Health Savings Accounts (LO 5.1) Which of the following is a false statement about Health Savings Accounts (HSAs)? O a. Taxpayers who contribute to an HSA must carry qualifying high-deductible health insurance. b. HSAs are available to any taxpayer using a health plan purchased through the state or federal exchange under the Affordable Care Act. Oc. Distributions from HSAs are not taxable when used to pay qualifying medical expenses. O d. Distributions from HSAs which are not used to pay qualifying medical expenses are generally subject to a 20-percent penalty as well as income taxes. O e. Taxpayers must contribute to the HSA by April 15 of the year following the tax year for which they want the deduction.

Medicaid is provided to certain individuals and families with low income or resources. Which of the following items is not counted towards the income requirements? a. Housing assistance provided by the federal government O b. Social Security benefits O c. Pension Income O d. Veteran's benefits provided by the federal government.

Which of the following is true about the self-employed health insurance deduction? a.The deduction can be claimed when a subsidized employer health insurance plan is also available. b.Long-term care premiums may not be deducted within specified dollar limitations based on age. c.Dental insurance is not included as deductible self-employed health insurance. d.The deduction can be claimed if the taxpayer has an overall business loss from self-employment. e.The self-employed health insurance deduction is a for AGI deduction.

If a person is not eligible for the health insurance premium tax credit because of?

What are the essential differences between social insurance and public assistance programs? Why is Medicare a social insurance program, whereas Medicaid is a public assistance program? Why is the earned-income tax credit considered to be a public assistance program?

If one tax is not eligible for the health insurance premium tax credit because of?

Which of the following are qualified medical expenses for purposes of itemized deductions? a.Medical expenses paid personally out of a standard checking account.   b.Medical expenses that were reimbursed in the same year.   c.Medical expenses paid with funds out of a Health Savings account.   d.Health insurance premiums paid pre-tax through an employer's benefit plan.

Contributions to a Traditional IRA may be tax-deductible depending on the taxpayer's income, tax - filling status, and other factors. Taxes on eamings are deferred until withdrawals begin, which is usually in retirement. 3. Discuss the role of Social Security benefits in a retirement plan by addressing the following: a. Purpose: describe the difference between FICA and Medicare. Next, indicate how each af these benefits are funded (i.e. emplayee, employer, or bath). b. Eligibility: summarize the eligibility requirements for collecting Social Security. c. Benefit Age: summarize the three ages that people usually collect Social Security. If you were close to the youngest age, would you start collecting as soon as possible, or would you delay? If you would delay, indicate the age you would select and provide your rationale. d. Retirement impact: describe the role that Social Security would play in your retirement plan. Based on the information provided in this module, what percentage of a…

Q.Which of the following statement(s) regarding employer health insurance is (are) TRUE? (check all that apply) A. The (Affordable Care ACt) ACA does not force employers to offer health insurance to their employees. B. An employer with 100 employees is subject to a tax penalty if it offers health insurance, but at least one employee buys a policy from an Exchange and receives a tax credit. C. An employer with 75 employees is eligible to a tax credit if it pays at least 50% of the premiums D. An employer with 25 employees will not be subject to tax penalties if it does not offer health insurance to its employees. E.EAn employer with 20 employees is eligible for a partial tax credit if it offers health insurance to its employees (subject to a maximum for the average annual wages).

10 Which of the following statements regarding the Social Security Benefits screen in BlockWorks is FALSE?   Both taxpayer and spouse information documents can be entered at the same time on one screen.   The first field indicates if the taxpayer or spouse received social security.   Medicare premiums will be entered here and flow to Schedule A.   When the form is completed, the verification process is not necessary.