax on Medical Device Manufacturers
Health Flexible Savings Accounts
Loss of Deduction for Retiree Drug Subsidy
New Net Investment Income Tax
Employer W-2 Reporting Requirements
Increasing Medicaid Payments for Primary Care Doctors
Expanded Authority to Bundle Payments
Higher Income Threshold to Take Advantage of Itemized Deduction of Medical Expenses
Small Employer Tax Credits
Establishing Affordable Insurance Exchanges
Extension of the Children’s Health Insurance Program (CHIP)
Exchange Notification Requirement

2013 PPACA Checklist

https://www.nxtbookmedia.com