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Question about IRS and Obamacare
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AndyS
May 19, 2013, 9:10:15 AM5/19/13
to
My understanding is that the Obamacare supplements will be paid out
by the IRS when a citizen files his/her tax return. Is that correct ??
If so, then how do the 50% of Americans who do not pay Federal
Income Tax get their supplement ?
--
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by the IRS when a citizen files his/her tax return. Is that correct ??
If so, then how do the 50% of Americans who do not pay Federal
Income Tax get their supplement ?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
JoeTaxpayer
May 19, 2013, 9:35:37 AM5/19/13
to
On 5/19/13 9:10 AM, AndyS wrote:
> My understanding is that the Obamacare supplements will be paid out
> by the IRS when a citizen files his/her tax return. Is that correct ??
>
> If so, then how do the 50% of Americans who do not pay Federal
> Income Tax get their supplement ?
A great many of those 50% only realize they have no Federal Tax burden
> My understanding is that the Obamacare supplements will be paid out
> by the IRS when a citizen files his/her tax return. Is that correct ??
>
> If so, then how do the 50% of Americans who do not pay Federal
> Income Tax get their supplement ?
after they file, and get back whatever tax had been withheld along with
any refundable credits.
In other words, anyone qualifying for a Health Care credit would need to
file a return to get it.
John Levine
May 19, 2013, 11:17:45 AM5/19/13
to
>> If so, then how do the 50% of Americans who do not pay Federal
>> Income Tax get their supplement ?
A large subset of that 50% pay FICA, so they have to file anyway. The
>> Income Tax get their supplement ?
canard about 50% "paying no tax" is deeply misleading, but there are
better places than this to argue about it.
>A great many of those 50% only realize they have no Federal Tax burden
>after they file, and get back whatever tax had been withheld along with
>any refundable credits.
>In other words, anyone qualifying for a Health Care credit would need to
>file a return to get it.
same issue. The ones who are so poor they owe no tax at all and have
no credits are likely to be eligible for Medicare or Medicaid.
--
Regards,
John Levine, jo...@iecc.com, Primary Perpetrator of "The Internet for Dummies",
Please consider the environment before reading this e-mail. http://jl.ly
D.F. Manno
May 19, 2013, 1:41:54 PM5/19/13
to
In article <knaqe2$286m$1...@leila.iecc.com>, John Levine <jo...@iecc.com>
wrote:
> >> If so, then how do the 50% of Americans who do not pay Federal
> >> Income Tax get their supplement ?
>
> A large subset of that 50% pay FICA, so they have to file anyway.
FICA liability in and of itself does not necessitate filing a return.
--
D.F. Manno
domm...@aim.com
wrote:
> >> If so, then how do the 50% of Americans who do not pay Federal
> >> Income Tax get their supplement ?
>
> A large subset of that 50% pay FICA, so they have to file anyway.
--
D.F. Manno
domm...@aim.com
Mark Bole
May 19, 2013, 2:34:10 PM5/19/13
to
On 2013-05-19 06:35, JoeTaxpayer wrote:
> On 5/19/13 9:10 AM, AndyS wrote:
>> My understanding is that the Obamacare supplements will be paid out
>> by the IRS when a citizen files his/her tax return. Is that correct ??
>>
>> If so, then how do the 50% of Americans who do not pay Federal
>> Income Tax get their supplement ?
>
> A great many of those 50% only realize they have no Federal Tax burden
> after they file, and get back whatever tax had been withheld along with
> any refundable credits.
> In other words, anyone qualifying for a Health Care credit would need to
> file a return to get it.
>
No, your understanding is not correct.
> On 5/19/13 9:10 AM, AndyS wrote:
>> My understanding is that the Obamacare supplements will be paid out
>> by the IRS when a citizen files his/her tax return. Is that correct ??
>>
>> If so, then how do the 50% of Americans who do not pay Federal
>> Income Tax get their supplement ?
>
> A great many of those 50% only realize they have no Federal Tax burden
> after they file, and get back whatever tax had been withheld along with
> any refundable credits.
