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 ...
In all seriousness, healthcare in the US is only expensive if you use insurance. A lot of us are forced to discover that, thanks to ANA.
It is a very happy discovery.
Healthcare is not expensive. Healthcare paid for with insurance IS expensive.
What we have is people, such as yourself, clamoring for MORE GOVT CONTROL. You are on the wrong site.
What you espouse IS socialist. And it is evidenced by the fact that socialism is selfish. Me, me me. I need, I want, they need to give me.
And by your OWN WORDS, you like, enjoy, support this travesty, because it affects YOU in a positive way, nevermind what it does to the country.
Everyone has the right to purchase health insurance. You have no right to use government as an agent of force to steal the fruits of my labors to subsidize your failed social engineering schemes.
So get the welfare level state insurance every state had before Obamacare came along. You have no business IMO getting better plans than me for $30-100 while I pay $12,000.
You don’t deserve what you can’t pay for, but there has always been welfare insurance for people like you.
If you have a home, sell it and rent while you use that money to pay for your needed healthcare.
Sell your car and take the bus if you can afford healthcare.
If you don’t work you obviously can’t afford a working lifestyle.
This is the first post in a long time by CNN that wasn’t about jobs (especially union jobs).
I am not for more government control, except where it is needed.
We need it, to some extent, in healthcare.
What we had before, was broken. Big time. What we had was a prohibitively expensive mess which everyone needed, for which competitors were legally prohibited, which was almost impossible to join as a competitor, which had massively expensive costs for everything, and which was not at all interested in protecting people from abuse. It just was not.
I am not saying what we have now is the right solution, but a lot of things are better now than they were a couple of years ago.
What is needed is to bring those things back into the market. Sure keep things free (as in freedom, not cost), but people need to be protected at the same time.
Keep protection. Even as we modify things, keep protection. Big time.
Or alternatively, remove government from healthcare completely.
But that is not going to happen, I think.
I have never been for union jobs.
Never.
It was broken BECAUSE OF INSURANCE. And overuse of it. Yet you think more is better. Stick your OWN neck into that noose.
What we had before Ocare was a mess because of all the government intrusion. It was a monster created by the FedGov.
Some things are better? MANY more things are worse and getting worse. But it is better for you, so, I guess that is the defining argument.
OK, everyone, Obammacare is a good thing now, CNN benefits from it. The rest of the country will die from it, but who cares about that?
Pray tell what that number was, and cite a source for it please.
And then explain to us how we are all responsible for upgrading the homes for an equal number of impoverished Americans, since housing is just as important as doctors, if not more so, since you are home for most of your life, and you are only at the doctor maybe a few dozen hours each year.
Just because a few people's lives can be improved by making a hundred million other people worse off, doesn't mean it should be done.
Entirely incorrect, but don't let that cloud your statist view!
Our healthcare mess was broken for a while huge number of reasons.
Not the least of which is, it is impossible to join the system and compete, without a massive investment.
That is a huge problem, in my mind. Why is American healthcare more expensive than anywhere else in the entire globe?
Anywhere.
(I largely know the answer to that, but is a critical question)
“Everyone needs to be insured. Everyone.”
Absolutely not.
If someone chooses not to be insured and they wind up with a big expense, then that’s the risk they took.
Stop having the state provide charity.
I didn’t need it. Since going two years without healthcare insurance I’ve paid less than $500 for health care and that includes prescription glasses and sunglasses.
Meanwhile I’ve saved $26,000 after tax dollars.
Well I agree completely.
If someone chooses not to participate that is by CHOICE.
I completely agree if someone has the choice and opts not to take it, the are not covered.
Not covered. Not at all. But that is not the way our system is currently set-up, and that is why we got Obamacare.
That is not what the issue is. I completely agree if someone opts out, they are basically screwed but that is their own choice.
That is not at all, the actual topic.
At least, not to me.
“Healthcare in America is prohibitively expensive. Absurdly so.”
That’s because the consumer is out of the loop and government subsidizes it.
Get government out of the industry, let market forces work, and the cost will come down.
It was/is/will be more expensive because of what I said earlier.
1) People INSIST on having medical insurance, meaning, “I don’t want to pay for MY doctor bills, someone else should.” Insurance, if used, should be for catastrophic care ONLY, not sniffles, stitches, fevers, minor care. This increases cost.
2) People, having all-encompassing insurance, INSIST on over using it. This increases cost.
3) People INSIST on the BEST care money can buy. Since they are using other peoples money to pay for it, they can insist on and feel entitled to, the best. This increases cost.
4) All the bureaucracy and paperwork to administer this growing monstrosity increases costs.
4) FACT, a goal of Communism is the govt control of healthcare, so there you are, supporting and espousing a goal of communism. Again, you are on the wrong site.
I challenge you, tell me, name one thing that Fedgov has touched that got better, faster, cheaper than the free market can do. You can’t. You have consumed the libs koolaid, since it benefits you.
Dude, you live in a wonderful world where everyone has so much money that they don’t care about their liberty.
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