tax and insurance penalty?

Discussion in 'BlackHat Lounge' started by txholdem, Jul 15, 2016.

  1. txholdem

    txholdem Elite Member

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    i am in the US. i almost didnt have income last year, so i didnt setup income withholding and dropped health insurance.
    now if i make 100k this year, how much would the tax and health insurance penalty be?
    is there any way to do the withholding now? and would it reduce penalty if i buy insurance now?
     
  2. DiMaster

    DiMaster Registered Member

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    i think you should try to find answer at insurance dedicated website.
     
  3. Finn

    Finn Jr. VIP Jr. VIP

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    Get in toch with a tax consultant in your country.
     
  4. damagesmith

    damagesmith Senior Member

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    Are you making 100k this year. Or are we playing fantasy at the moment
     
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  5. theRevolt

    theRevolt Jr. VIP Jr. VIP

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    You need to see a CPA or tax lawyer , it would be foolish to rely on advice from a forum when it comes to taxes.
    While this is NOT any tax advice I know you can be 3 months without insurance with no penalty otherwise 1% of salary from what I recall ( I dont know the income limit), but again ask a professional.
     
  6. MisterF

    MisterF Moderator Staff Member Moderator Jr. VIP

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    A good accountant / tax expert will pay for themselves time and again.

    My first accountant when I set up was a former tax inspector and his wife an accountant.
     
  7. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    They are a ripoff for the vast majority of people. You only need one once you start doing complicated things.
     
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  8. txholdem

    txholdem Elite Member

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    the questions were asked 2 months ago...

    i have found out that
    1, one can and have to pay estimated taxes to avoid penalty (i was surprised that a banker has never heard of that.. seems like an easy position!) estimated tax can be paid by 4 quarterly deadlines through IRS website.
    2, i was told by an insurance company that the penalty is about 2% of income thanks to obama. my understanding is enrollment after march will not save one from penalty, not even a discount.

    i think majority of people dont realize the effect of obamacare, except for the self employed. (premium is 300% compared to before, by consensus) that's what makes me consider voting for trump. he might not be able to speak a coherent sentence, but he says he is going to get rid of obamacare.
     
  9. txholdem

    txholdem Elite Member

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    65k from march to september, from 1 source.
    i am starting to try sharecash, amazon, CB, and other CPA. i like the idea of $10k a day, but lack inspiration. (i've been on a month-long gambling trip.) i would not call $10k/day a fantasy either. i think that's well within reach, even though i am still nowhere close.

    in case you cannot comprehend how little $10k a month ($120k/year) is:
    i spent just about $10k, and where do i stay? i can only afford to stay in holiday Inn for 1 day, holiday inn express for 10 days, and most days i stay in quality inn for $40/day.
    you know how much people pay for their hotels? $500 a night, $5k a night!

    in east coast casinos, a buffet easily costs $40. if i spend $25 to eat, i feel like i have not eaten shit. i can hardly feed myself, i wonder, as always, how people feed a family of 3,4,5....

    the amount of money i have lost could not make me 'platinum,' let alone 'diamond' or '7-star'. people play 5-dollar video poker, and i bet $1-$2 at most.

    $120k/year is nothing.
     
    Last edited: Sep 29, 2016