Medical Tax Issues
There is currently a lot of uncertainty regarding health insurance and medical tax benefits. In general, most individuals must have health insurance unless they qualify for an exemption, and many individuals are choosing a high deductible health plan in conjunction with a health savings account (HSA) to control the high cost of health insurance. This course examines HSAs, health flexible savings accounts (FSAs), health insurance premium reimbursements, health reimbursement accounts (HRAs) and the nondiscrimination rules for self-insured medical reimbursement plans. In addition, eligible individuals can claim a premium tax credit for health insurance purchased in the Marketplace. This course explains how to calculate and report the credit in various situations.
Upon completion of this course, you will be able to:
- Determine if a taxpayer is eligible to make HSA contributions.
- Compute an eligible taxpayer’s HSA contribution limit when there is a change in circumstances.
- Report HSA contributions and distributions on Form 8889, Health Savings Accounts (HSAs).
- Summarize health FSAs and how they impact HSA contributions.
- Determine when employers are subject to a penalty under §4980D for reimbursing health insurance premiums.
- List the tax benefits of an HRA.
- Summarize the tax effects of the ACA on health FSAs and HRAs.
- File Form 720 to report the excise tax imposed on HRAs.
- Determine if a taxpayer is eligible to claim the premium tax credit.
- Compute the premium tax credit in different situations.
- Summarize the nondiscrimination rules for self-insured medical reimbursement plans.
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.