New Strategies

[AllenChicago]

No liens or levies are possible to collect on an amount owed to the IRS for a penalty for lack of coverage. It's as toothless a penalty as you'll ever see.

Right..that's why advisors are helping people reduce their refund to as close to zero as possible. It takes someone who knows what they're doing to accomplish this. If there is no refund, there is no way (under current law) for the IRS to collect the penalty-tax for not having creditable coverage.

I've done this before when I was an employee. Instead of getting a big refund each year, I wised up financially and reduced my withholding. My annual refunded went from over a thousand dollars down to less than $100. If ObamaCare was in effect and I didn't have creditable coverage, the most the IRS could penalty-tax me would have been $100.

ObamaCare or No Obamacare, it doesn't make sense to let the Government stash away YOUR MONEY (and earn interest on it for themselves) all year and then send a portion of YOUR MONEY back to you every January...without the interest. Duh!
ac

 

[foxmarble]

This has turned into a tax strategy session instead of what other plans can we sell
I agree with Ann that Limited Benefit plans are worthless but will try to make a play. So let me ask you guys this..out of the STM plans HII/Assurant/UHC these are the three I have in the bag but have gone exclusively to HII. Don't like some of the exclusions like organized sports though. Anyone have a solid STM plan that they like that I might be missing?

 

[Monti_Ray]

Massachusetts has been taxing individuals without health insurance for a while. Is it the same way in MA, or you have to pay the penalty irrespective of a refund?

Monti
BestInsLeads.Com

No liens or levies are possible to collect on an amount owed to the IRS for a penalty for lack of coverage. It's as toothless a penalty as you'll ever see.