> In other words, anyone qualifying for a Health Care credit would need to
> file a return to get it.
>
Even if there really are "50% of Americans who do not pay Federal Income
Tax", why would you assume that every one of them is also going to
qualify for premium assistance (aka subsidy)? For starters, many of
those may already be covered through an employer.
According to my tax research service, people who need coverage will
apply for insurance through the exchange beginning this October, and at
that time, information about family size, household income, and federal
poverty level (FPL) is combined to determine if eligible for a subsidy.
Household income projection for 2014 will be made using 2012 tax
return info and/or other info provided directly by applicant.
To your specific question, the subsidy, if the insured is eligible, will
be advanced directly to the QHP (qualifying health plan), so it will not
go through the insured's hands.
When they file their actual 2014 tax return, the income projection will
be reconciled with actual income to determine if they got too much
premium assistance, or not enough. Those who got too much will have to
pay it back, those who were eligible for more will get a refundable
credit. So these folks will be required to file a tax return, not to
receive a subsidy, but only to "true up" (reconcile) the projection with
actual and settle the difference.
--
Mark Bole, EA
Enrolled Agents - America's Tax Experts
http://markboletax.com
AndyS
May 19, 2013, 9:14:56 PM5/19/13
to
On May 19, 1:34 pm, Mark Bole <ma...@pacbell.net> wrote:
> When they file their actual 2014 tax return, the income projection will
> be reconciled with actual income to determine if they got too much
> premium assistance, or not enough. Those who got too much will have to
> pay it back, those who were eligible for more will get a refundable
> credit. So these folks will be required to file a tax return, not to
> receive a subsidy, but only to "true up" (reconcile) the projection with
> actual and settle the difference.
>
Thank you , Mark. I am assuming that a "normal" tax return will
> When they file their actual 2014 tax return, the income projection will
> be reconciled with actual income to determine if they got too much
> premium assistance, or not enough. Those who got too much will have to
> pay it back, those who were eligible for more will get a refundable
> credit. So these folks will be required to file a tax return, not to
> receive a subsidy, but only to "true up" (reconcile) the projection with
> actual and settle the difference.
>
be filed, the IRS will do the reconciliation, and either add to the
refund or send a bill for more money. It would be inconceivable
to me to ask the citizenry to do the reconciliation before filing
the return.
AndyS
Mark Bole
May 19, 2013, 11:14:33 PM5/19/13
to
On 2013-05-19 18:14, AndyS wrote:
> Thank you , Mark. I am assuming that a "normal" tax return will
> be filed, the IRS will do the reconciliation, and either add to the
> refund or send a bill for more money. It would be inconceivable
> to me to ask the citizenry to do the reconciliation before filing
> the return.
>
> AndyS
>
Again, I think you might be mistaken. As posted in a previous thread,
> Thank you , Mark. I am assuming that a "normal" tax return will
> be filed, the IRS will do the reconciliation, and either add to the
> refund or send a bill for more money. It would be inconceivable
> to me to ask the citizenry to do the reconciliation before filing
> the return.
>
> AndyS
>
it is reasonable to assume IRS will create something similar to
Massachusetts income tax Schedule HC, which has been used for a similar
purpose in that state for number of years now.
And taxpayers will receive some new type of information reporting form
to use when filing their tax, so it should be pretty simple and automatic.
I don't have cites on all of this, just my educated guess.
Mark Bole
May 19, 2013, 11:18:41 PM5/19/13
to
On 2013-05-19 20:14, Mark Bole wrote:
> I don't have cites on all of this, just my educated guess.
>
The link http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions
> I don't have cites on all of this, just my educated guess.
>
has a lot of references to notices, rulemaking, proposed and final
regulations, FAQs, and so on.
That should be your next stop, after this newsgroup, of course.
remove ps
May 20, 2013, 7:29:04 PM5/20/13
to
AndyS wrote:
> My understanding is that the Obamacare supplements will be paid out
> by the IRS when a citizen files his/her tax return. Is that correct ??
