Posted on 12/14/2015 6:52:48 AM PST by SeekAndFind
On this year's tax returns, filers must deal with several tricky new rules and paperwork requirements stemming from ObamaCare.
You'll have to start dealing with the tax implications of the health insurance program as soon as new ObamaCare documents reach you, swirling in the blizzard of IRS forms that you receive, starting in January.
The key paperwork that you'll be looking for is a Form 1094-B from your insurer or a Form 1095-C from your employer.
Those verify that you had the health insurance required by ObamaCare, known formally as the Affordable Care Act.
If that or Medicare was the source of your coverage, you check the appropriate box on your Form 1040 tax return.
If you bought coverage through HealthCare.gov, the federal exchange that serves 37 states, or one of the independent state exchanges, you'll get a Form 1095-A.
You'll have to do the math to show that your payments were big enough, given any federal subsidies you received.
If it looks like you did not pay enough but you think you're entitled to at least one of the exemptions that are spelled out by the law, you have to file a Form 8965. If you think you're entitled to a tax credit, you must file Form 8962.
Tax credits go to taxpayers who receive coverage through an exchange and whose income is below specified levels.
Roughly, a family of four with household taxable income below $90,000 is likely to be liable for some credit, says Ernie Harris, executive vice president, corporate development, of Maestro Health.
What about penalties?
(Excerpt) Read more at news.investors.com ...
Just saying.
These regulation are a lot less onerous, than those for whom the old system no longer covered them for circumstances beyond their control.
America is not keeping jobs current. More and more people are losing them, and those people also end up losing insurance coverage, and future coverage in some cases.
I don’t support Obamacare on its face, but what we had before was even worse, for a huge number of Americans.
Just saying.
obmamacare was never about healthcare. Its about control.
I know that, and I agree.
What I am saying is, we did not have a better idea before.
What we had was a huge mess. Obamacare is a huge mess itself, but millions of Americans now have insurance, who did not before. Millions of Americans benefitted from it.
We need to be aware of that, and if we “fix” Obamacare when Trump or someone else takes over next year, we need to actually improve it, not return to the mess we had before.
People need to be covered. All people.
And the coverage needs to be complete.
There were far too many exemptions previously.
America needs actual insurance. Real insurance.
Which covers everyone.
Not what we had before.
Once again I get to spend tax season explaining TANSTAAFL and sticker shock while waiting for forms to slowly creep to my tax client’s mailboxes (or email!) All last year I kept saying that the penalties are RISING much faster than the sea levels and there will be pain in the pocketbook!
My INTELLIGENT clients will know that you weigh the penalty against RISING health insurance costs and the odds of accidents and sickness. For large company employees, there is no sweat and it is an INCENTIVE to remain a wage slave. For small companies and self-employed, it is a PENALTY and disincentive towards business growth.
Sigh, once more we charge into the valley of IRS regulations and requirements!
NO. Not EVERYONE needs to be covered. It should be MY choice whether I want insurance or not. It should be MY choice how much insurance I want.
Go back to your socialist hole.
Make that everyone who wants to be covered, needs to be covered.
You are right on exempting yourself.
But everyone who wants coverage, needs coverage.
Everyone.
What about someone who is an able bodied American but doesn’t want a job and doesn’t want to pay a dime for health care (but wants to be insured)? Do they get covered, too?
I did not say everyone is entitled to (free) healthcare.
I have never said that. Ever.
Government has forced the middle class and up to pay for those who in many cases WON'T WORK a job unless it was at the level they were paid in the 90s.
Many losers are invested in not working because between benefits, free money, free food, free health-care and Obamaphones they lose money working at a low wage compared to sitting on their ass.
I don't like seeing my insurance cost double for someone else. I don't in addition like seeing my deductibles going up 400% either.
Money stolen from me through Obamacare could have been money spent on my child, wife, vacation, retirement or buying stuff.
I guarantee Obamacare is greatly reducing retail purchases and eating out.
I know for a fact my insurance cost will be in 2016 $18,000 because I have to have an operation and you can't avoid $6500 deductibles.
Nobody wins long term with Obamacare. Losers gets free stuff on the short term as the country withers on the vine long term from the theft of income from our families in the name of government.
I want a new car ... therefore I need to have a new car ... and YOU must pay for it.
Well, what I am describing is also fair.
I agree Obamacare should be improved, by our party.
But Obama insured millions of Americans. Healthcare in America is prohibitively expensive. Ruinously so.
Everyone needs to be insured. Everyone.
I've been on individual insurance for the last ten years, and my experience agrees with what you say. Pre- and post-Obama individual insurance are/were both disasters, but for different reasons.
The biggest problem I experienced before Obamacare was "cherry picking"—where insurance companies make up pre-existing conditions you don't have out of thin air to deny coverage. My doctors (the two times this happened to me) said this was their way of saying "We don't insure individuals."
The biggist problem I have experienced with Obamacare is that every state and federal government agency and every insurance company and other institution that was involved made show-stopping mistakes—bad computer programming, computer system failures, clerical errors, etc. In my opinion, the software industry deserves massive condemnation and ridicule over the failures I have seen, most of which were also experienced by others and were reported on the news.
I know what you are saying but ObamaCare is part of the increasing regulatory burden that is depressing job creation. It has been a truism from the previous century that small business is the prime job creation force in the United States. The problem is that in many cases, the small business, that has to bear most of the same regulatory burden that big business does, cannot. The founder of Home Depot has often stated that he could not do it in today's health & regulatory environment.
So the response to you is this, can we get back to job growth AND have this health & regulatory burden?
I believe if you can prove healthcare costs more than 8% of your income you could maybe be exempt.
A friend make 18k a year and Obamacare costs him $100 instead of the $650 I would pay for his plan.
The poor can more easily afford to pay for insurance than the middle middle class on up.
Te answer is yes!
If they qualify as an Illegal alien!
Not/S
You sir are welcome to the HELL-HOLE that this piece of legislation is creating. Based on your post, you DESERVE it.
Healthcare is NOT a right, it is a service, that must be paid for.
So, let’s just continue this line of thought.
There are hungry people in this country and, just dang it, food is a RIGHT. Open Obamastores NOW, where food is free, just tax everyone to fund it. It’s for the children, how can you be against the children?
There are homeless people in this country and, dang it, shelter is a RIGHT. Start building Obamahomes NOW, That way, everyone has a dignified place to call home, just tax everyone to fund it. It’s for the children, how can you be against the children?
There are people without transportation, blah, blah.
There are people without good clothing, blah blah.
There are people who HAVE NO BRAINS and who listen and agree with this tyranny producing drivel.
CNN Included.
You wrote that people need to be covered—all people. The coverage needs to be complete and available to anyone who wants it. Real insurance! In your mind, how does something like that happen?
America needs LESS insurance. Insurance, coupled with insistence on “the best healthcare money can buy”, is what has skyrocketed the costs.
Then provide it, yourself, go to school, become a doctor, and treat for FREE all who would come. It is SO easy to spend other peoples money isn’t it?
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