Wednesday, December 5, 2012

Tax Employer Provided Health Insurance IRS

§ 106(a) excludes from the gross income of an employee the value of employer- provided health insurance coverage.

§105(b) excludes from gross income the value of benefits received under employer-provided health insurance, to the extent the benefits constitute reimbursement of medical expenses.

§ 125 provides that insurance may be provided under a cafeteria plan. Under § 125  a taxpayer who is offered a choice between cash and health insurance coverage, and who chooses insurance will not be taxed under the doctrine of constructive receipt.

Provisions exclude both premiums and benefits from the base of the income tax. For taxpayers with employer-provided health insurance, the §106 exclusion is the equivalent of an above-the-line deduction for the cost of insurance, not subject to any percent of AGI floor. Congress wants employers to provide pensions and insurance to all employees. Congress conditions tax-favored treatment for the executive’s pensions on the provisions of rank and file employees.

§ 213(a) medical expenses are deductible only to the extent they exceed 7.5 percent of adjusted gross income. Includes Insurance not from employer.

§ 162 (l) – Self-employed person can claim above the line tax deduction for insurance

Group Term Life Insurance - § 79 allows employees to exclude the value of group-term life insurance provided by their employers, for up to $50,000 of insurance.

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