Journalofaccountancy.com
Medicare’s tricky rules on HSAs after age 65
There are lots of quirks involved when determining whether a taxpayer is eligible to make contributions to an HSA (which are always tax-deductible as long as they are allowed), most of them having to do with health care plan … See more
Actived: 2 days ago
URL: https://www.journalofaccountancy.com/issues/2021/jul/medicare-rules-on-hsa-after-age-65.html
New PPP guidance addresses health insurance, EIDL, other issues
WebNew PPP guidance addresses health insurance, EIDL, other issues. By Ken Tysiac. August 12, 2020. TOPICS. Some questions on federal coronavirus measures were answered Tuesday in guidance issued by the U.S. Small Business Administration (SBA) and Treasury. SBA and Treasury issued two FAQs related to the Paycheck …
Category: Coronavirus Go Health
HSA contribution limits increase for 2021
WebThe IRS in Rev. Proc. 2020-32 announced the annual inflation-adjusted limits on deductions for contributions to a health savings account (HSA) allowed for taxpayers with family coverage under a high-deductible health plan (HDHP) for calendar year 2021.. Under Sec. 223, individuals who participate in an HDHP are permitted a …
The ins and outs of IRA-to-HSA rollovers
WebAn ideal situation for an IRA-to-HSA rollover would be a year when the account holder has family coverage and is age 55 or older — for 2022, that would allow $8,300 to be rolled over; $8,750 in 2023. If the account holder's spouse also has an HSA account and is age 55 or older, the spouse could also rollover $1,000 from his or her own …
Potential income tax benefits for families with special needs …
WebThe maximum EITC for 2013 is $6,044 for families with three or more qualifying children; $5,372 for families with two qualifying children; and $3,250 for families with one qualifying child. CONCLUSION. The number of individuals with special needs is escalating at unprecedented rates.
Mechanics of the new Sec. 199A deduction for qualified business income
WebThe deductible QBI amount for the business is therefore 20% of QBI, $60,000, less $3,000, or $57,000. Because H and W have only one qualified business, their combined QBI amount is also $57,000 before applying the overall limitation of $66,000 (20% of $330,000). H and W's Sec. 199A deduction is $57,000. Applying the limitation on a …
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