>
> If so, then how do the 50% of Americans who do not pay Federal
> Income Tax get their supplement ?
Are you talking about the subsidies if you make less than 4 times the
> My understanding is that the Obamacare supplements will be paid out
> by the IRS when a citizen files his/her tax return. Is that correct ??
>
> If so, then how do the 50% of Americans who do not pay Federal
> Income Tax get their supplement ?
poverty level? Many of the people who owe no federal tax have to file
a tax return to get a refund of all tax withheld. Anyway, there is a
process called advance EITC credit, which allows you to get your EITC
refund during the year, and thus a larger paycheck, see
http://www.irs.gov/uac/You-May-Be-Eligible-for-the-Advance-Earned-Income
-Tax-Credit. If it turns out you claimed too much EITC, then when you
file your tax return you have to pay the extra back. I think there
will be a similar procedures for the health insurance subsidies.
Don Priebe
May 20, 2013, 8:27:08 PM5/20/13
to
> Anyway, there is a process called advance EITC credit, which allows
you to get your EITC refund during the year, and thus a larger
paycheck, If it turns out you claimed too much EITC, then when you file
you to get your EITC refund during the year, and thus a larger
your tax return you have to pay the extra back. I think there will be a
similar procedures for the health insurance subsidies.
The Advance EIC process doesn't exist anymore. 2010 was the last tax
similar procedures for the health insurance subsidies.
year it was available.
Don EA in Upstate NY
Barry Margolin
May 20, 2013, 8:50:54 PM5/20/13
to
In article <xn0iiarh...@news.aioe.org>,
withheld in the first place? People living paycheck-to-paycheck probably
can't afford to wait until the next April 15 to get all their
withholdings back, so I sure hope they take this option.
--
Barry Margolin
Arlington, MA
"remove ps" <removeps...@yahoo.com> wrote:
> Are you talking about the subsidies if you make less than 4 times the
> poverty level? Many of the people who owe no federal tax have to file
> a tax return to get a refund of all tax withheld.
Wouldn't they write "Exempt" on their W-4 form to avoid having tax
> Are you talking about the subsidies if you make less than 4 times the
> poverty level? Many of the people who owe no federal tax have to file
> a tax return to get a refund of all tax withheld.
withheld in the first place? People living paycheck-to-paycheck probably
can't afford to wait until the next April 15 to get all their
withholdings back, so I sure hope they take this option.
--
Barry Margolin
Arlington, MA
jay_wi...@alumni.pitt.edu
May 20, 2013, 9:24:37 PM5/20/13
to
On Monday, May 20, 2013 4:29:04 PM UTC-7, remove ps wrote:
> AndyS wrote:
>
> > My understanding is that the Obamacare supplements will be paid out
> > by the IRS when a citizen files his/her tax return. Is that correct ??
> > If so, then how do the 50% of Americans who do not pay Federal
> > Income Tax get their supplement ?
>
>
> Are you talking about the subsidies if you make less than 4 times the
> poverty level? Many of the people who owe no federal tax have to file
> a tax return to get a refund of all tax withheld. Anyway, there is a
> process called advance EITC credit, which allows you to get your EITC
> refund during the year, and thus a larger paycheck, see
> http://www.irs.gov/uac/You-May-Be-Eligible-for-the-Advance-Earned-Income
> -Tax-Credit. If it turns out you claimed too much EITC, then when you
> file your tax return you have to pay the extra back. I think there
> will be a similar procedures for the health insurance subsidies.
You're a couple of years late. The Advance EITC was terminated in 2011.
> AndyS wrote:
>
> > My understanding is that the Obamacare supplements will be paid out
> > by the IRS when a citizen files his/her tax return. Is that correct ??
> > If so, then how do the 50% of Americans who do not pay Federal
> > Income Tax get their supplement ?
