Description:

This book is for preparing 2023 taxes. The health insurance options currently available to employees and self-employed taxpayers often have tax implications that are not well understood by someone without an in-depth knowledge of tax law. As a result, taxpayers are increasingly looking to their tax professionals for guidance. This course will help tax professionals provide that guidance by giving them an overview of the tax treatment of contributions and distributions from health savings accounts (HSAs), health flexible spending arrangements (FSAs), health insurance premium reimbursements and health reimbursement arrangements (HRAs). Additionally, it looks at how eligible individuals can claim a premium tax credit for health insurance purchased in the Marketplace. This course also explains how to calculate and report the premium tax credit in various situations. Finally, we will cover the nondiscrimination rules for self-insured medical reimbursement plans.

Topics include:

• Determining if a taxpayer is eligible to make HSA contributions and compute the deduction limit
• Reporting HSA contributions and distributions on Form 8889, Health Savings Accounts (HSAs)
• Explaining health FSAs and how they impact HSA contributions
• Computing the premium tax credit in different situations
• Determining when employers are subject to a penalty under §4980D for reimbursing health insurance premiums
• Filing Form 720, Quarterly Federal Excise Tax Return, to report the excise tax imposed on HRAs
• Explaining the nondiscrimination rules for self-insured medical reimbursement plans

Product Details:

Item Number: 23356

Level: Intermediate

Authors: NATP Staff

Published: 2023

Format: Print - 136 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.