Journalofaccountancy.com

Medicare’s tricky rules on HSAs after age 65

WEBThere is a six-month lookback period (but not before the month of reaching age 65) when enrolling in Medicare after age 65, so a best practice is for workers to …

Actived: 2 days ago

URL: https://www.journalofaccountancy.com/issues/2021/jul/medicare-rules-on-hsa-after-age-65.html

9 facts about HSAs that might surprise your clients

WEBHere are nine facts about HSAs that many account holders don't know but are key to making the most of this important retirement planning tool. 1. HSAs are fully …

Category: Health Go Health

How to identify and report health care fraud

WEBHotlines. Submit a Hotline Complaint, U.S. Department of Health and Human Services Office of Inspector General. Medicare fraud reporting hotlines, 800-MEDICARE (800 …

Category: Health Go Health

HSA contribution limits increase for 2021

WEBThe IRS in Rev. Proc. 2020-32 announced the annual inflation-adjusted limits on deductions for contributions to a health savings account (HSA) allowed for …

Category: Health Go Health

Wellness program benefits: Tax free or not

WEBA wellness program is a workplace program intended to improve and promote health and fitness, in which an employer typically offers premium discounts, cash …

Category: Fitness Go Health

IRS issues guidance on health insurance premium tax credits

WEBUnder the rules, a taxpayer is allowed a deduction under Sec. 162 (l) for health insurance premiums not to exceed the lesser of (1) the premiums less the premium tax credit …

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Funding health care when retiring before Medicare

WEBWhile the average age of retirement in the United States today is 61, millions of people remain in the workforce beyond the point of financial retirement readiness, …

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Claiming the small employer health insurance tax credit

WEBA qualifying arrangement, further described below, generally is one in which the employer pays at least 50% of the premium cost for single (employee-only) coverage. Phase I. For …

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Wraparound coverage must meet five requirements to qualify as …

WEBThe Departments of Health and Human Services (HHS), Labor, and Treasury issued final regulations permitting employers to offer limited wraparound …

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Medical Deduction Allowed for In-Home Personal Care

WEBIRC § 213 allows a deduction for medical care to the extent expenses exceed 7.5% of AGI. Medical care is defined as including long-term-care services as defined in section 7702B …

Category: Medical Go Health

High-deductible Medigap plan makes sense for some

WEBThe annual premium cost of the same company's Medigap High-F is $847.08 for a total cost savings of $2,236.92. The annual deductible in 2018 is $2,240, …

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"Unforeseen Circumstances" Exclusion From Gain on Sale of Home

WEBSingle taxpayers or those married filing separately generally can exclude up to $250,000 of the gain from the sale or exchange of a home ($500,000 for married taxpayers filing …

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Rules proposed for direct primary care arrangements, health care

WEBThe IRS issued proposed rules (REG-109755-19) on the treatment of amounts paid for certain medical care arrangements, including direct primary care …

Category: Medical Go Health

In-home caregivers: Answers to tax and nontax questions

WEBFamilies must also deal with a caregiver's FICA tax obligation—the Social Security tax of 6.2% on wages up to $118,500 in 2016 and the Medicare tax, which is …

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IRS explains new treatment of excess premium tax credits

WEBThe IRS announced on Friday that taxpayers who may have had excess Sec. 36B premium tax credits to report for the 2020 tax year are not required to file Form …

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Self-employed can deduct Medicare premiums, IRS Chief Counsel …

WEBExplaining a recent reversal of a long-held IRS stance, the Office of Chief Counsel advised IRS attorneys that self-employed individuals may deduct Medicare premiums from their …

Category: Health Go Health

A Healthy Deduction for 2% Shareholders

WEBApril 30, 2008. TOPICS. in Notice 2008-1, the IRS has offered an opportunity for 2% shareholders of an S corporation to receive a deduction for health insurance premiums …

Category: Health Go Health

Long-term-care planning using trusts

WEBLong-term-care planning using trusts. By Dave Strausfeld, J.D. October 9, 2023. TOPICS. More than a few clients who are retired or nearing retirement lie awake …

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Cafeteria plan compliance

WEBAn employee with annual compensation in the preceding year exceeding the amount in Sec. 414 (q) (1) (B) ($125,000 for plan years beginning in 2019 and …

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