>
>
> Are you talking about the subsidies if you make less than 4 times the
> poverty level? Many of the people who owe no federal tax have to file
> a tax return to get a refund of all tax withheld. Anyway, there is a
> process called advance EITC credit, which allows you to get your EITC
> refund during the year, and thus a larger paycheck, see
> http://www.irs.gov/uac/You-May-Be-Eligible-for-the-Advance-Earned-Income
> -Tax-Credit. If it turns out you claimed too much EITC, then when you
> file your tax return you have to pay the extra back. I think there
> will be a similar procedures for the health insurance subsidies.
Jay Wiedwald
Phil Marti
May 21, 2013, 6:12:04 AM5/21/13
to
On Monday, May 20, 2013 8:50:54 PM UTC-4, Barry Margolin wrote:
> Wouldn't they write "Exempt" on their W-4 form to avoid having tax
> withheld in the first place? People living paycheck-to-paycheck probably
> can't afford to wait until the next April 15 to get all their
> withholdings back, so I sure hope they take this option.
Many do, but there's still the FICA/Medicare, which must be withheld. When we see relatively large income tax withheld we talk to them about adjusting W-4's, but some really like those huge checks.
> Wouldn't they write "Exempt" on their W-4 form to avoid having tax
> withheld in the first place? People living paycheck-to-paycheck probably
> can't afford to wait until the next April 15 to get all their
> withholdings back, so I sure hope they take this option.
Phil Marti
VITA Volunteer
Clarksburg, MD
paulthomascpa
May 21, 2013, 9:10:07 AM5/21/13
to
"Phil Marti" <prm2...@verizon.net> wrote
> When we see relatively large income tax withheld we talk to them
> about adjusting W-4's, but some really like those huge checks.
It's just one of those things that can't be explained. They'd rather
> about adjusting W-4's, but some really like those huge checks.
struggle all year long to make ends meet and get a $2400 refund check than
to have an extra $200 a month in their take home pay.
--
Paul Thomas, CPA
www.paulthomascpa.com
Watkinsville, Georgia
W. Baker
May 21, 2013, 10:17:27 AM5/21/13
to
paulthomascpa <paultho...@bellsouth.net> wrote:
: "Phil Marti" <prm2...@verizon.net> wrote
all when they get it. Maybe they use it for a vacation or to pay off
holiday bills, or just to feel "rich" once a year.
Wendy Baker
: --
: "Phil Marti" <prm2...@verizon.net> wrote
: > When we see relatively large income tax withheld we talk to them
: > about adjusting W-4's, but some really like those huge checks.
: It's just one of those things that can't be explained. They'd rather
: struggle all year long to make ends meet and get a $2400 refund check than
: to have an extra $200 a month in their take home pay.
It might be regarded as a kind of forced savings, even if they spend it
: > about adjusting W-4's, but some really like those huge checks.
: It's just one of those things that can't be explained. They'd rather
: struggle all year long to make ends meet and get a $2400 refund check than
: to have an extra $200 a month in their take home pay.
all when they get it. Maybe they use it for a vacation or to pay off
holiday bills, or just to feel "rich" once a year.
Wendy Baker
: --
Stuart A. Bronstein
May 21, 2013, 10:41:09 AM5/21/13
to
"W. Baker" <wba...@panix.com> wrote:
> paulthomascpa <paultho...@bellsouth.net> wrote:
>: "Phil Marti" <prm2...@verizon.net> wrote
>: > When we see relatively large income tax withheld we talk to
>: > them about adjusting W-4's, but some really like those huge
>: > checks.
>
>: It's just one of those things that can't be explained. They'd
>: rather struggle all year long to make ends meet and get a $2400
>: refund check than to have an extra $200 a month in their take
>: home pay.
>
> It might be regarded as a kind of forced savings, even if they
> spend it all when they get it. Maybe they use it for a vacation
> or to pay off holiday bills, or just to feel "rich" once a year.
Yes, but it's forced savings where they earn no interest. These days
> paulthomascpa <paultho...@bellsouth.net> wrote:
>: "Phil Marti" <prm2...@verizon.net> wrote
>: > When we see relatively large income tax withheld we talk to
>: > them about adjusting W-4's, but some really like those huge
>: > checks.
