How is our health insurance to be taxed under current united health care/ Obama care

[cachmeifucan]

So I'm asking because I don't know.
1. How is our insurance going to be taxed under current laws? For 2018,2019 2020
2. How much value does it carry so like I make 80,000 then when I go file my taxes they say uzzz got a Cadillac health insurance I say I know then I thank the Lord, ups, and teamsters. What will it push my taxable income up to if I'm wrong I think it will go into effect next year. But I also heard we might have some sort of carve out I forget

 

[IVE GOTTA PACKAGE 4U]

Obama is out of office

Thank you Jesus

 

[KOG72]

Obama is out of office

Thank you Jesus

That’s a big hell yeah!!!

 

[DriveInDriveOut]

Smh

 

[cachmeifucan]

He created it trump has yet to cancel just say u don't know and u didn't even hear of that until now and you hope someone knows.

 

[saintrick]

It is not taxed and will not be in 2018 19 or 20.

Even if it was taxed it is paid by the insurer not the individual.

 

[BakerMayfield2018]

That’s a big hell yeah!!!

 

[cachmeifucan]

I don't believe that's true when I go file my taxes this week IL ask or IL call h and r block. To ask I'm almost positive that under the current health care system it is taxable income.

 

[tadpole]

There is (was?) a tax penalty if you don’t have health insurance. The tax forms we are mailed are to prove we have insurance.

 

[Pizza]

I don't believe that's true when I go file my taxes this week IL ask or IL call h and r block. To ask I'm almost positive that under the current health care system it is taxable income.

You can keep asking until you get the answer you want.
It will not change the fact that it is not and will not be taxable to the individual.
Our plan would not qualify as a Cadillac plan in the first place.

 

[cachmeifucan]

Our plan is definitely a Cadillac health plan

 

[Pizza]

Nope.

• The tax is 40% of the cost of health coverage that exceeds predetermined threshold amounts.
• Cost of coverage includes the total contributions paid by both the employer and employees, but not cost-sharing amounts such as deductibles, coinsurance and copays when care is received.
• For planning purposes, the thresholds for high-cost plans are currently $10,200 for individual coverage, and $27,500 for family coverage.
• These thresholds will be updated before the tax takes effect in 2020 and indexed for inflation in future years.

 

[brown_trousers]

Our plan is definitely a Cadillac health plan

I wouldnt consider it a cadillac healthcare plan. the term cadillac suggests that it provides uneeded levels of luxury and amenities. Our plan, as good as it is, still only applies to necessary medical costs to maintain good health. Its not providing us plastic surgery, and other optional luxuries like the term cadillac implies.

Its more like a good honda accord that runs really well. not a cadillac

 

[brown_trousers]

You can keep asking until you get the answer you want.
It will not change the fact that it is not and will not be taxable to the individual.
Our plan would not qualify as a Cadillac plan in the first place.

I think the only way it would fall under the extra tax, is if you have a wife and more than one kid. As the threshold is 27,500 no matter how kids you have, it doesnt go up with more children

 

[Turdferguson]

You can keep asking until you get the answer you want.
It will not change the fact that it is not and will not be taxable to the individual.
Our plan would not qualify as a Cadillac plan in the first place.

 

[zubenelgenubi]

I think the only way it would fall under the extra tax, is if you have a wife and more than one kid. As the threshold is 27,500 no matter how kids you have, it doesnt go up with more children

For a family of 4, for the plan I'm on, the company was paying around $14000. Almost half of that threshold. Health insurance is a benefit, which is part of the total compensation package, but it is not income. You may have a choice as to which plan you get, but you never see, or get to choose how to spend, that money.

 

[brown_trousers]

For a family of 4, for the plan I'm on, the company was paying around $14000. Almost half of that threshold. Health insurance is a benefit, which is part of the total compensation package, but it is not income. You may have a choice as to which plan you get, but you never see, or get to choose how to spend, that money.

Ive never received anything stating the value of my healthcare plan. Did that value show up in your W2? or a separate tax form? Now you have me wondering if I missed a form in my taxes.

 

[oldngray]

Ive never received anything stating the value of my healthcare plan. Did that value show up in your W2? or a separate tax form? Now you have me wondering if I missed a form in my taxes.

You should get a statement in the mail (1095-C) as proof that you had insurance but when you do your taxes you just have to check a box where you say you had insurance. You don't need to include or itemize the 1095-C. when you do your taxes.

 

[zubenelgenubi]

Ive never received anything stating the value of my healthcare plan. Did that value show up in your W2? or a separate tax form? Now you have me wondering if I missed a form in my taxes.

Check your w2's from a couple of years ago. I know that when I was handling my taxes they listed the amount on the w2 for at least two years. Seems like they switched to providing a different form for proof of insurance.

 

[brownmonster]

Our plan is definitely a Cadillac health plan

Wrong