The Fact Center

The Moritz Group PC receives a wealth of information for various sources ranging from tax news letters, to scam warnings, to information directly handed down from tax authorities. Below we have compiled a list of information that you might will be updated frequently with new information! 

Amended Return Processing Delay

As of November 13th of 2021 the IRS had over 2.7 million unprocessed Amended Individual Tax Return 1040X. Generally they state that it can take about 16 weeks or so to process an amended return. That is now estimated at 20 weeks or more.

Medicare-premium waiver

Some people who have had a significant change to their financial status may be eligible for a Medicare Premium- surcharge waiver. You can apply for relief with the Social Security Administration using an SSA-44.

Health Savings Account only for individuals with high-deductible health plans

For 2022, the minimum allowable deduction is $2,800 for family and $1,400 for self-only. Out-of-pocket costs, can't exceed $14,100 for family and $7,050 for individual coverage (including copays).

No HSAs for individuals with Medicare

Someone who already has an HSA can use it to pay for Medicare premiums, but contributions can no longer be made to the plan. Individuals with the HSA can still take tax-free payouts for eligible medical expenses.