Taxes on your Medical Insurance
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Taxes on your Medical Insurance

  1. #1
    AARP Member Rocket-J's Avatar
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    Exclamation Taxes on your Medical Insurance

    One of 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 . . . the dupes, er, dopes, who 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. Number 3 is what is above.

    People have the right to know the truth because an election is coming in November.

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  3. #2
    Senior Member 65 Sanger 440's Avatar
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    That is not the only tax surprise next year! get ready to bend over.

  4. #3
    Ultra26 # 1
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    Quote Originally Posted by Rocket-J View Post
    One of 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 . . . the dupes, er, dopes, who 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. Number 3 is what is above.

    People have the right to know the truth because an election is coming in November.
    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.
    What exactly do you mean by "Increased to show"? If you are saying our medical insurance premiums will be taxed, you're mistaken.

    I would like you to explain exactly what you are trying say here. Sounds like another extreme right wing BS email to me.

    Thanks
    Last edited by Ultra26 # 1; 08-01-2010 at 06:47 AM. Reason: sp

  5. #4
    Argumentative SOB! Forkin' Crazy's Avatar
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    3. A requirement that businesses include the value of the health care benefits they provide to employees on W-2s, beginning with W-2s for 2011. The amount reported is not considered taxable income.

    http://www.kiplinger.com/businessres...n-the-way.html

    Why they want this info??? More red tape!!!


    "An armed society is a polite society. Manners are good when one may have to back up his acts with his life"

    - - Robert A. Heinlein

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    The reason for the w-2 information starting in 2011 is to establish the cost of the benefit on health care coverage to the individual from the employer. If its 10.2k and above there is a 40% tax on the coverage. The total for a family is 27.5k before the excise tax kicks in. Many people are going to very surprised to find out there provided coverage is in fact a "cadillac plan". The ones that will most likely be the most shocked are the people that work for the government, from local to federal.

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    Aren't some government and union members exempt from this tax.

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    AARP Member Rocket-J's Avatar
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    If the company you work for provides you and your family with a Medical Insurance Plan, the true cost of that plan will have to be declared as regular income, on your 2011 W-2 form. This could increase your tax base by $10k to $20K, depending on the plan. If you are in a 30% tax bracket that amounts to a $3000 to $7000 dollar increase in your tax obligation for 2011. Maybe even an increase in your tax bracket.
    Those of you that thought the Obama Medical Bill has no effect on you may have to think again.
    This will not effect everyone in the U.S. but don't be suprised if it effects you. Somebody has to pay for poor and alien health care.
    It is easy to get a copy of Obama's Health Care Law. Read it.
    Last edited by Rocket-J; 07-31-2010 at 08:42 PM. Reason: sp

  9. #8
    AARP Member Rocket-J's Avatar
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    We are all boaters. We have so much in common. On the water we are all friends that help each other.
    There is no need for us to argue about Left or Right, Repub. or Demo. The most important things to focus on are:
    Do we want to give amnesty to illegal aliens?
    Do me want to equallize the wealth?
    Do we want to eliminate Christianity in the U.S. We were founded on that?
    Do we want Govn. control of big business, or any business?
    Do we want freedom to bear arms? Constitutional.
    Should the hard working man pay for stupid and lazy, family prolific?
    Should handouts stop?
    Many other issues to decide on. Then we can look at who to get rid of. It could be either side.

  10. #9
    Impeachment! 75 TX's Avatar
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    Quote Originally Posted by Rocket-J View Post
    We are all boaters. We have so much in common. On the water we are all friends that help each other.
    There is no need for us to argue about Left or Right, Repub. or Demo. The most important things to focus on are:
    Do we want to give amnesty to illegal aliens?
    Do me want to equallize the wealth?
    Do we want to eliminate Christianity in the U.S. We were founded on that?
    Do we want Govn. control of big business, or any business?
    Do we want freedom to bear arms? Constitutional.
    Should the hard working man pay for stupid and lazy, family prolific?
    Should handouts stop?
    Many other issues to decide on. Then we can look at who to get rid of. It could be either side.
    I can totally respect what you're saying, and what you're trying to do. I don't see how the left in this nation can be negotiated with, as they stand completely against what traditional Americans believe. Look at your list. We want one thing, the left wants the exact opposite. Line for line, item for item, they're on one side, we're on the other.
    The left is the enemy of our prosperity and personal liberty, and I for one will never 'unite' with them or advocate working with them for any reason. To do so only serves to dilute our Liberty even further. Sorry.

