Tax rules around healthcare — insurance mandates, medical deductions, HSAs, and how healthcare policy shows up on your tax return.
Just one day after the Internal Revenue Service additional Proposed Regulations to clarify governance issues related to the Health Care Act, a group of taxpayers filed a lawsuit in federal court, hoping to put the brakes on the IRS’ right to enforce the Act. The case, Halbig et al v. Sebelius et al, (downloads as…
Taxpayer asks: Hi Taxgirl, My health insurance doesn’t cover the cost of my birth control. I am trying to decide between pills and an IUD. Would either or both of them be tax deductible? taxgirl says: You can only deduct qualifying medical expenses for federal income tax purposes. Qualifying medical expenses include the costs of…
Taxpayer asks: Hi Taxgirl, My parents are willing to pay for me to have gastric bypass and whatever that entails (Dr appointments, nutritionist and so forth). They then want to write the payments off to their taxes. Is that legal? I am no longer a dependent of theirs. Also I have an FSA account if…
ObamaCare has made dealing with medical expenses on your tax return even more confusing. Here’s what you need to know now.
While Presidential hopeful Mitt Romney’s team scurries to deal with the fall out from his “entitlements” speech, President Barack Obama’s team is having their own “not how I’d hoped this would go” moment. The Obama campaign was dealt a serious blow on yesterday when the nonpartisan Congressional Budget Office (CBO) released a report indicating that…
Over the weekend – after some serious wiggle action – my son lost his second tooth. The tooth fairy paid a visit and left him some money, causing me to wonder on Facebook about the tax consequences of the transaction (yes, this is how my mind works). You can see what readers and fans had…
Submitted by KRISTEN YUNKER I can appreciate all the good intentions behind the Affordable Healthcare Act. I’ve spent my life working in low-wage service jobs, without benefits; I’ve only been to hospitals for stitches and tetanus shots – which would’ve been devastating expenses for me had they not been Workers’ Comp claims. Even moving into…
Submitted by ORAYNAB MOHAMAD Although our elected leaders have agreed for years that health care reform is inevitable, they are either unwilling or unable to agree on a comprehensive bill. This gridlock has persisted after the passage of the Patient Protection and Affordable Care Act (PPACA) in 2010. Though the Supreme Court has ruled…
Days before the Congressional Budget Office (CBO) released its revised figures for the Affordable Care Act (ACA, or the health care act), the spin had already started. Depending on what you read, your take was either that we were approaching the end of the world wherein President Obama and the Supreme Court (SCOTUS) had bankrupted…
Last night, I was browsing through my email and a message caught my eye. A reader passed along a link to this piece written by Diem Brown, with a note that said, more or less, “Can you believe she didn’t know about the medical deduction?” By way of background, Brown, age 30, is a recurring…