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 ...
You seem to interchange healthCARE with insurance.
I don’t have to have a DOCTOR, I have to have insurance.
(and this thread was how commiecare affects tax returns)
Not having health insurance now makes one a pseudo criminal, nice, very nice.
You paying YOUR bills is optimal.
Exactly right, I even have a friend who makes $18,000 a year. He gets a plan 8 level higher than me for $500 less a month than I would pay. I can not afford his plan and I make more, so something is major F’d up here.
Put all those that can’t afford stuff on welfare insurance, if they work charge them for their welfare insurance and be done with this nonsense.
This is the same nastiness as a ‘progressive’ income tax. As always the middle gets the shaft, freedom goes away.
It was CHEAP in America and it got broken.
Free insurance in socialism is paid by huge value added taxes and 100 year mortgages elsewhere in the world.
My $70 shoes from Norstroms costs $350 in the socialist systems around the world. Nothing is free.
You are punished if you buy an AC in socialist countries. We can go buy a good one at a Home Depot for $200. In a socialist paradise that sets you back a good deal of a years salary. That’s why 30,000 died last year or so due to a lack of AC OR HEAT in socialist countries.
Nothing for all at a huge price? No.
No kidding, the person after taxes who makes $60,000 basically makes $10,000 more than the person making $20,000 after taxes.
There is lots of disincentives to not rise in income for so little benefit after taxation.
And people like CNN like it and want more.
The sad thing for me is I find my best way to make savings without taxation is by slot machine.
I saved about $8000 on penny machines this year. I read when bonus spins come, I 80% of the time pull my casino card before a payout so the casino thinks I lose big.
I accidentally made too big a bet twice and have $4000 taxable through two over $1200 pots.
I even was given a cruise for a week to the Caribbean for free. So $4000 added to my income taxable. About another $7000 legally earned non-taxable and a cruise.
I make about $140 an hour while at casinos untaxed. Legal and it sure helps. I don’t see the benefit of going for more large payouts and then having to deal with the IRS.
Actually, I know someone with a high-end, specialty food shop. People have started coming in and saying that they have free housing, food, phones, etc., so they want free (whatever).
Paging CNN.......
Gibsmedats...UNITE!!!
I just checked. Based on my TAXABLE income, I’m good.
It is expensive.
The “why” is critical.
It is because government regulation and government mandates and required govt compliance measures, and the insane amount of money required to do govt testing of things - basically government fascism in the healthcare industry, that is the cause of it.
The more government has gotten involved to “fix things” was when costs in all areas for people started geting increasingly worse.
I remeber an article from a couple of years ago in our local news paper. A fellow in his 50s had been laid off from a fortune 500 firm and took early retirement. His retirement annuity wasn't large enough to budget for health insurance. He easily could have obtained a part time job in town to pay for coverage but didn't. When ACA kicked in he got heavily subsidized insurance for next to nothing.
Our CURRENT mess is the indefensible obmacare.
It IS worse than what we had.
What we had in the recent past was made worse by tears of government giving “free” healthcare and if free people will take all they can get.
Socialism never has worked,and never will, in the long term. You will always run out of other people’s money.
They go by from what I read the second silver plan regarding cost.
But if you are qualified for a lower rate by income you don’t get to dodge based on 8%.
Look carefully, because almost nobody will qualify.
I understand it is bronze.
The income thing is a narrow hand. You have to make a small enough amount that the minimum plan would cost more than 8.05% of your gross, hot a large enough amount that you get no subsidy. I’m trying to keep myself in that sweet spot. That’s right. I’m intentionally limiting my TAXABLE income.
But it gets better. If you don’t get a refund and you never pay there is no additional penalty or criminal charges. The worst they can do is try to get it eventually from some distant refund or other payment they owe you. I work my taxes so I never get a refund.
I don’t think they base it on Bronze, they base that 8% of income on the second level silver plan for all from what I read.
You may have more wiggle room than you think.
I don’t think they base it on Bronze, they base that 8% of income on the second level silver plan for all from what I read.
You may have more wiggle room than you think.
Yep. It’s bronze. And here is the great thing: my employer offers several plans and I just screen shotted them. The lowest price is $670. I’m 62 and I had a cigar so I’m a smoker. ;)
You do the math. No penalty! I just need to make sure I don’t get a raise. Kinda sad, huh?
Looked it up here in CA.
If you don’t qualify for help and don’t have family you have to have $573 a month exceed 8% of your income,not 6 hundred something.
I am a family of 3 and the other two pay $350 and being older I pay through the nose like you, but there is a family penalty unless everyone in the family are very upper middle class in income.
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