Ira Tax Deduction Rules
Question: Would this work under the health insurance plan that came out of the Finance Committee?
Here is my plan let me know what you think and let me know any flaws in it.
1) Ask my employer to let me have the money they spend in health insurance for me added o my salary, once their tax deduction goes away it would not help them to keep it as a benefit and not salary.
2) Take the $200 a week extra this would give me and put $75 of it in a FSA to use for out of pocket costs (checkups, injuries, drugs). You can bargain most of these things down.
3) Keep the extra money and invest it in my IRA so I would pay no additional taxes on that income
4) If I come down with any major illness I will join an insurance plan, they have to take me under the new rules for pre-existing conditions.
5) My insurance rates will not be high because they will be capped.
I think this will work, I figure with luck I can pocket over $100,000 without much effort.
What do you think?
Sorry forgot to add I would gladly pay the $750 penalty for not having health insurance.
Answer: You are dealing with the government if it makes since you can’t do it.
Tax Deduction Tips : Social Security Tax Tips