Grand Parents or Parents Taxes and Healthcare

[parentshealthcare]

Hi -

- My parents are Green Card holders as of last year,

- They will start in Jan 2024 as my household employees to look after and teach my children

- I am buying them health insurance from healthcare.gov on the basis of their employment with me

After reading and researching, I believe - 

1) I have to file a Schedule H with my returns

2) I should issue a W2

Is that correct?

Also, I need to understand from experts here, what do my parents need to do when they file for their taxes. I read in this forum that they dont need to pay Social Security and Medicare taxes. I am confused about that. Please advise so that we can do this in a legal proper way.

Thanks a lot in advance!

[Bsch4477]

Unless they qualify as your dependents you can’t buy marketplace insurance for them. The would have to apply on their own behalf. 

[parentshealthcare]

Thanks Champ. They will buy on their behalf. They will pay the monthly premium from their account as well. Any other insights? @Bsch4477