Your taxes and Obamacare

[Road King Cole]

"So vote intelligently"

I just hope there is someone intelligent to vote for next time. I did a wasted "protest vote" last time as I also wasn't that excited about McCain. Perhaps I (and a lot of others) should have voted for him just to keep obama out...

btw, I like your new "fancy dancy" signature...

[RWilson2526]

We've had this discussion before....you are going to need to show me where the amount that will be required to be "reported" on your W-2 will be considered taxable income. From what I have learned the gubbermint is requiring that how much each persons employer pays for healthcare will be required to be reported on W-2's some some hard numbers of what healthcare is costing individuals can be documented. I cannot find anywhere that says it will be added to your taxable income.

http://www.factcheck.org/2010/05/hea...and-w-2-forms/
http://www.kiplinger.com/businessres...n-the-way.html
http://www.wscpa.org/Content/39530.aspx
http://www.associatedcontent.com/art..._of.html?cat=3

[willy]

RW I don't know where it is, I do know that my previous employer from where I retired has been notified of exactly what it says in that post.
Perhaps it is buried in the 2400 pages of the Obamacide that no one has finished reading yet. Or maybe a regulation passed sans Congress by the regulation Czar Cass Sunstein, or maybe by one of the regulations passed by one of the other Czar's of the current Politboro in the executive branch.
We will be told when it is time for us to know.

[Destroyer]

RW, you're right, we have had this discussion before. I reopened it because of something I was told the other day from the controller of the company I work for. She told me that, according to everything she has been told, and the classes that she's attended in order to understand the new health care law(s), we will, indeed have to pay taxes on that part of health care that is provided by our employers.

So in other words, and for the sake of discussion, lets say your health care plan costs $20,000 a year overall and that your employer pays for 50% of your health care plan and you pay for the other 50%. The part that you pay ($10,000) is not taxed, because it's an expense, but the $10,000 that your employer pays will be considered as income and will be taxed. She went further and stated that they will probably hand out 1099 forms for the additional income. (No, I don't know why) Now, I admit, this is all supposition and may or may not be the actual law, but, like I said, she's gone to courses already, and in them they are teaching that it is going to be treated as income. She's also a Senior VP in the company I work for, is the Controller of our company, is a C.P.A. and is pretty smart. She might be wrong. I might be wrong. The whole subject might be academic if the health care bill is ruled unconstitutional. But in all cases, it's an indication of the way that the present corrupt political government (left and right) in Washington is trying to screw the people of this Nation. We started to clean the cesspool this November past... we have to always remember that we need to complete the job in 2012.

[RWilson2526]

All right where is the "head banging against the wall" emoticon? Not saying its not going to happen someday, but I will blow you in Macy's window if I pay taxes on my health insurance for 2011.

http://www.kiplinger.com/columns/was...be-taxed-.html

http://www.huffingtonpost.com/linda-..._b_641937.html

http://www.politifact.com/truth-o-me...nce-pay-taxes/

http://www.boston.com/business/perso...pany_pays.html

[garagenc]

Hey RW

The boys are right about it being taxable.
I got info from the IRS telling me (and my accountant for the company) that says any money I put toward Employee health insurance is now part of the gross taxable sum that goes on the W2 form.

[RWilson2526]

Guys.....It is published in 100 different places that it is not....somebody PLEASE show me in writing from somewhere that it will be TAXED.... It may very well be listed under wages, tips and other compensation (which would be what your business accountant might say) but when you reconcile your tax dollars when filing, according to the current passed legislation it will not be taxed!.... It may very well read something like : Gross wages and compensation X dollars (which will include the health premiums) .....net taxable income X dollars(which will take out all your other deductions and the health premiums)....so your accountant would be correct in saying that the number would be added to your adjusted gross income but are your sure he said "TAXABLE" income....
Your adjusted gross income and your taxable income are not the same thing.

Look the Macy's thing was probably a bad idea but I got $300 to put up that you can split between as many of you that still believe this that at least as of 12/14/2010 your health insurance premiums will not be taxed in 2011 and starting in 2018 it will be taxed if it is over $27500.

Unfortunately I guess we wont know for a year until we file for 2011 who's right or wrong but in the meantime somebody please show me from some source other than my accountant said so that it will be taxed.

[RWilson2526]

Title IX Revenue Provisions***8212;Subtitle A: Revenue Offset "(Sec. 9002) Requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer-sponsored group health coverage that is excludable from the employee's gross income (excluding the value of contributions to flexible spending arrangements)."


And one last thing I just noticed...this is right from Destroyers original post....