No racing money

Old 08-23-2010, 03:37 PM
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bigred1091
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Default No racing money

Just to let you know, all of you that are recieving healthcare benefits from your company will be finding out that the amount that you are paid for the "benefit" will be counted in your 2011 W2 form as taxable income. And I thought that money was tight these days to go racing. Well, with an additional $300 per month in "healthcare" taxes, things are going to be getting tighter.
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Old 08-23-2010, 05:29 PM
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Default Re: No racing money

Originally Posted by bigred1091
Just to let you know, all of you that are recieving healthcare benefits from your company will be finding out that the amount that you are paid for the "benefit" will be counted in your 2011 W2 form as taxable income. And I thought that money was tight these days to go racing. Well, with an additional $300 per month in "healthcare" taxes, things are going to be getting tighter.
urban legend thankfully

http://www.snopes.com/politics/taxes/HR3590.asp
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Old 08-23-2010, 05:40 PM
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mopar1968
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What if the company pay's it for employees and we pay nothing for it :?: :?:
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Old 08-23-2010, 05:54 PM
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bigred1091
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Default No racing money

That's the whole point. Your company has to list the value of what THEY paid for YOUR health benefits on your W2 form as taxable income and then YOU have to pay the taxes on it. If they paid about $12,000 for the year, you will pay $2500 to $3500 in extra taxes. It blows me away!
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Old 08-23-2010, 06:08 PM
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That is not true, it only applies to high value accounts, like over $27000 a year for the policy, not your income, so if you had 30k in premiums paid by your employer, you would have a tax on the 3k difference between the 27k & 30k, so you would have a 40% tax on the 3k not he 30k,& if your employer is paying 30k for your health premiums, god bless them & you.
No need to get alarmed, unless you are getting a 5k a month policy paid by your employer.

Your freindly insurance agent.
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Old 08-23-2010, 06:13 PM
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Default Re: No racing money

Originally Posted by bigred1091
That's the whole point. Your company has to list the value of what THEY paid for YOUR health benefits on your W2 form as taxable income and then YOU have to pay the taxes on it. If they paid about $12,000 for the year, you will pay $2500 to $3500 in extra taxes. It blows me away!
That is incorrect

see above post unless you have a policy that costs your employer 3000 per month, you will only pay tax on what EXCEEDS 27000 in premium per year. NOT the whole amount.
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Old 08-23-2010, 09:35 PM
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bigred1091
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Default No racing money

I have no knowledge about those high dollar healthcare plans. My wife works for Kaiser Hospital (she's a nurse) here in California and this is what she told me. I talked to a friend in Sacramento and his wife told him the same thing (she is a teacher). As I understand it, this information is explained on a website and I will try to get more information on it. I will include the website on this board so all can read it and judge for themselves. And yes, I hope this information is incorrect myself.
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Old 08-24-2010, 06:39 AM
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Its simple, the law states that if your health insurance is paid by your employer it will be listed on your W2 as UNTAXABLE INCOME , just like your retirement plan, BUT it will not be taxed unless you recieve over 27k in benefits. Then teh overage is taxed.

I do this for a living, & can prove what I am telling you. But you can believe who you want
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Old 08-24-2010, 08:48 AM
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bigred1091
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Default No racing money

This whole issue was started by an incorrect email that was circulated on the net. As stated in Factcheck.org, employer healthcare costs are to be listed on your W-2 form but IS NOT CONSIDERED TO BE TAXABLE INCOME. Hope this puts this issue to rest. Now, let's go racing!
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Old 08-24-2010, 10:46 AM
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Default Re: No racing money

Originally Posted by bigred1091
This whole issue was started by an incorrect email that was circulated on the net. As stated in Factcheck.org, employer healthcare costs are to be listed on your W-2 form but IS NOT CONSIDERED TO BE TAXABLE INCOME. Hope this puts this issue to rest. Now, let's go racing!
YET.
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