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The Tax Man Cometh

Discussion in 'Politics, Elections & Legislation' started by goosecall, May 30, 2010.

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  1. goosecall

    goosecall TS Member

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    Url above. 10Tenner
     
  2. dmarbell

    dmarbell Active Member

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    The "value" of your 401(k) contribution is included on your W-2 now, but it's not taxed. Don't get all excited about things that will happen so far in the future. This administration will not survive 2012. Hell, the Congress will not survive 2010.

    Danny
     
  3. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Deplorable Bitter Clinger in Liberal La La Land
    But will the GOP have the balls to undo the damage that's been done?
     
  4. 2005Kid

    2005Kid Member

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    Fxxx the Tax Man !!!!!
     
  5. hmb

    hmb Well-Known Member

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    If you itemize aren't health insurance costs deductible? HMB
     
  6. Porcupine

    Porcupine Active Member

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    hmb-

    All qualified medical costs over the threshhold amount of 7.5% of your federal Adjusted Gross Income are deductible.

    LA in MA
     
  7. BT-100dc

    BT-100dc Active Member

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    You think that sucks, consider these changes: (1) the AMT (Alternative Minimum Tax) has been decreased to $33,750 or $45,000 for married filing jointly; and, (2) deduction loss of the "increased standard deduction" for real estate taxes has been eliminated. The 2009 AMT was $46,700 for single and $70,950 for married filing jointly. During 2009 your were permitted to add to your standard deduction (married filing jointly) up to $1,000 for real estate taxes (provided you paid more than $1,000 in real estate taxes). For most people, the standard deduction for tax year 2009, married filing jointly, was $12,400 ($11,400 + 1,000). What this adds up to is most people will pay more taxes for 2010 versus 2009. You think this sucks then wait until the Bush Tax Cuts expire on 12/31/10. Now that's change we all can believe in. My source of information is listed on Page 7 of the 1040 Forms & Instructions booklet (Package 1040-8) for preparation of Form 1040 long form. Who says if you make under $250k, you won't pay a dime more? BT-100dc
     
  8. 870

    870 Well-Known Member

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    As already answered above, the OP misunderstood this entirely; it will not be taxable to you. Note the quoted text says it is refering to the cost of insurance that is "excludable" from the employees gross income. That means non-taxable. And it won't be deductible either since you did not pay it. There are several nontaxable items that still get reported in certain boxes on your W-2 even though you never pay any tax on those items.
     
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