IRS Updates – Tax Filings, More Info on ACA and the 3.8% Investment Income Tax

The IRS reports that they have already received about a third of all the returns they expect to process during this tax season, and that they have processed almost 98% of those returns. They report receiving around 46.6 million returns so far, and have issued almost 40 million tax refunds.

And if you were waiting to file your taxes because the 3.8% tax on net investment income applies to you, your wait is over. The IRS has now issued final instructions for Form 8960, which applies to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts of $250,000 for those who are married filing jointly, $125,000 for married filing separately, and $200,000 for single taxpayers.

And for all of us who are struggling with the complexities of the Affordable Care Act, the IRS has provided their Health Care Tax Tips, which can be viewed by clicking here.