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For Obamacare tax purposes, what is a medical device?
I was thinking pace maker and breathing machine. More recently I've heard people say it's latex gloves and shoe insoles. Seriously? Has anyone made a list of what has to be taxed and what doesn't? If you can use it for a medical purpose is it automatically a device?
Just to clarify, I'm talking about the 2.3% medical device surtax, not what can be obtained with FSA funds.
5 Answers
- ?Lv 78 years ago
2.3% excise tax on sales of qualified medical device
If considering making large purchases of medical devices, do so by the end of 2012. A 2.3% excise tax will be collected by the medical device seller starting in 2013. This will not apply to devices sold to public at retail for individual use, but will apply to equipment purchased by dentists, physicians, etc.
And are you in any of these types of business that will be needing to purchase the above medical device items in the coming tax year for this purpose.
http://www.tld-inc.com/News/20121203/348/Tax-Plann...
Hope that you find the above enclosed information useful. 12/29/2012
- ?Lv 78 years ago
The tax is on device manufacturers not individuals. But you are asking about HSA accounts which would have a penalty of 2% if you use it for non prescription items. You are referring to two differnt provisions. Here is the IRS link describing these changes.
- 8 years ago
evidently none of us know what items are included in "medical devices",
IRS INFO SURE MAKES THINGS AS CLEAR AS MUD!
