Description:

This book is for preparing 2022 taxes. The health insurance options currently available to employees and the self-employed often have tax implications that are not well understood by the typical taxpayer. 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 health savings accounts (HSAs), health flexible savings accounts (FSAs), health insurance premium reimbursements, health reimbursement accounts (HRAs) and the nondiscrimination rules for self-insured medical reimbursement plans. 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.

Table of Contents

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
• 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
• Computing the premium tax credit in different situations
• Explaining the nondiscrimination rules for self-insured medical reimbursement plans

Product Details:

Item Number: E22356

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Electronic PDF - 137 Pages

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Corresponding CPE Courses:

Get this e-book FREE when you purchase the 2022 corresponding course when available.

Purchase Info:

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