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3 health insurance tax benefits you can get in 2017

Individuals who were to face penalties for not having insurance are likely to avoid the 2016 penalties due to an executive order by President Trump

By

EVAROSENBERG

TAX COLUMNIST

President Trump recently signed an executive order related to the Affordable Care Act and and its penalties.

The good news: Individuals who don’t get health insurance from their employers — and face penalties for not having insurance or not being adequately insured — are likely to avoid the 2016 penalties due to President Trump’s executive order. The bad news: You need to wait for Congress and the Internal Revenue Service to issue guidelines on how to file your tax return to take advantage of that executive order.

TaxMama’s advice: Put your tax return on extension. When you do file, you will know precisely how to incorporate this executive order into your tax return. Your tax software will be updated to make this easy to do.

For people who get their health insurance from their employers, there are two other ways you can save money on health insurance-related changes. Talk your employer about implementing these procedures:

21st Century Cures Act

Since Obamacare came into existence in 2013, small employers (with 50 employees or less) have not been permitted to pay for their employees’ health insurance without a formal plan that covers all employees. This has been particularly difficult for companies with 0 to 20 employees who used to pay their staff’s health insurance premiums via a stand-alone plan. Larger companies often have a formal health insurance plan in place, so they weren’t as affected by the 2013 rule change.

Read More: http://www.marketwatch.com/story/3-health-insurance-tax-benefits-you-can-get-in-2017-2017-02-13

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