Ask your employer if it is going to be on your W-2. You have several issues:
1. The money is taxable.
2. You never purchased the health insurance, so there will be an ACA penalty.
3 You employer may ask you to pay it back, since you did not use it for its intended purpose.
Yes. I was paid 350 a month to go towards a health insurance premium but never had insurance. How do I claim that income?
I would imagine that it would be, yes. It was paid to me but never taxed. It was 3150.00. How is this going to affect my taxes/refund?
So how do I claim it, or what do I claim it under to be more specific?
I was covered under Medicaid for the first half of the year. I believe that waives the ACA penalty, does it not?
I was hoping to file before my W2 came in. Can I go back and change my filing once I get my W2?
You cannot file until you have the W-2. Also see:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/2018-tax-filing-season-begins-jan-29-tax-returns-due-april-17-help-available-for-taxpayers">https://www.irs.gov/newsroom/2018-tax-filing-season-begins-jan-29-tax-returns-due-april-17-help-available-for-taxpayers</a>
Why was your employer giving you money for health insurance if you already had (free) Medicaid? I wonder if they were trying to avoid payroll taxes on that amount each month, and/or the ACA employer mandates.
Depending on the exact circumstances, it sounds like the employer could be in big trouble for that arrangement.
I started in mid-March. I immediately told the State of Illinois about my job, and Medicaid ran out the beginning of June. I had been receiving money monthly to go towards my health care premiums. Once the Medicaid ran out, I was without healthcare. It is a non-profit, if that helps. I didn't think anything of it until I started entering my information in Turbo Tax a week ago.
Not that I am not concerned about my employer getting in trouble, but I am worried about me first. I am worried about what this will do to my return and my employer.
I wasn't aware of anything being abnormal. I have never had this kind of arrangement before.
Thank you for the insight. I guess I will have to wait and see.
Ask your employer if it is going to be on your W-2. You have several issues:
1. The money is taxable.
2. You never purchased the health insurance, so there will be an ACA penalty.
3 You employer may ask you to pay it back, since you did not use it for its intended purpose.