Obamacare

You will still be subject to a penalty if you don't have qualified health insurance during 2018 which will be calculated on the 2018 tax return. However for 2019, the penalty has been reduced to 0 because of the changes in the tax law which is very good news for taxpayers.

Investment Fees

Beginning in 2018 investment fees on brokerage managed accounts are no longer deductible as an itemized deduction. This will be a significant change from the 2017 tax return for many taxpayers.

Medicare Premiums for 2019

If your 2017 adjusted gross income is less than $170,000 joint or $85,000 single, then your monthly premium for Part B is $135.50. Above that adjusted gross income and your monthly premium can increase from $189.60 up to $460.50. You also have to pay an additional monthly amount of between $12.40 to $77.40 for Part D prescription drug coverage if your 2017 adjusted gross exceeds the $85,000/$170,000 thresholds. In calculating the adjusted gross income you have to add back tax exempt interest income.

1099's and W-2's

The season of 1099's and W-2's is now here for 2018. You are supposed to receive them by the end of this month. Also look out for form 1095-A showing your health insurance subsidy from Obamacare. Make sure you save all of these tax documents as they have been reported to the IRS and you will be subject to penalties if you don't report the same amounts on your return. Give these documents to me for your 2018 tax return, and I will make a copy for your file in case you get a notice from the IRS in the future.