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This term is used to identify the value of the medical insurance extended by your employer to your domestic partner. On the federal level and in several states, such extra coverage is considered taxable income and must be reported separately.
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What is medical imputed income?
This term is used to identify the value of the medical insurance extended by your employer to your domestic partner. On the federal level and in several states, such extra coverage is considered taxable income and must be reported separately.
Imputed income for domestic partnership for life insurance?
There would only be imputed income if your employer provided life insurance for your domestic partner. I don't mean that your partner would be the beneficiary - - I mean that your partner would be the insured party. If that happened, then the cost of the premium would be counted as imputed income for purposes of federal income tax and for some state taxes as well, unless your domestic partner were your dependent. If you were legally married heterosexuals, then there would be no imputed income except on the value of policies which exceed about $50,000.
Why would income from your domestic partner appear on your W-2 tax form?
No, not on your W-2 it wouldn't. His or her own salaries and wages will appear on your domestic partner's own W-2, not on yours. Even if you are married, your W-2 form only shows your own salaries and wages. One important exception is "imputed" medical benefits provided by your employer for your domestic partner. If your domestic partner is not your dependent, then you will likely need to pay federal income tax on the value of any medical insurance your employer provides to him or her.
What is the basic imputed interest formula?
imputed interest
Why is your employer reporting imputed income on your domestic partner health benefits?
Your employer is required by the federal tax code (and the tax laws of some states) to report as taxable income the value of any medical, dental, optical or prescription coverage it extends on your behalf to anyone who is not your legal spouse or dependent.
How do you spell imputed?
That is the correct spelling of the word imputed(attributed or inferred, usually negatively).
Is there a tax deduction for the cost of your domestic partner's health premiums?
No. In fact, your employer is likely to report this cost as "imputed income" which means you will have to pay tax on this amount. No tax is owed if your domestic partner is also you dependent for purposes of federal income tax.
Does imputed income from domestic partner health insurance change your tax filing status?
No. For purposes of federal income tax, you must file as single if you are not legally married to a person of the opposite sex. The value of the DP coverage is imputed as income because the covered person is not your legal spouse under federal law.
Can Florida stop you from getting insurance for you domestic partner if the insurance company said it was all right?
No. Some insurance companies offer domestic partner coverage in Florida and you are free to purchase such a policy. If your employer wants to buy coverage for you and your domestic partner, then it can. The state of Florida will not stop you. It may impose income tax on the value of the domestic partner coverage as "imputed income."
Can spouse give medical history info?
Yes, a spouse can give medical history information about their partner with the partner's consent. It is important to respect the patient's privacy and confidentiality when sharing medical information.
What is the motto of Williams Medical Supplies?
Williams Medical Supplies's motto is 'Your partner in practice'.
Where do you enter imputed income on your tax forms?
It depends on the type of imputed income. If it is imputed interest, enter it where all other interest payments go (schedule B). If it is imputed life insurance income from your employer, that should already be included in box 1 of your W-2 and you should enter it on line 7 of your W-2. You enter it wherever non-imputed income of the same nature would go.
