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Recent Health Insurance questions

1. Getting 1 - 1.5 million saving and retirement account 1.5

1. Getting 1 - 1.5 million saving and retirement account 1.5 million for divorce settlement.2. Getting $13,000/mo. for life time support alimony that adjusted as economy. Plus insurance for guaranteed same amount and condition incase of spouse's death and disability, health insurance.Which is better deal?

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
Mr Stephen, About 10 months ago you gave me advice. I am 60

Mr Stephen,About 10 months ago you gave me advice. I am 60 and working and insured with a good health policy. You basically told me that it was not worth it to take any additional coverage that is an additional policy because as long as I worked, and eventually I got Medicare coverage I could transition more or less seamlessly into Medicare. I have a significant preexistent condition.My queries are basically in 3 areas: a) Does this general advice change in view of recent developments(not only regarding the ACA, but the fact that insurance policies in general are going up and expected to go up) ? b)At what age does one have to register for Medicare,Medicare Advantage etc. (is it 62) c)What is the best way to plan for payments that have to be done, copays deductibles, etc. Thank you.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,404 satisfied customers
There is an entry on my pay voucher as "Retiree Health

There is an entry on my pay voucher as "Retiree Health Care". It appears to be insurance of some sort for retirees that is taken out of my paycheck.Is this deductible from my taxes as a health care cost?Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
I am refinancing my condo. I am at the final stages of my

I am refinancing my condo. I am at the final stages of my loan. Awaiting assessor results. Can you tell me how this loan will effect my 2016 tax return? Also, since my health insurance is obtained through Access Health CT and I get a discounted rate through Anthem Blue Cross Blue Shield, (based on my income), will this be effected as well? Last years line 7 from my 1040, I made: $24,730. My refinancing loan is for: $75,000.

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bkb1956

Enrolled Agent, Paralegal

5,982 satisfied customers
Lane, I need to ask you another legal / ethics question

Hi Lane,I need to ask you another legal / ethics question regarding that client I told you about previously that was trying to hide income from his personal return by not disclosing the income from the S Corp that he is a shareholder in for 2015.He is in a rush for his personal return because his health insurance is through California Covered, so he basically needs to file by the 10th of this month to keep his insurance. He's telling me that he will not be able to get me his S Corp information in time, but willing to sign the Engagement Letter holding himself liable as well as a personal guarantee letter that all of the S Corp information will be provided prior to the end of this year and he will file amended returns.My questions is....Is the enough to keep me out of harms way ethically and legally if I prepare his 2015 personal return without the Schedule K1? Or should I send him out the door to find another tax preparer?Thanks,Kathleen

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
Auto Insurance - What is my need for uninsured motorist

Auto Insurance - What is my need for uninsured motorist protection? I currently have $300,000/$500,000 stacked. We have Medicare with part F supplement as well as long term care insurance.

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Can you calculate the monthly annuity for a federal employee

Can you calculate the monthly annuity for a federal employee under FERS with the following detail; 11 years of service3 year high average salary is $80,000.00

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taxmanrog

Master's Degree

1,016 satisfied customers
I think it's actually a legal question. For years I've had a

I think it's actually a legal question. For years I've had a small business with just my self as the employee. It's a C corp, incorporated in NY. I just moved to california. I think, for tax purposes, I'd like to convert the C corp to an S corp. My wife and I had health insurance through her employer. Since she no longer works there, we need to establish health coverage. We're currently paying for COBRA. If I convert the C corp to an S corp, I'll be able to take the health insuruance as a self-employeed adjustment to income. I think. Does that sound correct? and Can I convert a C corp to an S corp?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I don;t know

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Mark Taylor

Certified Public Accountant

Masters

2,642 satisfied customers
I have a two-part question regarding taxes. I have been

Hi - I have a two-part question regarding taxes.I have been self-employed Jan - Aug 2016, total income 91,132.00Estimated taxes paid Q1 - Q3: Fed 9,100; GA 1,400 eachNow, as of Sep 2016 salaried employee with annual income 114,000.Question 1: would it be prudent to pay the estimated taxes for Q4 just in case (withholdings with new job is 1 each)Question 2: I have been funding a SEP - to-date 15,000 - can I put another 5,000 since the 401K with the new company is not available until Jan 2017?PS: I do not have an IRAMany thanks,Vera

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

19,722 satisfied customers
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