>
>: It's just one of those things that can't be explained. They'd
>: rather struggle all year long to make ends meet and get a $2400
>: refund check than to have an extra $200 a month in their take
>: home pay.
>
> It might be regarded as a kind of forced savings, even if they
> spend it all when they get it. Maybe they use it for a vacation
> or to pay off holiday bills, or just to feel "rich" once a year.
bank interest is so low it may not make a difference. But in times
of higher interest it could amount to hundreds of dollars.
--
Stu
http://DownToEarthLawyer.com
Kurt Ullman
May 21, 2013, 11:01:02 AM5/21/13
to
In article <MNadnWezxqS_7wbM...@giganews.com>,
finally got through to the kids that is their money that they have lent
interest-free to the Feds. And they, quite reasonably now a days,
mention that is pretty much the standard in money markets and they save
a higher percentage when they get it back in a lump and I am there to
hector them into saving it than they would if it came out every couple
of weeks. Sorta hard to argue with that logic (grin).
--
America is at that awkward stage. It's too late
to work within the system, but too early to shoot
the bastards."-- Claire Wolfe
"paulthomascpa" <paultho...@bellsouth.net> wrote:
> "Phil Marti" <prm2...@verizon.net> wrote
> > When we see relatively large income tax withheld we talk to them
> > about adjusting W-4's, but some really like those huge checks.
>
>
> It's just one of those things that can't be explained. They'd rather
> struggle all year long to make ends meet and get a $2400 refund check than
> to have an extra $200 a month in their take home pay.
>
>
That's free money that I get back from the Fed's. At least I
> "Phil Marti" <prm2...@verizon.net> wrote
> > When we see relatively large income tax withheld we talk to them
> > about adjusting W-4's, but some really like those huge checks.
>
>
> It's just one of those things that can't be explained. They'd rather
> struggle all year long to make ends meet and get a $2400 refund check than
> to have an extra $200 a month in their take home pay.
>
>
finally got through to the kids that is their money that they have lent
interest-free to the Feds. And they, quite reasonably now a days,
mention that is pretty much the standard in money markets and they save
a higher percentage when they get it back in a lump and I am there to
hector them into saving it than they would if it came out every couple
of weeks. Sorta hard to argue with that logic (grin).
--
America is at that awkward stage. It's too late
to work within the system, but too early to shoot
the bastards."-- Claire Wolfe
JoeTaxpayer
May 21, 2013, 1:01:42 PM5/21/13
to
On 5/21/13 10:41 AM, Stuart A. Bronstein wrote:
> Yes, but it's forced savings where they earn no interest. These days
> bank interest is so low it may not make a difference. But in times
> of higher interest it could amount to hundreds of dollars.
Interest on savings may be low, but odds are most of the people getting
> Yes, but it's forced savings where they earn no interest. These days
> bank interest is so low it may not make a difference. But in times
> of higher interest it could amount to hundreds of dollars.
these refunds are paying 18% on their credit cards. So that $2000 refund
just cost them $360.
W. Baker
May 21, 2013, 2:20:55 PM5/21/13
to
Stuart A. Bronstein <spam...@lexregia.com> wrote:
all. Of course it is not ideal and earns so interest, , but it may well
be the best they can do to save anything. BEtter woulde tose automatic
savings plans I remember form my youth when a set amout was withheld from
your take home pay and deposited into a bank savigns account. Won't do
too much towards makign big money, but also a way to have forced
savings(if it's not in my hands I can't spend it).
Wendy Baker
: "W. Baker" <wba...@panix.com> wrote:
: > paulthomascpa <paultho...@bellsouth.net> wrote:
: >: "Phil Marti" <prm2...@verizon.net> wrote
: >: > When we see relatively large income tax withheld we talk to
: >: > them about adjusting W-4's, but some really like those huge
: >: > checks.
: >
: >: It's just one of those things that can't be explained. They'd
: >: rather struggle all year long to make ends meet and get a $2400
: >: refund check than to have an extra $200 a month in their take
: >: home pay.
