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 ...
I disagree.
Healthcare in America is prohibitively expensive. Absurdly so.
As long as that is the case, everyone who wants insurance, deserves insurance.
Everyone.
I didn’t say it should be free. I have never said that. But Americans deserve to be protected abuse by gougers in healthcare.
Yes they exist.
Follow-up.
How do you fine someone that has no job, no property, no assets and is spongeing off society?
That person can still get treatment a hospitals.
Martin County, Florida.
http://www.nytimes.com/2002/08/25/us/hospitals-feeling-strain-from-illegal-immigrants.html?pagewanted=all
I agree. Not only are there many people who will not work to pay for health insurance, there are many millions more who work but simply don’t have the skills/capacity to earn enough to pay for it. Then there are those who could possibly afford it but prefer to spend their resources on something else.
BULLSHIT.
I HAD adequate coverge for MY needs until obamacare made that plan illegal.
Go to hell with your socialist crap.
Insurance IS the gouger. A thinking person would see this. Yet you want more. Just like a lib.
We should not be paying to raise the families of growing single parent homes.
Why give cell phones and endless free stuff.
Workfare!
I paid over 35k in taxes last year.
How about some of those 95 million not working after 6 months starting to on some days do free stuff to pay for themselves for those who pay taxes?
They can hand wash my cars, clean my house, scrub the toilets so at least people paying get SOMETHING out of this.
“Everyone needs to be insured. Everyone.”
You also say you don’t support free coverage, so how do you propose to insure everyone? Do you conceive of some other way to do that (not free but all covered) short of single payer?
I’m sticking with my position.
I have (always) had insurance. I have insurance now.
But if Obamacare hadn’t changed the rules, I would have lost my coverage for something when I lost my job. That is something which would have been quite expensive, potentially, at some time in the future.
Despite, keeping my insurance active.
That is no longer the case. I am grateful for the change, and I strongly support that bit of Obamacare. In fact, I compliment democrats for changing that. Big time.
Mind you I have always had insurance, Always. But this change was very important.
It is not socialist. I have never been a socialist.
But we need coverage which actually covers people.
Every member.
And then there are many first generation people coming here working non-taxed jobs in the service industry living large on untaxed income and government benefits.
And what about the health care/hospitals overcharging and downright cheating. My son went in for a broken finger and part of the bill included costs for crutches (which, of course, he didn’t need and wasn’t provided). Ask for an aspirin in a hospital and see how much you are charged. Many hospitals are just as guilty of gouging as the new Obamacare laws. Obamacare needs to be totally revoked, hospitals/health care facilities need to be more closely monitored for financial abuse, there should be lots of low pay health care clinics opened for minor medical problems for which you would be turned away at a hospital emergency room (for flu victims, people who need stitches, monitoring, etc.)to free up emergency rooms for real patients. That might be a real overhaul and a move in the right direction.
It is not socialist. I have never been a socialist.
YOU LIE. Using taxation to provide services IS Socialist. And anti-freedom.
Health “insurance” was whacked out before commie care exactly BECAUSE government was already too involved.
E.g., people don’t use health “insurance” like insurance. They use it (and perceive it) as some kind third party coupon discount.
Insurance is to meant mitigate risk by providing a financial guarantee in the event the risk is realized. When you have insurance, you don’t “want” to make a claim.
Imagine using auto insurance for fuel fill ups and oil changes. That’s what health “insurance” was before commie care.
Also, before commie care, the actual consumer had little involvement in the market itself, other than being a consumer.
Folks go to the doc w/no idea what anything will cost. In fact, docs wouldn’t (and still don’t) provide you options for care because it wasn’t covered under someone’s policy.
When you get your car worked on, you pay for an estimate first, get diagnosed, and told what expected repairs are. Then you decide what to do and where to go for that service.
Find something else wrong along the way? Another estimate.
That’s what a trip to the doc office should be like.
In the eighties states mandated that routine care, like checkups, be incorporated into policies. This was the first largest cost driver.
The number of claims increase several orders of magnitude and, as such, insurance companies need more people and equipment to process.
Get gov out of it entirely, except to combat fraud, including when companies try to screw the insured by claiming their not covered for a big claim when they are.
Well, more people are on Medicaid. ;-)
I no longer have health care insurance. It began the same day the ana came into force.
What is interesting is how few people know about the 8.05% exemption and there are NO penalties for not paying the penalty if you are liable.
Simple fix: disconnect it from your employer like car insurance and allow companies to sell across state lines.
Well I agree with you.
I don’t think it will happen, but I agree. However until government isn’t requiring massive amounts of things in healthcare (which is a fact of life, in America) then they need to be fair and protect everyone.
It is either open and free (including licensing, schools, all of the things which make healthcare so expensive now) or we need protection. All of us.
One or the other. Either it is free as a system. Or else everyone is protected.
I’m 100% ok with either.
I am not ok with what we had. That was just monstrous.
Want=/=need
He doesn’t want a ‘fix’, he wants freestuff, like a gibsmedat.
No I want healthcare which everyone can afford.
Everyone.
What we have now is a complete mess.
So you like the lower cost of your insurance being paid by folks like me because you need it?
If you can’t afford to eat out you don’t eat out.
If you can’t afford to make loan payments you lose stuff.
If you lost your insurance you always had two choices:
1: continue to pay from savings if you were smart enough to save by living frugally.
2: use the poverty welfare insurance every state has for the poor that is free to those down and out.
There never should have been anything in place that gets you more than medical unless you fully paid for it.
Yes, really good insurance cost money. When I pay $18000 next year I have bottom of the barrel bronze shit meanwhile those not paying will get plans 6 times better than me for free or $30.
F them IMO. Want great stuff, don’t stand on a bread line to find it.
THOU SHALL NOT COVET THY NEIGHBORS GOODS
Healthcare is not like food, clothing, unlike almost any other expense.
It is EXPENSIVE.
And everyone needs it. That is a fact.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.