My sister works for H&R Block. If there’s a problem here, it’s my translation. There already is a line on your 1040 to take off self-employment insurance. My understanding is it’s dollar for dollar. How it may work with Obamacare is up in the air. The government doesn’t know yet and may not print the forms before February ‘14. What also hasn’t been decided is how you’ll report whether your insurance meets or doesn’t meet the law and how to calculate the fine if it doesn’t.
(This is me.) Also, your out of pocket went up with your new insurance. How you’ll handle that...probably if it doesn’t meet the required percentage of your income it won’t be deductible.
Oh. My. Goodness.
Tax forms are still being discussed and may not even be printed until Feb ‘14? I didn’t even think about this thing totally screwing up people filing their income tax. I mean, I knew it would be confusing and messy, but I didn’t think that Obamacare might actually break the tax system. That may sound like a good thing, but imagine the chaos.
By the end of the first quarter next year, no one in this country is going to be happy with our idiot president.
Thank you. You were helpful.