so government obtained food stamps, section-8 housing and EBT cards etc. don't count?
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 ...
No, the actual topic is that you love the ACA because it helped YOU, not because it is good for the country or freedom.
Funny. As much of a nightmare and a pain in the a$$ this is for me and people like me—it must be a really big, onerous nightmare for the very people who voted for this a-hole and thought they were getting something for nothing.
Just saying.
One treatment however, could more than completely reverse that.
You never know. Currently you are ahead. But medical costs can be ASTRONOMICAL.
Huge. Even larger than what you are currently saving.
Congratulations to you however. I don’t want to take that risk.
If you want coverage, you should get it. And by coverage, I don’t mean what we had before, which could be removed from being available due to circumstances.
If you want insurance, you should get insurance, and you should remain covered as long as you continue to pay.
Period.
Everyone.
I am as conservative as most of the folks on FR. That said I only see one practical way out of this health care debacle. Govt. provides $$ to each individual for mandatory catastrophic health care insurance. I would think something like a $15000 deductible. For everything else you are on your own to figure it out.
Well I am all for that.
Be aware what you’re saying is to get government out of healthcare.
Completely. Including all rules, and meddling by the government. 100% free.
I am all for that. But it must be free. Completely so.
If the government is going to regulate it, it is not free, so therefore the government needs to protect users.
Your choice.
Free, meaning truly free. Not government controlled.
Or not free, keep the government looking over everyone’s shoulder, but then protect users from abuse.
I’m completely ok with either one.
A clarifying anecdote: An acquaintance needed surgery. It was $50,000 and even the deductible was killer. He negotiated the same surgery, bypassing insurance for $4,600. No, that was not a typo. Less than 10%.
And here is the other dirty little secret: odds are something really expensive won’t happen to me. And if it does, I die. Lit is a must. I’m not going to fight God.
If I was a young man with children my take would be different. But in a free country I get to analyze the risk and make my own decisions.
I.e. health care is not the problem. Health care INSURANCE is the problem.
“I’m completely ok with either one.”
I’m only ok w/the free market choice because, like our founding fathers, I believe that the more the gov controls something, the worse it gets.
And history has proven that correct, as you see with the health care industry today.
Yeah, I thought you would give up without refuting any points I put out. A lib in sheeps clothing.
Hardly.
Good talking with you however. Have a good one.
INSURANCE is to share a risk for a POSSIBLE occurrence.
It’s NOT meant to be a method of payment.
By YOUR standard, there should also be FOOD insurance, HOUSING insurance, EDUCATION insurance and perhaps CLOTHING insurance! Aren’t those (along with ‘healthcare’) the basic needs?
I’d like to see your figures for how many now have (usable) health insurance v.s. how many used to have usable health insurance.
I recall figures of 60 million which was incrementally reduced to 35 million uninsured.
(anecdote: Montana just voted to expand medicaid (rinos). A key group that lobbied for passage used the motto of “70,000 CANT WAIT”. Governors office recently released a statement that they expect possibly 20,000 to apply...)
Yeah, see ya down at the Bernie Sanders rally.
Leave employed people in the private insurance marketplace and put the rest if they can not buy insurance on some cheaper welfare version and your done.
We already did the no background checking for loans and homes skyrocketed with low interest loans. Those not deserving loans got them and they crashed the whole banking system.
Obamacare is the same thing in healthcare and all the exchanges trying to pick up your slack in premiums are going under (read the news).
I transferred directly to my insurance company from Covered California because I don’t get welfare help at all and they are going down.
I will be with an actual company when California’s exchanges implode.
Nope.
Food, housing, education and clothing are all obtained without the government getting all involved (thought education is partly so, and partly has the same problems)
Healthcare is broken in America. We need to fix it, not go back to what we had.
Your position IS most certainly socialist.
I have no affection for you nor any who voted for this obamination that STOLE my coverage to benefit yourselves.
Matter of fact,I thoroughly DESPISE you and those like you.
So, according to you, there is no govt control or regulation in food or housing?
ACA has realestate sales tax in it. Fannie MAe and Freddie Mac skew the market. Rental properties have govt controls.
Agriculture is subsidized and regulated.
How can you sit there with a straight face and type the untruths you do, just to support obamacare because it gave you a good deal?
so government obtained food stamps, section-8 housing and EBT cards etc. don't count?
True and maybe not true the way you think.
From what I read it is based in you cost to buy the second offering in a silver plan.
But, what if it would normally cost you 10% of your income, are you exempt?
If you are in a non-subsidy position for sure he’s as I read it. If they subsidize you for part of the premium you could easily come under the 8.05% and may be fined anyway?
If I were single I could opt out. My family pays less than half what I do combined, so as a family I am forced to buy or be fined.
We all saw 300% increases in premiums and 350% increases in deductibles. Never saw the $2000 per family savings Obama spoke of.
Obama Fubar!
Suit yourself.
You seem to be defending our current mess. Maybe you are even in medicine.
In my opinion those currently providing medical care are causing the problems in part.
We do need to change Obamacare. But we also need to protect individual Americans from a system which had not been providing what they need. It had been providing what some people needed. Overcharging the system and those who were not insured, and leaving a good segment out completely on their own.
So I am saying “fix” healthcare.
Obamacare is not the answer. But returning to what we had before is also not the answer.
Neither is optimal.
They are going to fine you, if you could save that much there is no way you can have your plan cost more than 8% for exemption.
I agree with you and because in 2016 I will have to blow out the $6500 deductible you bet I am looking into anything else I need since I’m paying $18,000 for healthcare next year.
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