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Old 01-26-2016, 10:31 AM   #1
super_dave
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Default Taxes??

Has anyone filed yet?

I'm seeing where once you break 75k that the child tax credit starts to fall off and ends up being 0$ at 110k married filing jointly!
Ends in being 1k per child for us.

Also seeing where the amount your employer pays for medical insurance is now added to the income and is taxable!?

Hello liberals? Is this really what y'all voted for? Idiots
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Old 01-26-2016, 10:35 AM   #2
Jaybo31
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Originally Posted by super_dave View Post
Has anyone filed yet?

I'm seeing where once you break 75k that the child tax credit starts to fall off and ends up being 0$ at 110k married filing jointly!
Ends in being 1k per child for us.

Also seeing where the amount your employer pays for medical insurance is now added to the income and is taxable!?

Hello liberals? Is this really what y'all voted for? Idiots
WHAT?! I hope not!
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Old 01-26-2016, 10:37 AM   #3
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WHAT?! I hope not!

https://www.taxact.com/tax-informati...it-answers.asp
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Old 01-26-2016, 10:43 AM   #4
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I dont see anywhere on that site that says employer paid part of health care is taxable. That is going to suck big time if true.
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Old 01-26-2016, 10:44 AM   #5
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I dont see anywhere on that site that says employer paid part of health care is taxable. That is going to suck big time if true.
It'll suck only if your employer pays for part of your health insurance.

Mine doesn't.
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Old 01-26-2016, 10:44 AM   #6
kyle1974
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the child credit, mortgage interest, college loan interest and other common deductions have been like that for a long time. the entire system is set up to penalize people for success.
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Old 01-26-2016, 10:45 AM   #7
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No, where are you seeing the employer paid insurance amount being taxable?
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Old 01-26-2016, 10:46 AM   #8
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I dont see anywhere on that site that says employer paid part of health care is taxable. That is going to suck big time if true.
Everything I see on IRS says still nontaxable like always
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Old 01-26-2016, 10:47 AM   #9
rjet
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Yep, non taxable. Just reported, same as last year.


Form W-2 Reporting of Employer-Sponsored Health Coverage

The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. The value of the employer’s excludable contribution to health coverage continues to be excludable from an employee's income, and it is not taxable. This reporting is for informational purposes only and will provide employees useful and comparable consumer information on the cost of their health care coverage.
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Old 01-26-2016, 10:50 AM   #10
super_dave
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Originally Posted by Jaybo31 View Post
No, where are you seeing the employer paid insurance amount being taxable?

Just doing the math on income and then income taxed. The difference was box 12d
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Old 01-26-2016, 10:52 AM   #11
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Originally Posted by kyle1974 View Post
the child credit, mortgage interest, college loan interest and other common deductions have been like that for a long time. the entire system is set up to penalize people for success.
Got that right...
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Old 01-26-2016, 10:52 AM   #12
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I hope it's not the case.


How about the kids. Is it the same?
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Old 01-26-2016, 10:56 AM   #13
Jaybo31
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Quote:
Originally Posted by super_dave View Post
Just doing the math on income and then income taxed. The difference was box 12d
Hmmm thats odd. Waiting on one more W2 to start ours.
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Old 01-26-2016, 01:03 PM   #14
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I'm messing with turbo tax today, and after I got most of the information entered, there's a section for jury duty pay. I think I had jury duty this year, but couldn't remember if I took the $6 payment or not. when I entered the $6 pay... it reduced my return by $2.

I am so glad they've thought of everything at the IRS!
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Old 01-26-2016, 01:10 PM   #15
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I had to pay in this year. Still not sure how that's even possible. I hate tax time.
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Old 01-26-2016, 01:16 PM   #16
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i got to see how much my employer pays for my health insurance, and i'd say they are getting a terrible deal...especially once you add in what i have to pay out of pocket. maybe i can negotiate they pay me instead of the insurance company, and i go out and buy my own...win win.
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Old 01-26-2016, 01:18 PM   #17
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i got to see how much my employer pays for my health insurance, and i'd say they are getting a terrible deal...especially once you add in what i have to pay out of pocket. maybe i can negotiate they pay me instead of the insurance company, and i go out and buy my own...win win.
not sure what your family situation is, but you better check single member plans before you go down that road. It's absolutely obscene what insurance costs are these days.
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Old 01-26-2016, 01:29 PM   #18
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Someone has to pay for all the "sick" people going to the ER to be treated.
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Old 01-26-2016, 01:50 PM   #19
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I'm retired military--how do I value my medical care as a retiree? Medicare is easy--just the amount I pay per month.
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Old 01-26-2016, 02:11 PM   #20
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Quote:
Originally Posted by rjet View Post
Yep, non taxable. Just reported, same as last year.


Form W-2 Reporting of Employer-Sponsored Health Coverage

The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan. Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. The value of the employer’s excludable contribution to health coverage continues to be excludable from an employee's income, and it is not taxable. This reporting is for informational purposes only and will provide employees useful and comparable consumer information on the cost of their health care coverage.
I just did mine, same as year before.
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Old 01-26-2016, 02:13 PM   #21
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No clue about any of that but I'm in possibly the worst spot for self employment taxes you can be in.

Wife and I both maxed out SS this year but barely.
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Old 01-26-2016, 02:45 PM   #22
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I got a major wake up call when i started my own company on the IRS.

