Does Health Insurance Become Taxable?
- 11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateNot today, but someday it is very possible. Health insurance is about the only insurance or benefit sold where both the employer and employee get a tax break on it. The employer gets to write off the expense of providing health insurance to employees. Employees do not pay income taxes on the benefit received or any taxes on the claims paid. For several decades the government has kicked around changing the tax status to match other benefits. Things are swinging in the taxable income direction as we are now seeing the employer contribution for insurance starting to appear on W-2, which if it isn't going to be a taxable benefit, why put it on the basic employment tax form?Answered on April 22, 2013+01 0+1 this answerflag this answerview more answers by Larry Gilmore
- 1575 POINTSview profileChristopher LawrenceInsurance Broker | Financial Consultant, Lawrence Insurance Consulting, Southern New JerseyEh.... little more involved than that The Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that are in effect and more that will be implemented during the next several years. The following is a list of provisions for which the IRS has issued proposed and/or final guidance; additional information will be added to this page as it becomes available. http://www.irs.gov/uac/Affordable-Care-Act-Tax-ProvisionsAnswered on April 24, 2013flag this answer
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