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IRS: Buy Health Insurance or Lose Tax Refund

wyguy

By wyguy
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wyguy

wyguy

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IRS: Buy Health Insurance or Lose Tax Refund

April 5 (Bloomberg) -- IRS Commissioner Douglas Shulman said the agency will rely on insurance companies to provide information that individuals are buying coverage as required by the new health-care overhaul.

The Internal Revenue Service has limited ways of forcing those who lack coverage to pay a fine, Shulman said at the National Press Club in Washington today.

He said insurers eventually will be required to file a document similar to Form 1099 used by financial institutions to report investment income. The agency will send letters to the uninsured notifying them fines could be deducted from their tax refunds for refusing to comply with the new law, Shulman said.

other one

other one

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It only says that the only way they have for collecting the fine right now would be to deduct it from any refund you might have. It does not say that you won't get a refund. You make it sound like they will take it all.

BTW they already do that if you owe them money.

wyguy

wyguy

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It only says that the only way they have for collecting the fine right now would be to deduct it from any refund you might have. It does not say that you won't get a refund. You make it sound like they will take it all.

BTW they already do that if you owe them money.

Well, if your refund is less than the fine, they will indeed take it all.

other one

other one

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And if it's not then they will only take part of it making your statement a bit overboard and not reality all the time.

Words mean things......

nebula

nebula

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Ummm . . . am I the only one bothered that health insurance payments are being regulated/monitored/or whatever by the IRS?

other one

other one

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I guess the solution is to make sure you always owe the IRS a small amount at year's end? :thumbsup:
We've been doing just that for years and years. Just be careful and don't let it get high enough for them to charge you with a penalty. Keep the money invested drawing interest for dividends and send it to the IRS when you have to.
other one

other one

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Ummm . . . am I the only one bothered that health insurance payments are being regulated/monitored/or whatever by the IRS?

Well, if they are going to do it at all, that's better than creating a whole new bureaucracy. The IRS is already messing with our privacy so if they are going to do this better the IRS than a whole new bunch added in.

Neb, what I'm saying is that what matters is that they are going to do it in the first place and who carries it out really doesn't matter.

winsomebulldog

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Guest

Guest

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Posted
(I'd erase it but they probably have some kind of key stroke monitoring program watching us all, so it's too late now anyway!) :24:

and the people who say you're paranoid simply do not know what they're talking about, do they!

:blink:

:taped:

To which I would reply: "Can you still be paranoid if they really are out to get you?" :laugh:

Guest shiloh357

Guest shiloh357

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Beginning in 2015, Americans who don
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