The Net Investment Income Tax is double taxation for US citizens overseas
ACA advocates for the use of foreign tax credits to offset this supplemental tax paid to fund a program overseas US citizens cannot access. A recent court ruling has opened the door on allowing for the use of foreign tax credits to offset the NIIT.
The Affordable Care Act includes an additional Medicare tax in the form of a 3.8% Net Investment Income Tax (NIIT) on some net investment income of individuals, estates, and trusts that have income above the statutory threshold amounts and foreign tax credits cannot be used to offset the NIIT. To be eligible for coverage you must be resident in the United States and must be a US citizen or national (lawfully present). ACA advocates for the use of foreign tax credits to offset this supplemental tax paid to fund a program overseas US citizens cannot access. A recent court ruling has opened the door on allowing for the use of foreign tax credits to offset NIIT. Write to your Representatives in Congress today to ensure that this recent acceptance of foreign tax credit offsets be made available to all US citizens overseas.
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