Many of the country’s leading companies now provide the same health benefits to same-sex couples that they provide to heterosexual married couples. The policy helps these companies compete for the best talent, and also reduces one of many forms of discrimination against same-sex couples. These couples still suffer a disadvantage related to their health benefits, however, due to their treatment under the tax law. (more…)
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July 21, 2010
July 21, 2010
How Income Affects Medicare Part B Premium
July 15, 2010
We’ve added a page to our permanent collection explaining how your income level affects the premium you pay when you participate in the Medicare Part B program:
July 15, 2010
We’ve added a page to our permanent collection explaining how your income level affects the premium you pay when you participate in the Medicare Part B program:
Roth Conversion and Medicare Part B Premium
July 15, 2010
A Roth conversion can affect the premium you pay for Medicare Part B (the part that provides medical insurance, as opposed to hospital insurance or prescription drug coverage). For the year of the conversion it increases your income, potentially leading to an increase in your premium. On the other hand, in later years when you’re withdrawing money from your retirement account, your income will be smaller as a result of having done the conversion in a prior year, potentially allowing you to pay a smaller premium for many years. The net benefit or detriment will depend on individual circumstances. (more…)
July 15, 2010
A Roth conversion can affect the premium you pay for Medicare Part B (the part that provides medical insurance, as opposed to hospital insurance or prescription drug coverage). For the year of the conversion it increases your income, potentially leading to an increase in your premium. On the other hand, in later years when you’re withdrawing money from your retirement account, your income will be smaller as a result of having done the conversion in a prior year, potentially allowing you to pay a smaller premium for many years. The net benefit or detriment will depend on individual circumstances. (more…)
Roth Conversions and the Medicare Tax
June 24, 2010
This is the fifth in our series on Roth conversions and tax rates. (For earlier ones, click on the “Roth conversion” tag below this entry.) Our focus here is on how the new Medicare tax on investment income may affect planning for a Roth conversion in 2010 — even though the new tax doesn’t take effect until 2013. (more…)
June 24, 2010
This is the fifth in our series on Roth conversions and tax rates. (For earlier ones, click on the “Roth conversion” tag below this entry.) Our focus here is on how the new Medicare tax on investment income may affect planning for a Roth conversion in 2010 — even though the new tax doesn’t take effect until 2013. (more…)
Tanning Excise Tax Regs
June 15, 2010
You can tan outside all you want free of tax, but beginning July 1, if you go to a tanning salon, you’ll pay a 10% excise tax in addition to the salon’s tanning fees. This is part of the healthcare reform legislation, included in part to provide revenue for the costs of that law but also to discourage an activity that causes healthcare costs due to the increased risk of cancer for those who expose their skin to radiation. Regulations on this new tax have just been issued, dealing with such issues as when the excise tax doesn’t apply because the individual is obtaining a prescribed medical treatment (such as for seasonal affective disorder).
June 15, 2010
You can tan outside all you want free of tax, but beginning July 1, if you go to a tanning salon, you’ll pay a 10% excise tax in addition to the salon’s tanning fees. This is part of the healthcare reform legislation, included in part to provide revenue for the costs of that law but also to discourage an activity that causes healthcare costs due to the increased risk of cancer for those who expose their skin to radiation. Regulations on this new tax have just been issued, dealing with such issues as when the excise tax doesn’t apply because the individual is obtaining a prescribed medical treatment (such as for seasonal affective disorder).
Healthcare Regs on Grandfathered Plans
June 15, 2010
The Treasury Department has issued regulations providing interim rules on provisions of the Patient Protection and Affordable Care Act — the healthcare reform legislation — that excuse certain previously existing plans from complying with some of the law’s requirements. These “grandfathered plans” must comply with some of the new rules but not others, as the law balances the goal of letting people keep their existing coverage with the goal of improving access to coverage and quality of coverage. (more…)
June 15, 2010
The Treasury Department has issued regulations providing interim rules on provisions of the Patient Protection and Affordable Care Act — the healthcare reform legislation — that excuse certain previously existing plans from complying with some of the law’s requirements. These “grandfathered plans” must comply with some of the new rules but not others, as the law balances the goal of letting people keep their existing coverage with the goal of improving access to coverage and quality of coverage. (more…)
Healthcare Rumor Mill
June 8, 2010
Beginning 2011, employers providing health insurance to employees will have to show the cost of that insurance on Form W-2. (This means the first time you’ll see this information on Form W-2 will be early in 2012, when you receive your form for 2011.) The new requirement has touched off a viral email warning that employer-provided health insurance coverage will become taxable next year. Not so: the new reporting requirement is solely for information purposes. Employees will continue to receive these benefits free of tax. The only difference will be the inclusion of this eye-opener on the form.
June 8, 2010
Beginning 2011, employers providing health insurance to employees will have to show the cost of that insurance on Form W-2. (This means the first time you’ll see this information on Form W-2 will be early in 2012, when you receive your form for 2011.) The new requirement has touched off a viral email warning that employer-provided health insurance coverage will become taxable next year. Not so: the new reporting requirement is solely for information purposes. Employees will continue to receive these benefits free of tax. The only difference will be the inclusion of this eye-opener on the form.
IRS Posts New Numbers for Health Savings Accounts
May 24, 2010
An IRS release (PDF) sets the 2011 deduction limits for health savings accounts (HSAs) at $3,050 for single coverage and $6,150 for family coverage. The numbers are unchanged from 2010.
May 24, 2010
An IRS release (PDF) sets the 2011 deduction limits for health savings accounts (HSAs) at $3,050 for single coverage and $6,150 for family coverage. The numbers are unchanged from 2010.
Study: More Deficit Reduction from Health Reform
May 22, 2010
According to the official estimate of the Congressional Budget Office, the health reform legislation will reduce the federal deficit by a mere $143 billion in the first ten years (and roughly another $1 trillion in the second ten years). Some have argued that the CBO is overcounting the savings, but a new study by the Commonwealth Fund (PDF) finds that the opposite is true. According to their analysis, the overall deficit reduction from health reform in the first ten years is about a quarter of a trillion dollars greater than the CBO estimate. They identified $171 billion more in federal savings from payment and system reforms, and another $86 billion in added tax revenue as reduced healthcare costs translate into higher income for individuals.
May 22, 2010
According to the official estimate of the Congressional Budget Office, the health reform legislation will reduce the federal deficit by a mere $143 billion in the first ten years (and roughly another $1 trillion in the second ten years). Some have argued that the CBO is overcounting the savings, but a new study by the Commonwealth Fund (PDF) finds that the opposite is true. According to their analysis, the overall deficit reduction from health reform in the first ten years is about a quarter of a trillion dollars greater than the CBO estimate. They identified $171 billion more in federal savings from payment and system reforms, and another $86 billion in added tax revenue as reduced healthcare costs translate into higher income for individuals.
IRS Guidance on Small Business Healthcare Credit
May 18, 2010
The new healthcare law provides a tax credit for certain small businesses (including tax-exempt organizations) employing moderate- and lower-income workers. This credit is in effect right now. For years 2010 through 2013, a qualifying business can recover up to 35% of the amount it pays in health insurance premiums for its employees. The IRS has issued guidance on how this part of the new law works. (more…)
May 18, 2010
The new healthcare law provides a tax credit for certain small businesses (including tax-exempt organizations) employing moderate- and lower-income workers. This credit is in effect right now. For years 2010 through 2013, a qualifying business can recover up to 35% of the amount it pays in health insurance premiums for its employees. The IRS has issued guidance on how this part of the new law works. (more…)
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