Blogger Harry Sit has reviewed the 3 most popular tax software packages, employing a simple test to gauge accuracy of calculations of self employed health insurance deduction and premium tax credit. His review confirms what our contributors have collectively determined:
- TaxAct: Works; closely replicates IRS example, with slight discrepancy due to rounding.
- TurboTax: Works; closely replicates IRS example, with slight discrepancy due to rounding. However, taxpayers who also need to prepare a Schedule C will need to purchase the highest price, “Home & Business Edition”.
- H&R Block: Total fail. Users are advised that the software package does not include necessary features to prepare tax returns for self employed taxpayers who have purchased insurance via an exchange.
Read the whole post at The Finance Buff
New from the IRS:
Health Care Law: What’s New for Individuals & Families
Available at www.irs.gov/pub/irs-pdf/p5187.pdf
by Maggie Maher:
A lack of fact-checking by the media lulled into profiling the false accounts of individuals with a political agenda.
Posted by Sarah Kliff on December 10, 2013
This guide is what you need to know — and we’ll be updating it going forward, as we get new questions from readers.
A good overview of the interaction between premiums, age, and income on the exchange– and some of the factors that typically are left out in most news reporting:
The dirty secrets behind Boehner’s ‘spiking’ Obamacare premiums
By Michael Hiltzik – Los Angeles Times – November 25, 2013
Does navigating your government-created health exchange web site give you a headache?
Here’s a quick online tool to find the health care offerings in your area, including a tool to quickly estimate subsidies:
This is a free tool created using public databases. No login required — all information can be quickly entered on the home page, with results appearing as the the data is entered.
(Created as a public service by three young and capable San Francisco-based computer technicians – see http://www.thehealthsherpa.com/about to learn more about them)