I paid six figures and I'll owe six figures when everything is said and done . . . . . . . . and the income wasn't proportional but owning an llc spreadsheet numbers have to be included in my income.

good news my company had an awesome record year. Bad news I'll be paying personal income on money that isn't being taken out of the company.
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Old 01-26-2016, 02:58 PM   #23
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Change and Hope are fun little words to say but they don't feed the bulldog. My thanks to everyone who works and pays taxes. Somehow we just have to keep on keeping on, regardless of politics.
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Old 01-26-2016, 03:00 PM   #24
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You are not taxed on your health insurance premiums. Your employer is just required now to report how much it is to the government. It should still be paid pretax to the employee.
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Old 01-26-2016, 03:08 PM   #25
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I just hope I can get about 10k or more back from them. Have another kid to add this year
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Old 01-26-2016, 03:20 PM   #26
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You lost me at $75K... I'd have to combine 3 years w-2's to get there...
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Old 01-26-2016, 03:27 PM   #27
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My wife started her own business this past year and I'm not looking forward to taxes. I know I'm going to owe a ton.
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Old 01-26-2016, 03:41 PM   #28
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Quote:
Originally Posted by txdukklr View Post
I got a major wake up call when i started my own company on the IRS.

I paid six figures and I'll owe six figures when everything is said and done . . . . . . . . and the income wasn't proportional but owning an llc spreadsheet numbers have to be included in my income.

good news my company had an awesome record year. Bad news I'll be paying personal income on money that isn't being taken out of the company.
as some point in the next couple months I would like to speak to you regarding what you are talking about if you don't mind. I am SERIOUSLY considering a career change and a big part of that change will be opening my own business but I honestly am very naive as to how things work when owning a business, from a taxation standpoint.
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Old 01-26-2016, 04:33 PM   #29
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Originally Posted by doubleplay43 View Post
You are not taxed on your health insurance premiums. Your employer is just required now to report how much it is to the government. It should still be paid pretax to the employee.
This is correct. The premiums paid by your employer are not YET income to you. However, I would imagine that they will be in the very near future. The IRS uses these reporting rules to calculate the tax revenue that could be generated by taxing these premiums paid by employers. Until that time comes though, they are not income.
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Old 01-26-2016, 04:39 PM   #30
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the IRS taxes personal use of company vehicles... I'd bet the last dollar I have that they're going to tax people on the portion of insurance their employer pays.
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Old 01-26-2016, 04:42 PM   #31
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Originally Posted by kyle1974 View Post
the IRS taxes personal use of company vehicles... I'd bet the last dollar I have that they're going to tax people on the portion of insurance their employer pays.
Probably because in most cases that vehicle is figured as part of your income by the company
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Old 01-26-2016, 04:58 PM   #32
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Originally Posted by Jaybo31 View Post
Probably because in most cases that vehicle is figured as part of your income by the company

Only now through Obamacare is it reported though. It never has been on a w-2 up until 3 years ago
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Old 01-26-2016, 05:22 PM   #33
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I also received a new form this year from my employer I think it is a 1095 for the portion paid on insurance, I am sure by next your company portion will be considered income.
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Old 01-26-2016, 05:28 PM   #34
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Originally Posted by kyle1974 View Post
I'm messing with turbo tax today, and after I got most of the information entered, there's a section for jury duty pay. I think I had jury duty this year, but couldn't remember if I took the $6 payment or not. when I entered the $6 pay... it reduced my return by $2.

I am so glad they've thought of everything at the IRS!

If that's true it's so sad it's funny
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Old 01-26-2016, 05:30 PM   #35
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Originally Posted by cattlelackranch View Post
If that's true it's so sad it's funny
it's 100% true... I did it several times just to make sure.
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Old 01-26-2016, 05:54 PM   #36
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Guys the government isn't coming after your premiums to tax them. This is compliance so the government has a cross check as to whether or not you have insurance, as mandated under the affordable care act.
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Old 01-26-2016, 06:00 PM   #37
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Quote:
Originally Posted by txdukklr View Post
I got a major wake up call when i started my own company on the IRS.

I paid six figures and I'll owe six figures when everything is said and done . . . . . . . . and the income wasn't proportional but owning an llc spreadsheet numbers have to be included in my income.

good news my company had an awesome record year. Bad news I'll be paying personal income on money that isn't being taken out of the company.
That's where I got screwed. Paid 50k extra in taxes and didn't personally receive anything.
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Old 01-26-2016, 06:01 PM   #38
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Quote:
Originally Posted by kyle1974 View Post
the child credit, mortgage interest, college loan interest and other common deductions have been like that for a long time. the entire system is set up to penalize people for success.
They penalize those doing well for themselves to pay out "refunds" to those not paying in.
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Old 01-26-2016, 06:55 PM   #39
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Nevermind.
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Old 01-26-2016, 07:43 PM   #40
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Originally Posted by txwhitetail View Post
They penalize those doing well for themselves to pay out "refunds" to those not paying in.
It's a system that rewards mediocrity
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Old 01-26-2016, 07:50 PM   #41
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I filed yesterday. Didn't see anything about paying taxes for employer contribution for health care. Really sucks that we don't get the child credit as we just barely make over the limit. But on the bright side I get a tad bit more back than last year, which was $12.00
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Old 01-27-2016, 03:23 PM   #42
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Originally Posted by kyle1974 View Post
not sure what your family situation is, but you better check single member plans before you go down that road. It's absolutely obscene what insurance costs are these days.
lets just say between my employer, my out of pocket and deductible the insurance company gets +32k before they pay a dime back to me.
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