Author Topic: New York Taxable Income Inheritance / Health Insurance  (Read 1240 times)

bootsmagee

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New York Taxable Income Inheritance / Health Insurance
« on: February 13, 2018, 06:40:11 AM »
Two things for 2018 that I'm trying to get figured out.

1-Will an estate inheritance of less than $400,000 from the sale of a home count as taxable income here in NY.  I don't believe it does but if so, this would greatly effect health insurance costs through NY State Of Health.

2-I was looking into Domestic Partnership (instead of marriage) as a means to get on my girlfriend's health insurance plan through her employer.  Some sources online, however, warn that any insurance benefits would then be counted at taxable income, which could add up to quite a lot owed at the end of the year.  If this is true, is the entire EMPLOYER's cost for both people taxable?  Just the EMPLOYEE's contribution for both partners?  Just the additional partner's total cost or contribution?

     

terran

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Re: New York Taxable Income Inheritance / Health Insurance
« Reply #1 on: February 13, 2018, 09:02:02 AM »
Here's info on the NY estate tax: https://www.tax.ny.gov/pit/estate/etidx.htm

You're probably fine with ACA subsidies: https://www.npr.org/sections/health-shots/2015/12/08/458807324/mom-left-me-money-do-i-owe-uncle-sam-for-my-health-subsidy

For the domestic partnership health insurance it looks like the amount of your premium that your GF pays for you will be taken out of her paycheck after tax (hence she will pay tax on this unlike her own premium) and the amount of your premium paid by her employer will be added to her w2 and imputed income and she will also have to pay tax on that: https://ttlc.intuit.com/questions/1926484-paying-taxes-twice-on-imputed-income-as-it-relates-to-domestic-partner-medical-coverage.

bootsmagee

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Re: New York Taxable Income Inheritance / Health Insurance
« Reply #2 on: February 13, 2018, 09:22:25 AM »
Thank you for the links, terran!

 

Wow, a phone plan for fifteen bucks!