Tax and financial advice from the Silicon Valley expert.

California conforms to employee medical exclusion

Federal health care reform passed during 2010 extended employee health care benefits to adult children of employees up ta age 26. The benefit is exempt from federal income tax.

Many of the states haven’t conformed to this exclusion, creating tax headaches as people prepare their 2010 income tax returns.

California just enacted retroactive conformity legislation for this rule, AB 36 (April 7, 2011), effective with the federal tax rules.

Therefore, California taxpayers who reported this income on their 2010 income tax returns can now file amended returns to claim a refund for the additiional taxes paid.

Tax and financial advice from the Silicon Valley expert.