What is IRS NOTICE 2014-7?
IRS Notice 2014-7 provides guidance on the tax treatment of certain payments received by individuals under a Medicaid Home and Community-Based Services (HCBS) waiver program. Specifically, it states that these payments are considered "difficulty of care" payments and are therefore excludable from gross income under Section 131 of the Internal Revenue Code. Here's a breakdown of what this means: 1. **Medicaid HCBS Waiver Program**: These programs provide services to individuals who would otherwise need institutional care, allowing them to receive care in their homes or communities instead. 2. **Difficulty of Care Payments**: These are payments made to caregivers for providing care to individuals with physical, mental, or emotional conditions that require a higher level of care. 3. **Exclusion from Gross Income**: According to IRS Notice 2014-7, if you receive payments under a Medicaid HCBS waiver program for providing care to an individual living in your home, you can exclude these payments from your gross income. This means you don't have to pay federal income tax on these payments. This notice is particularly beneficial for caregivers, as it can significantly reduce their taxable income. However, it's important to keep proper documentation and consult with a tax professional to ensure you qualify for this exclusion and are applying it correctly.
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