: >
: > It might be regarded as a kind of forced savings, even if they
: > spend it all when they get it. Maybe they use it for a vacation
: > or to pay off holiday bills, or just to feel "rich" once a year.
: Yes, but it's forced savings where they earn no interest. These days
: bank interest is so low it may not make a difference. But in times
: of higher interest it could amount to hundreds of dollars.
: --
: Stu
: http://DownToEarthLawyer.com
Of course, but, perhaps, forced savings is what helps them save anyting at
: > paulthomascpa <paultho...@bellsouth.net> wrote:
: >: "Phil Marti" <prm2...@verizon.net> wrote
: >: > When we see relatively large income tax withheld we talk to
: >: > them about adjusting W-4's, but some really like those huge
: >: > checks.
: >
: >: It's just one of those things that can't be explained. They'd
: >: rather struggle all year long to make ends meet and get a $2400
: >: refund check than to have an extra $200 a month in their take
: >: home pay.
: >
: > It might be regarded as a kind of forced savings, even if they
: > spend it all when they get it. Maybe they use it for a vacation
: > or to pay off holiday bills, or just to feel "rich" once a year.
: Yes, but it's forced savings where they earn no interest. These days
: bank interest is so low it may not make a difference. But in times
: of higher interest it could amount to hundreds of dollars.
: --
: Stu
: http://DownToEarthLawyer.com
all. Of course it is not ideal and earns so interest, , but it may well
be the best they can do to save anything. BEtter woulde tose automatic
savings plans I remember form my youth when a set amout was withheld from
your take home pay and deposited into a bank savigns account. Won't do
too much towards makign big money, but also a way to have forced
savings(if it's not in my hands I can't spend it).
Wendy Baker
Barry Margolin
May 21, 2013, 4:07:12 PM5/21/13
to
In article <kngajb$52q$1...@reader1.panix.com>,
probably blow it on something frivolous, like finally paying all the
bills that they've gotten behind on because they didn't have enough
money in their weekly paychecks.
--
Barry Margolin
Arlington, MA
"W. Baker" <wba...@panix.com> wrote:
> Stuart A. Bronstein <spam...@lexregia.com> wrote:
> : "W. Baker" <wba...@panix.com> wrote:
> : > paulthomascpa <paultho...@bellsouth.net> wrote:
> : >: "Phil Marti" <prm2...@verizon.net> wrote
>
> : >: > When we see relatively large income tax withheld we talk to
> : >: > them about adjusting W-4's, but some really like those huge
> : >: > checks.
> : >
> : >: It's just one of those things that can't be explained. They'd
> : >: rather struggle all year long to make ends meet and get a $2400
> : >: refund check than to have an extra $200 a month in their take
> : >: home pay.
> : >
> : > It might be regarded as a kind of forced savings, even if they
> : > spend it all when they get it. Maybe they use it for a vacation
> : > or to pay off holiday bills, or just to feel "rich" once a year.
>
> : Yes, but it's forced savings where they earn no interest. These days
> : bank interest is so low it may not make a difference. But in times
> : of higher interest it could amount to hundreds of dollars.
>
> : --
> : Stu
> : http://DownToEarthLawyer.com
>
> Of course, but, perhaps, forced savings is what helps them save anyting at
> all.
They're only "saving" for about a year. When the refund comes, they
> Stuart A. Bronstein <spam...@lexregia.com> wrote:
> : "W. Baker" <wba...@panix.com> wrote:
> : > paulthomascpa <paultho...@bellsouth.net> wrote:
> : >: "Phil Marti" <prm2...@verizon.net> wrote
>
> : >: > When we see relatively large income tax withheld we talk to
> : >: > them about adjusting W-4's, but some really like those huge
> : >: > checks.
> : >
> : >: It's just one of those things that can't be explained. They'd
> : >: rather struggle all year long to make ends meet and get a $2400
> : >: refund check than to have an extra $200 a month in their take
> : >: home pay.
> : >
> : > It might be regarded as a kind of forced savings, even if they
> : > spend it all when they get it. Maybe they use it for a vacation
> : > or to pay off holiday bills, or just to feel "rich" once a year.
>
> : Yes, but it's forced savings where they earn no interest. These days
> : bank interest is so low it may not make a difference. But in times
> : of higher interest it could amount to hundreds of dollars.
>
> : --
> : Stu
> : http://DownToEarthLawyer.com
>
> Of course, but, perhaps, forced savings is what helps them save anyting at
> all.
probably blow it on something frivolous, like finally paying all the
bills that they've gotten behind on because they didn't have enough
money in their weekly paychecks.
--
Barry Margolin
Arlington, MA
Mark Bole
May 21, 2013, 7:24:04 PM5/21/13
to
country would probably approach 50%...
Simple example, just look at all the gas stations and liquor stores that
make significant revenue off of selling lottery tickets...
Pico Rico
May 21, 2013, 8:00:34 PM5/21/13
to
"Mark Bole" <ma...@pacbell.net> wrote in message
news:kngvei$na7$1...@dont-email.me...
Mark Bole
May 26, 2013, 1:09:01 PM5/26/13
to
On 2013-05-19 20:14, Mark Bole wrote:
> On 2013-05-19 18:14, AndyS wrote:
>
>> Thank you , Mark. I am assuming that a "normal" tax return will
>> be filed, the IRS will do the reconciliation, and either add to the
>> refund or send a bill for more money. It would be inconceivable
>> to me to ask the citizenry to do the reconciliation before filing
>> the return.
[...]
>
>> Thank you , Mark. I am assuming that a "normal" tax return will
>> be filed, the IRS will do the reconciliation, and either add to the
>> refund or send a bill for more money. It would be inconceivable
>> to me to ask the citizenry to do the reconciliation before filing
>> the return.
>
> Again, I think you might be mistaken. As posted in a previous thread,
> it is reasonable to assume IRS will create something similar to
> Massachusetts income tax Schedule HC, which has been used for a similar
> purpose in that state for number of years now.
>
> And taxpayers will receive some new type of information reporting form
> to use when filing their tax, so it should be pretty simple and automatic.
>
> I don't have cites on all of this, just my educated guess.
>
Here is an excerpt from a recent Kiplinger Tax newsletter:
> Again, I think you might be mistaken. As posted in a previous thread,
> it is reasonable to assume IRS will create something similar to
> Massachusetts income tax Schedule HC, which has been used for a similar
> purpose in that state for number of years now.
>
> And taxpayers will receive some new type of information reporting form
> to use when filing their tax, so it should be pretty simple and automatic.
>
> I don't have cites on all of this, just my educated guess.
>
"Insurance companies will send a report of coverage to IRS and
taxpayers, listing the names, addresses and tax ID numbers of all
individuals with coverage. If an employer self-insures, the employer
will make the report. No medical history will be listed. The Service
will then check to make sure that uncovered individuals have paid the
penalty, which is capped at $95 a person for 2014. And remember, IRS can
enforce the penalty only by docking tax refunds. It can’t use liens or
levies."
Pico Rico
May 26, 2013, 2:43:21 PM5/26/13
to
news:kntfb1$k4f$1...@dont-email.me...
deductible policy meet the requirements of what someone else has decided is
the amount of coverage I should have.
> On 2013-05-19 20:14, Mark Bole wrote:
>> On 2013-05-19 18:14, AndyS wrote:
>>
>>> Thank you , Mark. I am assuming that a "normal" tax return will
>>> be filed, the IRS will do the reconciliation, and either add to the
>>> refund or send a bill for more money. It would be inconceivable
>>> to me to ask the citizenry to do the reconciliation before filing
>>> the return.
> [...]
>>
>> Again, I think you might be mistaken. As posted in a previous thread,
>> it is reasonable to assume IRS will create something similar to
>> Massachusetts income tax Schedule HC, which has been used for a similar
>> purpose in that state for number of years now.
