MT online W 8 From Revform 2025

MT online W 8 From Revform: What You Should Know

The legislation establishes a transition income tax rate of at least 6.7 % on qualified long-term care insurance in Montana that provides coverage for a qualified health plan of up to 8,500 per month. Montana's residents aged 65 or older can also qualify for coverage that offers up to 6,250/month in Medicare benefits. For individuals who were eligible for Medicaid benefits before they became eligible for Medicare, the annual maximum amount of income that is taxed will be 11,000. Taxes on long-term care policyholders under the bill would be repealed in 2019. Those taxpayers should continue paying their long-term care insurance premiums until then. Tax Relief “ The bill contains tax relief for: 1. Qualified long-term care insurance, as described in § 965(d), that provides coverage for a qualified health plan in excess of 8,500 per month, and includes Medicare benefits; 2. Qualified long-term care insurance, as described in § 965(k), that provides coverage for a qualified health plan in excess of 6,250/month, and includes Medicare benefits; and 3. Qualifying long-term care expenses incurred for the care of a qualified long-term care patient, as described in § 965(e) and(f). “ Tax Relief Section 6033 of the tax reform bill imposes a 5 percentage point excise tax on excess deductions for “excess health care expenses” which amounts to the federal tax that a high-income taxpayer pays on the excess of medical bills incurred by that individual (as opposed to medical billing). The amount would be set at 4,450 on taxable income exceeding 250,000 and 12,750 on income exceeding 1,000,000. Excess medical expenses are those that exceed the qualified medical expenses allowed by the high-income tax bracket for the highest two tax brackets. These excess medical expenses are reduced by the amount of the exclusion for high-income taxpayers provided by the bill, but the legislation does not specify an exact amount that can be deducted.  The elimination of the medical expense exclusion would have an impact on the high-income tax bracket, if an individual were to owe more taxes (through an excess medical expense deduction) than his higher-taxed bracket.  The elimination of the medical expense exclusion for people in or exceeding the standard tax bracket's first two tax brackets would increase for people in the next two brackets.

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