Affordable Healthcare Act Checklist



Beginning this tax season, you will notice some changes on your tax return related to the Affordable Care Act, commonly referred to as ACA or Obamacare.

This is a checklist to help you gather the necessary information to prepare the required ACA related forms on your tax return. We cannot complete your return without this information.

FIND THE DESCRIPTION THAT BEST REPRESENTS YOUR CURRENT SITUATION

1) I enrolled in a health plan through my employer, private insurance, VA, Medicare or Medicaid

All you will need to do is indicate that you have minimum essential coverage, a general term that includes individual market policies, job-based coverage, Medicare, Medicaid, CHIP, TRICARE and certain other coverage.  For a full list of qualifying plan types, visit www.Healthcare.gov/fees-exemptions/plans-that-count-as-coverage/  or contact our office.

What we need from you:
Form 1095-B or 1095-C if you receive it from your employer or private insurer.
Dates of coverage for you, your spouse and dependents.


 2)  I purchased a health plan through a Health Insurance Marketplace

To get started, just let us know that you purchased your plan through the Marketplace.
You may have received a subsidy in the form of a tax credit to purchase health insurance through the Marketplace.  Unlike most tax credits, this credit could be applied to insurance premiums throughout 2014 when coverage began.  Whether or not you chose to receive the subsidy during the year, we are required to reconcile your credit on your tax return. 

What we need from you:
Form 1095-A (Health Insurance Marketplace Statement should be mailed to you and is also available online by logging on to your Marketplace account)


3)   I don’t have health insurance

Under the ACA, individuals who did not have health insurance for more than three months in 2014 must pay a tax penalty.  However, some taxpayers may qualify to waive the penalty this year. So, how do we determine if you qualify for an exemption?

Common exemption reasons include:
Can’t afford health insurance (the lowest-priced coverage available would cost more than 8% of household income)
Member of a health care sharing ministry

What we need from you:
Interview to determine if you qualify for exemption or are subject to shared responsibility payment.

Popular posts from this blog

Independent Contractor Exemption Certificate (ICEC) – Frequently Asked Questions

Image
Montana Workers’ Compensation Laws for Independent Contractors from the Department of Labor & Industry What are Montana’s workers’ compensation laws for independent contractors? The law requires independent contractors to obtain either an independent contractor exemption certificate or self-elected coverage under a Montana workers’ compensation insurance policy. Refer to MCA, 39-71-417 . What is the purpose of an independent contractor exemption certificate? It allows an independent contractor to waive all their rights and benefits that would otherwise be provided by a workers’ compensation insurance policy. If an independent contractor were to suffer a work-related injury or occupational disease while performing the occupations specified on the certificate, they would not be eligible for workers’ compensation benefits. The certificate concludes the person’s status is conclusively presumed to be that of an independent contractor. Refer to MCA, 39-71-417(7) . What is the purpos
Read more

2019 Extended Tax Return Filing Deadline

IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches File and pay electronically, request direct deposit for refunds WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the Oct. 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the Oct. 15 deadline. Convenient electronic filing options , including IRS Free File , are still available. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments. Although Oct. 15 is the last day for most people to file, some taxpayers may have more time. They include: Members of the military and others serving in a combat zone . They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. Taxpayers in federally declared disaster areas who already had
Read more

~ Christmas Wreath Silent Auction ~

Image
Bidding begins today and we encourage you to drop by our office or comment on our Facebook post to take this beautiful handmade wreath "home for the holidays"! All proceeds benefit the Broadus Senior Center and remember, Gardner & Billing CPAs will match the winning bid up to $50! Bidding will end after the stroll on Friday, so keep an eye on this one!
Read more