The Down Range Forum
Member Section => Down Range Cafe => Topic started by: rojawe on August 19, 2010, 02:38:34 PM
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You may already know this - it's hard for me to keep up and remember all the awful things in the new Obamacare bill. But I was just reminded of something when I saw this little item on the web (it's in addition to all the other things that no longer can be claimed on your tax form, like gifts to charity):
Now, your insurance will be INCOME on your W2's!
Oneof the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . thosewho backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.
If you're retired? So what... your gross will go up by the amount of insurance you get.
You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.
For many, it also puts you into a new higher bracket so it's even worse.
This is how the government is going to buy insurance for the 15% that don't have insurance and it's only part of the tax increases.
Not believing this??? Here is a research of the summaries.....
On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,
as modified by sec. 10901) 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 employees gross income."
- Joan Pryde is the senior tax editor for the Kiplinger letters.
- Go to Kiplingers and read about 13 tax changes that could affect you.
For all those progressives who wanted obamacare, I hope you enjoy it.
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False....somewhat....
http://www.snopes.com/politics/taxes/HR3590.asp
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damn I got the horse before the cart
Sadly, there is a claim running wild on the Internet that says employer healthcare contributions will be (a) shown on your annual W-2 tax form and (b) added to your taxable gross income, causing you to pay considerably more in income tax each year. If you have seen or heard this hoax, please be assured this is FALSE.
The only part of the claim that is true is the requirement for companies to show you how much the company paid for your healthcare coverage on your annual W-2 form. This is purely an informational item, just like several other things that may appear on your W-2, such as 401k contributions. The contribution amount is NOT being added to your taxable gross income and you will NOT pay more in income tax because of this new reporting requirement. The new law is very clear on this issue and the IRS correctly understands that law.
The following is taken from the IRS website…
Employer-Provided Health Coverage — Not Taxable
Starting in tax year 2011, the Affordable Care Act requires employers to report the value of the health insurance coverage they provide employees on each employee's annual Form W-2. This reporting is for informational purposes only, to show employees the value of their health care benefits so they can be more informed consumers. The amount reported does not affect tax liability, as the value of the employer contribution to health coverage continues to be excludible from an employee's income and it is not taxable.
So, while there are many things to be concerned about in this world, this Internet hoax is not one of them
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Hey, I'd rather see a report and find it's wrong than find one after the fact that's true..
Keep them coming...the internet is a wonderful thing, it's also full of crap on occasion, it's our job to separate the wheat from the chaff...
Tim
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Actually this rumor is one of the reasons I (shamefully )voted for BO. Rembeer when he was saying his health care plan was allowing you to voluntarily buy into the federal employee plan? Well, neither does he. >:( Still, one of the big pros for me was how much that would save small business. Your salary plus your helth care are your total wage bill. Working at a small school, I got stuck on a committee to try to get a better deal on insurance. Since we were small and our employees were older? It was el suckola as to rates. If we joined with other schools we could buy into a bigger pool. That was the strategy when I left and it greatly influenced my vote sad to say. Still, I agree with Timothy. Sometimes a false rumor that gets our attention and makes us pay attention to what the bastards really ARE doing. Its worthwhile.
FQ13
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I (shamefully )voted for BO.
FQ13
;D ;D
(http://farm4.static.flickr.com/3280/3005007165_f3ae6de0f2.jpg)