Enrollment in the Premiun Option Plan component of TaxSave is automatic every year. The Flexible Spending Accounts require active enrollment each year. There are a variety ot easy ways to enroll.
You may enroll over the phone by calling Horizon BCBSNJ's automated voice response system at 1-800-2244426 (October 1 - October 31, 2007).
You may enroll overthe Internet during the same time period at: www.state.nj.us/treasury/pensions/taxsave.htm and follow the link to the Horizon BCBSNJ Web site.
You ean enroll by obtaining an enrollment kit from your benetits administrator. These forms must ba postmarked by October 31 , 2007, in order to enroll for the 2008 plan year.
TaxSave and Domestic Partners and Dependents Age 23 to 30
State employees are able to add a same-sex domestic partner to their SHBP medical and dental insurance coverage, and New for the 2008 plan year, Chapter 375, PL 2005, permits continued SHBP medical plan coverage for certain dependents unti! their 30th birthday
However, before any premiums that the employee pays for the domestic partner or over-age dependent coverage can be made on a pre-tax basis under the Turbo Tax Save Premium Option Plan, the domestic partner or over-age dependent must be able to qualify as a "tax dependenf' of the employee for federal tax filing purposes - under Internal Revenue Code Section 152.
Similarly, the domestic partner or over-age dependent must qualify as the employee's tax dependent before an out-ofpocket medical expense incurred by the domestic partner or dependent can be reimbursed under the Unreimbursed Medlcal Spendlng Account. See IRS Tax Topie 354 - Dependentsfor addjtional information on the requirements for establishjng dependent status for federal tax purposes.
If the domestic partner or over-age dependent is not a "qualified tax dependent" of the employee, any premium deductions made for the domestic partner's coverage must be made on an after-tax basjs and funds in the Unreimbursed Medical Spending Account cannot be used to cover the domestic partner's medical expenses
The big news about Intuit's TurboTax line this year is the development of specialized versions. In addition to Basic, Deluxe, Premier, and Home & Business, there are now versions for serious investors, retirement planners, and Spanish speakers. All of these programs' features (minus the Spanish version, which is most similar to Basic) appear in Turbo Tax Premier ($59.95 list), which we review here.
A new feature called My Tax History brings more data in from your previous year's return to help save you time (though you still need to review it for accuracy). In the interview mode, you can select a split screen, with the current form showing below. Questions and explanations appear in the main interview window, with fields or check boxes for your responses. FAQs appear in the right pane, and your current tax score (amount of refund or obligation) appears above.
Labels: Helpful Tax Filing News
