Courtesy of the IRS If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child […]
Tag Archives: Healthcare in the United States
Today TaxMama® hears from Paul in the TaxQuips Forum, who says. “On my W-2 why does Code W say “Employer contribution to HSA” when it is the employee who made the contributions?https://www.natas.co.uk/dev/wp-content/languages/new/personal-statement-writer.html ”
Today TaxMama® hears from Front9532 in the TaxQuips Forum, who wants to clear up something confusing. “Both my wife and I have Health Savings Accounts (HSA accounts). In 2012 our health insurance plan qualified as a High Deductible Family Health Plan. I am ineligible to make a contribution to my plan since I am over […]
Courtesy of the Internal Revenue Service WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions.
In a Chief Counsel Memorandum (CCM) dated May 1, 2012, released July 13, 2012, IRS addressed the issue of Medicare premiums and the self-employment health insurance deduction. For years IRS has stated in its publications that Medicare premiums do not qualify for the self-employed health insurance deduction. In early 2011 IRS stated in its […]
Today TaxMama® hears from Ming in the TaxQuips Forum who wants to be creative. Let me summarize. Both his and his wife’s employers offer health care coverage. However, if they add a spouse, they have to pay. Here’s what he’d like to do: “Is it possible to have one of us enroll in one company’s […]
Today TaxMama® hears from Ann in the TaxQuips Forum, who has a very enthusiastic staff. To make a long story short: “Ann just converted her 25-year business to an S Corp. Her staff did the research and found a terrific health insurance policy. They want Ann to set up a flexible spending account so they […]
Today TaxMama hears from Magdalena in the TaxQuips Forum with a puzzler. “I would like to know if I can take the Health Savings Account Deduction on my 1040 if I’m a S-corp owner?”
IRS says Medicare Part B premium deductible as SE health insurance (2-11-11) Unexpectedly, the IRS says the Medicare Part B premiums are deductible for purposes of the self-employed health insurance deduction. This is a reversal of their long-standing position, and it appeared in the instructions to Form 1040 without any other announcement. Spidell confirmed the […]
[Reprint of an article from Dec. 2004] Numbers updated 11/24/2019 Finally, a tax advantaged health care program that cuts across all income levels and lifestyles – the new Health Savings Accounts (HSAs) – a real boon for people who pay for their insurance coverage. The HSAs slipped into December 8th The Medicare Prescription Drug Improvement […]
IR-2010-53, April 27, 2010 WASHINGTON — As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service announced today that these changes immediately allow employers with […]
Courtesy of the IRS COBRA subsidy recipients who later become eligible for insurance coverage should notify their former employer to avoid a penalty Individuals who have qualified and received the 65 percent subsidy for COBRA health insurance, due to involuntary termination from a prior job, should notify their former employer if they become eligible for […]
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