  11. #10
    AARP Member Rocket-J's Avatar
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    I have been at the same launch ranp, in Needles, with Ultra26. I didn't know him and he didn't know me. We were boaters out for a good day on the river. If either one of us needed a tow rope, I am sure there would have been no problem. I am sure we could have shared a cold one while sitting in the Gorge.
    With this kind of conversation, that might not happen. Too bad.
    My wife and her family are pro Obama, but we both want the same thing for our country. They refuse to listen to the news. Ignore the facts. They say that times have been bad before and got better. It will again. I love them all and hope to God they are correct.

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    Impeachment! 75 TX's Avatar
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    Quote Originally Posted by Rocket-J View Post
    I have been at the same launch ranp, in Needles, with Ultra26. I didn't know him and he didn't know me. We were boaters out for a good day on the river. If either one of us needed a tow rope, I am sure there would have been no problem. I am sure we could have shared a cold one while sitting in the Gorge.
    With this kind of conversation, that might not happen. Too bad.
    My wife and her family are pro Obama, but we both want the same thing for our country. They refuse to listen to the news. Ignore the facts. They say that times have been bad before and got better. It will again. I love them all and hope to God they are correct.
    Wow. I just can't be that way.
    That's a tough situation with the wife and family. You both want what's best for the country? Simply looking at your list of things to focus on, what issue would the average leftocrat and the average Conservative agree on?
    Do we want to give amnesty to illegal aliens? (D) YES, (R) NO
    Do me want to equallize the wealth? (D) YES, (R) NO
    Do we want to eliminate Christianity in the U.S. (D) YES, (R) NO
    Do we want Govn. control of big business, or any business? (D) YES,(R)NO
    Do we want freedom to bear arms? Constitutional.(D) NO, (R) YES
    Should the hard working man pay for stupid and lazy, family prolific?(D)YES, (R) NO
    Should handouts stop? (D) NO, (R) YES
    I dunno Rocket-J....tough situation. These focal points are but a few but the divide is massive. Taxes, spending, defense, etc only increase the divide.
    Wheh....better you than me.

  13. #12
    Argumentative SOB! Forkin' Crazy's Avatar
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    Quote Originally Posted by Rocket-J View Post
    If the company you work for provides you and your family with a Medical Insurance Plan, the true cost of that plan will have to be declared as regular income, on your 2011 W-2 form. This could increase your tax base by $10k to $20K, depending on the plan. If you are in a 30% tax bracket that amounts to a $3000 to $7000 dollar increase in your tax obligation for 2011. Maybe even an increase in your tax bracket.
    Those of you that thought the Obama Medical Bill has no effect on you may have to think again.
    This will not effect everyone in the U.S. but don't be suprised if it effects you. Somebody has to pay for poor and alien health care.
    It is easy to get a copy of Obama's Health Care Law. Read it.
    http://www.kiplinger.com/businessres...n-the-way.html

    Number 3 as posted in your first post refering to Kiplinger.com. Your post is wrong according to what I gather on number 3. Read it.
    Last edited by Forkin' Crazy; 07-31-2010 at 10:58 PM.


    "An armed society is a polite society. Manners are good when one may have to back up his acts with his life"

    - - Robert A. Heinlein

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    Argumentative SOB! Forkin' Crazy's Avatar
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    Quote Originally Posted by Rocket-J View Post
    My wife and her family are pro Obama, but we both want the same thing for our country. They refuse to listen to the news. Ignore the facts. They say that times have been bad before and got better. It will again. I love them all and hope to God they are correct.
    You both want the same thing for our country? Are you nuts? Read what you typed!! They want the best for our country? Well what in the sam hell is "BEST"??? They refuse to listen to the news and ignore facts..... WTF??? And they say times will get better? What the hell do they know?
    Last edited by Forkin' Crazy; 08-01-2010 at 08:45 AM.


    "An armed society is a polite society. Manners are good when one may have to back up his acts with his life"

    - - Robert A. Heinlein

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    Senior Member 65 Sanger 440's Avatar
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    It is astonishing how anybody can think this current government is going to do anything but put us so far in debt that we will never recover. i feel real sorry for my grandkids and their kids as they are going to pay the price for this. just because someone is a boater or car collector or whatever does not mean we are the same and will get along because of it. their are idiots in every crowd.

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