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Screen TPW-ACA - Tax Projection, Affordable Care Act (1040)
Show all hidden content
Affordable Care Act Hospital Insurance Tax
Higher-income taxpayers are subject to an additional 0.9% hospital insurance tax on earned income and a 3.8% tax on investment income. Use this screen to enter information required to calculate these taxes for use with the Tax Projection Worksheet to forecast
2025
tax liability.note
- The Net Investment Income Tax does not apply to nonresident aliens and bona fide residents of Guam, the Northern Mariana Islands, and the U.S. Virgin Islands. These territories have a mirror code system of taxation. UltraTax CS does not calculate the Tax on Net Investment Income portion of the Hospital Insurance Tax Worksheet for 1040-NR returns and returns that have a bona fide residence in one of these US possessions indicated on the 1040 screen.
- A custom paragraph can be included in the 1040 Estimate Filing Instructions to report the amount of this additional tax when it is included in the estimated tax payments. To select this custom paragraph on a client basis, select custom paragraph73, Estimated Tax ACA Taxesfrom one of theParagraph No.fieldviews in the Letter screen. To select this custom paragraph to print for all clients when applicable, choose Setup and then 1040 Individual, select the Letters & Emails button in the Federal tab, select the Custom Paragraphs tab, and mark theEstimated Tax ACA Taxesbox. For additional information, see Custom paragraph FAQs.
Enter the projected Medicare wages
UltraTax CS uses current year Medicare wages to calculate next year's projected wages if no entries have been made on the TPW screen for Taxpayer or Spouse wages. If entries are made on the TPW screen for wages, UltraTax CS defaults to that amount as Medicare wages. If a different wage amount should be used to calculate the additional Medicare tax, enter that here.
Enter the total of all wages...
Employers are required to withhold the additional Medicare tax of 0.9% from employees' wages in excess of $200,000. Enter the amount of all wages that are subject to this additional withholding in order to accurately project the tax that will be due with the tax return.
Enter the taxable amount from non-qualified annuities
Non-qualified annuities are included in the definition of investment income for purposes of the Net Investment Income Tax. Enter the taxable amount of distributions from non-qualified plans projected for next year.
Net investment income...
UltraTax CS uses the current year net investment income treatment from all activities to project net investment income tax for next year. If an entry was made on the TPW screen for Taxpayer or Spouse Sch E income / loss, Partnership income / loss, or capital gains / losses, UltraTax CS defaults that amount as all net investment income. If an entry is made on the TPW screen for Taxpayer or Spouse Business income / loss or Farm income / loss, UltraTax CS does not treat that amount as net investment income. Enter an amount here to indicate the portion of projected income that should be included in the projection of the net investment income tax, if different. UltraTax CS allows you to enter
0
(zero) in these fields, if applicable.Net income from that activity
Income from an active trade or business which is in the business of trading financial instruments is included in the definition of investment income for purposes of the Net Investment Income Tax. Enter the net income from all active trades or businesses that are in the business of trading in financial instruments.
Affordable Care Act Health Coverage Taxes and Credits
UltraTax CS defaults the premium tax credit to the current year amount. Use this section to make any adjustments to the premium tax credit for the next year.
The Marketplace has updated information, no credit or repayment...
UltraTax CS defaults to the same Premium Tax Credit or excess advance repayment in
2025
that was reported in [[ut_py_yyyy]]. Enter X
if no Premium Tax Credit or repayment is expected for 2025
.Premium Tax Credit (Force)
UltraTax CS defaults to the same Premium Tax Credit in
2025
that was reported in 2024
. Enter the expected Premium Tax Credit for 2025
if different from 2024
.Excess advance payment of Premium Tax Credit (Force)
UltraTax CS defaults to the same excess advance repayment in
2025
that was reported in 2024
. Enter the expected excess advance repayment for 2025
if different from 2024
.