IRS Reminds Individuals to Report Life Event Changes to the Health Insurance Marketplace; May Impact Premium Tax Credit Eligibility

Individuals who obtain health insurance through the Affordable Care Act (ACA) Health Insurance Marketplace must advise the Marketplace of changes in certain circumstances, the IRS has reminded taxpayers. Any life event, the IRS noted, may impact an individual’s eligibility for the Affordable Care Act Premium Tax Credit. Coverage and credit. Individuals who obtain coverage through…
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Self Employed Health Insurance Deductions

What types of insurance are eligible for the self-employed health insurance deduction? Answer: The deduction may be taken only for premiums paid for medical insurance, dental insurance and qualified long-term care insurance. Moreover, the deduction may be taken only for premiums for insurance that covers the taxpayer, spouse and dependents (Code Sec. 162(l)(1); IRS Pub.…
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Roth vs. Traditional IRA’s

Roth IRAs offer several advantages over traditional IRAs. • First, an individual can make contributions to a Roth IRA regardless of age. • Second, distributions can be made completely tax free, as long as they are qualified distributions (generally, distributions made more than five years after the contribution that are made after the owner has…
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