Taxes: you can leave health care blank

gauchojake · 03-02-17, 12:45 AM

My guy says they were instructed to not collect penalties either

d2bets · 03-02-17, 12:45 AM

Literally nothing you wrote is true.

Kaabee · 03-02-17, 12:47 AM

Ya wouldn't make sense for them to give the OK and come after you.

If you file online go with turbotax as they will have this option starting March 2. H and R block won't let you.

Kaabee · 03-02-17, 12:47 AM

Originally posted by d2bets

Literally nothing you wrote is true.

Which parts.

Kaabee · 03-02-17, 12:49 AM

forbes.com

https://www.forbes.com/sites/kellyphillipserb/2017/02/16/irs-softens-on-obamacare-reporting-requirements-after-trump-executive-order/#2a10476da3cb

https://ttlc.intuit.com/questions/3670128-how-can-i-leave-line-61-blank

gauchojake · 03-02-17, 12:52 AM

Milwaukee Mike check in pal

Kaabee · 03-02-17, 12:54 AM

Your tax penalty is based on your MAGI. Your MAGI is calculated before itemized deductions including gambling losses.

Foxx · 03-02-17, 01:00 AM

Originally posted by Kaabee

Obamacare is a killer for uninsured gamblers. You have to pay on your gross winnings. You can hit $300,000 in slot jackpots, dump it all back and owe like $7500.

I think the maximum payment is 2.5% up to a max of $2085 for 2016. Still sucks though the way gambling income and losses are supposed to be reported and how they affect items elsewhere on the return because a lot of things are tied to adjusted gross income.

Kaabee · 03-02-17, 01:03 AM

Ya the max is $2085. I would have been on the hook for $1500 this year.

d2bets · 03-02-17, 01:15 AM

Originally posted by Kaabee

Which parts.

All of them.

TheMoneyShot · 03-02-17, 01:16 AM

TRUMP RULES!

d2bets · 03-02-17, 01:17 AM

Yeah, I mean, unless you're a big-timer (or maybe even if), you probably won't get caught if you cheat on your taxes. But it's still possible and the law is the law.

Kaabee · 03-02-17, 01:18 AM

I never said it wasn't the law. I said the IRS will now accept the return instead of rejecting it as they used to.

Forbes article and turbotax links show that.

I was wrong on the penalty. Forgot about $2085 max.

Calculation of penalty is MAGI. Losses don't count. That is the law and that is how the tax software calculates your penalty for you.