Another wonderful IRS policy. IP: 68.119.103.203 Posted on June 29, 2017 at 03:23:30 PM by Scott Heims
When we retired for the third and final time last August, we went back on the excellent coverage provided by the City's plan, that was sarcasm. Checking my bank statements for the past few months, I see we now bring home less money then we did in April. Being that we're on the road traveling for a few months we don't have our statements with us so I called the pension office to inquire what's going on. There is some IRS guidelines where the first $3000 of health insurance premiums are not taxed. Once you meet that threshold you pay tax on your premiums. I'm not much of a financial whiz, but aren't all your health insurance premiums tax deductible every year? Why don't they just make all health insurance premiums tax free? The wife and I each are now bringing home $100 less per month then we did 2 months ago. Does that mean we pay $100 month tax for health insurance? What the hell is going on. Maybe we all need to write our legislators. Maybe our Retirees Association needs to tackle this. Either way, it sucks the big one😠👺😠 Replies: