Even though your tax liability will go up..... - PowerStrokeNation : Ford Powerstroke Diesel Forum
 
LinkBack Thread Tools Display Modes
post #1 of 6 (permalink) Old 11-11-2010, 05:57 PM Thread Starter
Moderator
 
PsRumors's Avatar
 
Join Date: Feb 2010
Location: Cartersville, GA
Posts: 4,042
Even though your tax liability will go up.....

......this is not a tax increase

Over-the-counter meds to be cut from flexible spending accounts - Health - Health care - msnbc.com

Quote:
The health-care overhaul has taken some of the flex out of flexible spending accounts, which let workers pay medical expenses with pretax dollars. Starting in January, you'll no longer be able to use your FSA for over-the-counter drugs and medicines unless you have a doctor's prescription.
Quote:
Tightening up the tax break on over-the-counter purchases will generate an estimated $5 billion in federal revenues through 2019, according to the Joint Committee on Taxation. That figure represents revenue related not only to FSAs but also to health savings accounts, health reimbursement arrangements and Archer medical savings accounts, all of which are also affected by the change.

'97 SCLB 4x4, 3.55, D60 w/ TrueTrac, 6637, Banks Techni-cooler, BTS Trans, Tru-Cool 4921 Trans Cooler, 1.0 exhaust housing, no ebv, 3" DP, Straight Exhaust, E-Fuel, TW tunes, International WP, 203*, Isspro Gauges
PsRumors is offline  
Sponsored Links
Advertisement
 
post #2 of 6 (permalink) Old 11-13-2010, 02:05 AM
<<< THE GAUGE WHORE...
 
CSIPSD's Avatar
 
Join Date: Jul 2007
Location: Bend, OR
Posts: 12,083
Re: Even though your tax liability will go up.....

Yay... now my Health savings plan doesnt pencil out anymore... 50 bucks a week goes into that account pre tax...

[CENTER]01 F-250 SC PSD,430k,16 Isspro Gauges, AFE-2,CCV Mod,IAH delete,map reg,Modded H2e, 6.0 IC, 230/100, Studs, 910 springs, Forged rods, Hydra chip, Swamps HVHF IDM, MBRP 4" dual's, Aero, 6" tip's, 4" Revtek lift, 37/12.5/16.5 MT's
Joe
CSIPSD is offline  
post #3 of 6 (permalink) Old 11-13-2010, 02:47 AM
Bigfoot is an OBS
 
cowboy_dan's Avatar
 
Join Date: Oct 2007
Location: Racine, Wi
Posts: 3,462
Re: Even though your tax liability will go up.....

But if your employer doesn't make a contribution with the HSA, you don't risk being in the higher tax bracket, and if you make the same contribution to the HSA that the insurance is/was, then the income is the same.
One of my coworkers talked to his tax guy/accountant, and he told my coworker that the amount that the company pays for the employee's insurance is counted as income to the employee.

Go ARMY!
cowboy_dan is offline  
 
post #4 of 6 (permalink) Old 11-13-2010, 03:12 AM
Gandy Dancer
 
AK Gandy's Avatar
 
Join Date: Feb 2010
Location: In The Villages
Posts: 5,972
Re: Even though your tax liability will go up.....

Quote:
Originally Posted by cowboy_dan View Post
But if your employer doesn't make a contribution with the HSA, you don't risk being in the higher tax bracket, and if you make the same contribution to the HSA that the insurance is/was, then the income is the same.
One of my coworkers talked to his tax guy/accountant, and he told my coworker that the amount that the company pays for the employee's insurance is counted as income to the employee.
I don't believe it is legal for a company to match on an HSA. At least I've never heard of one that does it.

The HSA is simply a way to put pre-tax earnings into an account to purchase qualified medical supplies and services. The real problem is with the "use or lose" provision. When it first came out and everyone realized that they had to use it or lose it.....you couldn't get a dental appointment in Anchorage after the beginning of November.

As to the guy who said his accountant told him that his employer provided portion of his health insurance is counted as income (implying that he will have to declare it and pay taxes on it), tell your buddy to get another accountant......FAST!!

It's not true and if you search in this forum, you'll see where I pointed it out earlier when someone else brought it up previously.


.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
Quote:
Originally Posted by Binderpower View Post
I can be possible.
AK Gandy is offline  
post #5 of 6 (permalink) Old 11-13-2010, 01:45 PM
FNG
 
Dave's Avatar
 
Join Date: Nov 2007
Location: Trempealeau WI
Posts: 6,018
Re: Even though your tax liability will go up.....

Companies can match on HSA's well at least they used to be able to

Dave G

06 F250 Lariat 4x4 leveled on 35s

4 inch flowmaster exhaust
Bulletproof diesel egr delete.
Bulletproof diesel FICM
Performance Machine & Manufacturing Coolant Filter Kit

ECM and FICM tuned by Bill at PHP SCT tunes from Gearhead, Innovative and Wildman
Dave is offline  
post #6 of 6 (permalink) Old 11-13-2010, 04:29 PM
<<< THE GAUGE WHORE...
 
CSIPSD's Avatar
 
Join Date: Jul 2007
Location: Bend, OR
Posts: 12,083
Re: Even though your tax liability will go up.....

Mine does not, but I would have these costs anyway, so if I can save the money pretax I will!

[CENTER]01 F-250 SC PSD,430k,16 Isspro Gauges, AFE-2,CCV Mod,IAH delete,map reg,Modded H2e, 6.0 IC, 230/100, Studs, 910 springs, Forged rods, Hydra chip, Swamps HVHF IDM, MBRP 4" dual's, Aero, 6" tip's, 4" Revtek lift, 37/12.5/16.5 MT's
Joe
CSIPSD is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the PowerStrokeNation : Ford Powerstroke Diesel Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome