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My job said I can cover my 22 year old for health ins. Are there tax implications?
Thank you for your help! My son is 22 & without health insurance, & my job said that I can cover him, but said nothing else. I am wondering if I need to worry about anything to do with filing taxes at all? I don't want to do a thing other than pay for him to have insurance, period. I don't want to declare him as a dependent on my taxes, etc. Is there more than meets the eye to my covering him? He doesn't live with me anymore since this new job of mine is in New Mexico, and I moved here as of November 1, 2009. He's back in Missouri. Further, I'd only be covering him until the beginning of October of this year as he is getting married, which we won't even talk about! Bottom-line is if I will need to worry about anything regarding my taxes at the end of 2010. Again, thank you very much!
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I'm new & don't know how to answer someone personally who answered me...
So I apologize for my clumsiness, but to Fr_Chuck, thank you for your reply, and no, he is not currently in college. I wondered about that, too. I know he is supposed to be a full-time student in order to declare him on my taxes as a dependent, but just to pay his health insurance, I don't know. Hence my confusion! Thank you for your time.
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I assume that your son would be covered by your company under COBRA. There are no tax implications to worry about, unless possibly the cost of this policy exceeds the annual gift tax threshold of $13,000. In that case there are implications - not with income tax but with possible gift tax and estate planning consideratoins - but that seems unlikely. |
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Unless he is currently on COBRA the new employer/carrier has no obligation to offer/continue COBRA. If he is allowed on the group plan of the new employer then there are tax obligations for both the employer and employee. If the premiums are normally pre tax, Your sons' portion of premiums would not be allowed in a section 125 and are taxable. Any portion the employer paid is not a business expense and will be considered income to you. |
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