>>
>> And taxpayers will receive some new type of information reporting form
>> to use when filing their tax, so it should be pretty simple and
>> automatic.
>>
>> I don't have cites on all of this, just my educated guess.
>>
>
> Here is an excerpt from a recent Kiplinger Tax newsletter:
>
> "Insurance companies will send a report of coverage to IRS and taxpayers,
> listing the names, addresses and tax ID numbers of all individuals with
> coverage. If an employer self-insures, the employer will make the report.
> No medical history will be listed. The Service will then check to make
> sure that uncovered individuals have paid the penalty, which is capped at
> $95 a person for 2014. And remember, IRS can enforce the penalty only by
> docking tax refunds. It can�t use liens or levies."
>
>
I would like to know WHEN my insurance company will tell me if my high
>> On 2013-05-19 18:14, AndyS wrote:
>>
>>> Thank you , Mark. I am assuming that a "normal" tax return will
>>> be filed, the IRS will do the reconciliation, and either add to the
>>> refund or send a bill for more money. It would be inconceivable
>>> to me to ask the citizenry to do the reconciliation before filing
>>> the return.
> [...]
>>
>> Again, I think you might be mistaken. As posted in a previous thread,
>> it is reasonable to assume IRS will create something similar to
>> Massachusetts income tax Schedule HC, which has been used for a similar
>> purpose in that state for number of years now.
>>
>> And taxpayers will receive some new type of information reporting form
>> to use when filing their tax, so it should be pretty simple and
>> automatic.
>>
>> I don't have cites on all of this, just my educated guess.
>>
>
> Here is an excerpt from a recent Kiplinger Tax newsletter:
>
> "Insurance companies will send a report of coverage to IRS and taxpayers,
> listing the names, addresses and tax ID numbers of all individuals with
> coverage. If an employer self-insures, the employer will make the report.
> No medical history will be listed. The Service will then check to make
> sure that uncovered individuals have paid the penalty, which is capped at
> $95 a person for 2014. And remember, IRS can enforce the penalty only by
> docking tax refunds. It can�t use liens or levies."
>
>
deductible policy meet the requirements of what someone else has decided is
the amount of coverage I should have.
Phil Marti
May 27, 2013, 6:08:34 AM5/27/13
to
On Sunday, May 26, 2013 2:43:21 PM UTC-4, Pico Rico wrote:
> I would like to know WHEN my insurance company will tell me if my high
> deductible policy meet the requirements of what someone else has decided is
> the amount of coverage I should have.
Just an educated guess here, but I imagine it will be in the guide to benefits available to you before you sign up. My guide makes reference to its satisfying Medicare Part D requirements.
> I would like to know WHEN my insurance company will tell me if my high
> deductible policy meet the requirements of what someone else has decided is
> the amount of coverage I should have.
Phil Marti
VITA/TCE Volunteer
Clarksburg, MD
Pico Rico
May 27, 2013, 12:29:59 PM5/27/13
to
"Phil Marti" <prm2...@verizon.net> wrote in message
news:2b70ae6d-fa28-4bb5...@googlegroups.com...
> On Sunday, May 26, 2013 2:43:21 PM UTC-4, Pico Rico wrote:
>
>> I would like to know WHEN my insurance company will tell me if my high
>> deductible policy meet the requirements of what someone else has decided
>> is
>> the amount of coverage I should have.
>
> Just an educated guess here, but I imagine it will be in the guide to
> benefits available to you before you sign up. My guide makes reference to
> its satisfying Medicare Part D requirements.
>
uh, I signed up several years ago. I looked at the current online guide to
>
>> I would like to know WHEN my insurance company will tell me if my high
>> deductible policy meet the requirements of what someone else has decided
>> is
>> the amount of coverage I should have.
>
> Just an educated guess here, but I imagine it will be in the guide to
> benefits available to you before you sign up. My guide makes reference to
> its satisfying Medicare Part D requirements.
>
benefits, and it says nothing.
I did send them an inquiry.
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