Recent Posts:2016 Health Coverage Exemption - What You Need To Know2016 Health Coverage Exemption
The 2017 tax filing season is here and it's now is the time to consider how the health care law affects your taxes. The Affordable Care Act (ACA), also referred to as Obamacare, requires you and every family member to complete at least one of the following:
If you meet certain criteria for the tax year, you may be exempt from the requirement to have minimum essential coverage. You will not have to make a shared responsibility payment for any month that you are exempt. Instead, you'll file Form 8965, Health Coverage Exemptions, with your federal income tax return. For any month that you do not qualify for a coverage exemption, you will need to have minimum essential coverage or make a shared responsibility payment. You may be exempt from the requirement to maintain qualified coverage if you:
Federal returns that do not reflect at least one of these options will be rejected immediately if the return is filed electronically. If filed on paper, tax returns that do not reflect at least one (1) of the options listed will take more time to process and any refunds will surely be delayed. We advise our clients to respond promptly to IRS correspondence about your health care coverage. Questions?
To find out if you're eligible for a coverage exemption or must make a payment, don't hesitate to contact the office. Help is just a phone call away.
*The Federally-facilitated Marketplace is no longer granting exemptions for members of a health care sharing ministry, members of Indian Tribes, and incarceration. Eligible individuals can still claim these exemptions on a tax return. For a full list of exemptions and how to claim them, please call. 02/21/2017
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