If you have Medicare, you probably have minimum essential coverage (MEC) as defined by the Affordable Care Act (also known as Obamacare or ACA). Learn more about which Medicare coverage does and doesn't count.
Other special taxes include theAlternative Minimum Taxand Social Security and Medicare taxes on tips that you didn't report to your employer. You must file if you had net earnings from self-employment of at least $400 or if you had wages of $108.28 or more from a church or qualified churc...
If you and your family get health insurance through a job, you should have MEC (Minimum Essential Coverage). Government health insurance programs such as Medicare, Medicaid, Tricare, CHIP, and Veterans' health care benefits provide MEC. Individual health insurance plans bought before...
Medicare Part A and B (together) and Part C can be integrated with an ICHRA and are eligible for premium reimbursements Student health insurance policies, except for self-insured student health coverage An ICHRA isn’t compatible with the following types of medical plan coverage: Group health p...
This includes Medicare Part B where income above a certain level could subject you to income-related monthly adjustments in addition to the standard premium. 2. Forgetting to take your RMD Another common mistake is simply forgetting to take your RMD. The IRS assesses a 50% penalty on t...
You owe Social Security and Medicare tax on unreported tip income You will be subject to theAlternative Minimum Tax(AMT) You earned $108.28 or more from a tax-exempt church or church-controlled organization You received an advance payment on the Premium Tax Credit ...
This includes Medicare Part B where income above a certain level could subject you to income-related monthly adjustments in addition to the standard premium. 2. Forgetting to take your RMD Another common mistake is simply forgetting to take your RMD. The IRS assesses a 50% penalty on the ...