Health Care

Health Care

HSA contribution

I am on Medicare. My wife & son are on a High Deductible Health plan thru Coloroado Market Place with an HSA. My wife contributed the maximum allowed to her HSA at the family level for TYs 2024 & 2025. Our tax person says she can only contribute at the individual level since I'm on Medicare and therefore must withdraw excess funds from the HSA (family - indiv amts). We find nothing in IRS Publ 969 to support this. Is my wife allowed to contribute at the family level?

Health Care

How do I appeal an IRS advocate decision effectively?

So I am trying to see how I can file an appeal against the IRS advocate decision with my tax issues

Health Care

Business expense

I have an S-Corp and provide home health care in patients homes. My drivers license is up for renewal and they are requiring a vision test that costs $120. Does this qualify as a business expense?

Health Care

My ex spouse is requesting my 2023 1095-A form. She gets to claim both children on tax return each year. We separated Nov 2022.

I provide health ins coverage for both children, my current spouse and myself for 2023. My ex never asked for my 2022 1095-A which she was on it, along with both my children so I found it odd she is demanding my 2023 1095-A. I asked her why and she said for proof the children had insurance. I'd like some wisdom on why she needs my 2023 1095-A. I don't trust her as the 1095-A forms has sensitive information like our social.

CPA Answer:

Paul,

I understand your concerns.  Since you were married I am sure she has all of your sensitive information from tax returns you filed in the past. 

I don't see the need to provide her with the 1095A if your divorce decree indicates you are covering the insurance for both of your children.  I don't understand why she would be requesting this information from you as she would be filing her tax returns.

I hope this helps,

Jeanne Adams, CPA

Firestone, CO

Answer Provided by: Jeanne Adams

Affordable Care Act

2018-Premium tax credit

CPA Answer:

For 2018, you are required to have minimum essential health coverage through an employer plan, a government program, or other plan, or pay a penalty. The mandate does not apply after 2018.

To help those of modest means pay premiums for coverage obtained from a government exchange (Marketplace), there’s a premium tax credit . Eligibility for this advanceable, refundable tax credit depends on your household income and other factors.

The credit continues to be available even though the individual mandate ends after 2018.

Answer Provided by: CPAdirectory

Affordable Care Act

Income levels to qualify for health premium credit

CPA Answer:

The Income levels to qualify for health premium credit have increased. For fillers with household incomes ranging from 100% to 400% of the 2015 poverty level: $11,770 to $47,080 for singles and $24,250 to $97,000 for a family of four.

Answer Provided by: CPAdirectory

Affordable Care Act

Maximum out of pocket cap

CPA Answer:

The maximum out of pocket cap for 2016 will increase to $6,850 for an individual and $13,700 for a family policy.
The maximum out of pocket cap for 2017 will increase to $7,150 for an individual and $14,300 for a family policy.
The maximum out of pocket cap for 2015 will increase to $6,600 for an individual and $13,200 for a family policy.
The 2014 maximum out of pocket cap was $6,350 for an individual and $12,700 for a family policy.

Answer Provided by: CPAdirectory

Affordable Care Act

Phone assistance

CPA Answer:

If you need help you can call the federal Health Insurance Marketplace at 800-318-2596.

Answer Provided by: CPAdirectory

Affordable Care Act

Penalty for not having coverage

CPA Answer:

In 2016, the penalty for not having health care coverage is the higher of 2.5 percent of your income or $695 per adult and $347.50 per child with a maximum penalty per family of $2,085
The penalty will be reported on your 2016 tax return.
In 2015, the penalty for not having health care coverage is the higher of 2 percent of your income or $325 per adult and $162.50 per child with a maximum penalty per family of $975.
The penalty will be reported on your 2015 tax return.
The penalty for not having health care coverage in 2014 was the higher of 1 percent of your income or $95 per adult and $47.50 per child with a maximum penalty per family of $285.

Answer Provided by: CPAdirectory