[su_box title=”Keep in mind…” style=”default”] Some forms of health coverage are considered to be fringe benefits and some are not Fringe benefits are benefits besides wages and salary that are considered to be income (and taxed as such) by the IRS To find out whether or not any of your Read more…
[su_box title=”Keep in mind…” style=”default”] People who meet income requirements may qualify for financial assistance when purchasing a plan through the Marketplace You can save by using a premium tax credit and/or cost-sharing reductions. Both of these are sometimes referred to as Obamacare subsidies [/su_box] With the passage of the Read more…
[su_box title=”Keep in mind…” style=”default”] Regular reimbursements for employees are usually not taxable Excess reimbursements are classified as income and are taxable Reimbursements made from HSAs are taxable Reimbursements are typically associated with employees on group plans Reimbursements for dependents and spouses aren’t taxable Some employers offer employees health reimbursement Read more…
[su_box title=”Keep in mind…” style=”default”] You can provide proof of health insurance when you file your federal tax returns There are three different IRS health insurance information forms Your employer or health insurance company should send these forms to you You are not required to send the IRS information confirming Read more…
[su_box title=”Keep in mind…” style=”default”] The IRS requires taxpayers to confirm their health insurance coverage for the tax year The IRS has a key role in health insurance through tax credits and deductions The IRS uses self-reporting along with systems information to confirm coverage The IRS uses premium tax credit Read more…
[su_box title=”Keep in mind…” style=”default”] If you purchase a healthcare plan on the insurance marketplace, you may be eligible for a tax subsidy, also known as a premium tax credit You can use the credits as an advance towards your insurance payments to help lower your monthly premium You can Read more…
[su_box title=”Keep in mind…” style=”default”] Employer-Covered Health Insurance is considered to be a non-taxable item. It is exempt from income tax, social security, and Medicare Some exceptions to this rule apply such as S-Corporation employees who own more than two percent of the business While not taxable, money that workers Read more…
[su_box title=”Keep in mind…” style=”default”] There is not a tax deduction for health insurance premiums, but there is a tax credit available This tax credit is for people with moderate income who buy their insurance through the state marketplaces In most cases, people who have been offered insurance by their Read more…
[su_box title=”Keep in mind…” style=”default”] The fee that the federal government forces you to pay if you choose not to have a healthcare plan is called an individual shared responsibility payment This fee is paid whenever you file your federal income taxes for the year For the year 2017, the Read more…
