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

IRS Softens On Obamacare Reporting Requirements After Trump Executive Order

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

Last month, President Trump signed an executive order rolling back certain aspects of the Affordable Care Act (ACA). Now, the IRS appears to be easing off of enforcing the individual mandate.

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.