Turbo Tax 2013 and Tax Changes
With TurboTax 2013 you'll be ready for the Changes to come in 2013.
Most likely the biggest changes for the 2013 filing year will include health care reform. There is no doubt that TurboTax 2013 will be formatted to take advantage of heath care reform in any way possible since this has the potential to effect consumers from all income levels.
Changes for Return Filing Starting in 2013
2013 year changes include changes to relief for filers who lose their homes due to foreclosure since this relief is set to expire.
Beginning in 2013, the debt previously forgiven in connection with the foreclosure of a principal residence will once again become taxable income (unless you are insolvent or in bankruptcy).
Mortgage Insurance Premiums:
The special itemized deduction for mortgage insurance premiums paid on mortgages taken out after 06 expires for 2013.
Health Care Reform:
For sixty years Democrats say they've been pushing for legislation that
provides health care access for all Americans. They'll have to wait until
2013 to enjoy any refund breaks if President Obama gets a bill to sign this year.
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Under the Democratic bills, federal credits to help make health
insurance affordable for millions of low- and middle-income households won't
start flowing until 2013. But Medicare cuts and a sizable chunk of the increases set to pay for the health care overhaul kick in immediately. This
is an area where TurboTax 2013 can
make a difference for those with highly active medical expenses
Health reform could be vulnerable to the same criticism as Obama's $787 billion economic plan to control rising unemployment. The three-year wait is the time it's going to take to set up insurance marketplaces, write consumer protection rules and reconfigure the bureaucracy to carry out the legislation.
To answer Obama's call for an immediate end to insurance company discrimination against the sick, it's necessary to set aside $5 billion to help states provide affordable coverage to people denied because of a medical condition. The money would be apportioned to high-risk insurance pools that many states have set up.
If there's a silver lining in the three-year wait, it's that it will give individuals and families time to prepare for a new federal requirement to carry health insurance, starting in 2013. That won't be a problem for the majority who have employer or government coverage. But even with the taxation credits to apply on your return filing that Democrats are proposing, many middle-class families that buy their own coverage still may be unable to afford it, and risk being assessed a penalty.
As usual, lawmakers may have figured out how to use time to their advantage. The Senate Finance Committee voted to pare down the penalties and postpone them until 2014. Because the fines would be collected through income taxes, no one will get a bill until April 2015.
That would be a full two years after the government starts handing out carrots in the form of health insurance credits. Conveniently or coincidentally, it's also safely after the 2014 congressional midterm elections.
Intuit TurboTax 2013 preparation software editions will need to focus on any benefits or credits available to the taxpayer in order to soften the burden that needs to be placed on our budgets to cover such change.
TurboTax 2013 Editions:
Free Edition, Basic, Deluxe, Premier and Home + Business
It's simply not enough to roll one years edition into another without addressing the most critical areas of lax changes, and fortunately TurboTax 2013 will no doubt come thru again as it always does to provide the biggest refund possible.
How the Obama Health Care Legislation will Effect You: