Here are the ANSWERS to the TOP TAX QUESTIONS people have been messaging us about the AFFORDABLE HEALTH CARE ACT (often termed Obamacare by media outlets)? (#1) If I have TENNCARE (or Medicaid) do I get a FORM 1095-A, B, or C in the mail? And the ANSWER is NO, u will not, u will tell your preparer this when u come in and bring any insurance cards or other available insurance information with you, so u do not have to wait until Jan. 31st (if u have your W-2s and all other tax documents you can file, there are other forms your preparer will have to fill out, but they do need to know you are on TENNCARE to get the ball rolling... (#2) Who does get the form 1095-A then and when do they get it? Its only for those people who purchased their HEALTH INSURANCE through the MARKETPLACE (if u purchased more than 1 plan through the marketplace for u or your family members u will recieve a form for each policy) and it will come out by Jan. 31st... (#3) What is a 1095-C form and when does it come? This form is for EMPLOYERS who have 50 or more employees and will be provided to you by your employer and contains information about the health coverage offered to you by your employer. There WAS A DELAY in the large employer mandate to provide health insurance coverage so if you do not receive this form from your employer, check with your employers benefits department...And due date is Jan. 31st... AND THE TOP QUESTION IVE BEEN GETTING IS (#4) Is it just those people who dont have insurance that have to pay the PENALTY for not having HEALTH INSURANCE and HOW MUCH IS THE PENALTY? Heres the ANSWER: 1ST OFF u have to have MINIMAL ESSENTIAL COVERAGE which is all those who have any Marketplace plan, or any individual insurance plan you already have, any employer plan (including COBRA plans, with or without “grandfathered” status), Retiree health plans, Medicare, Medicaid (TENNCARE), The Childrens Health Insurance Program (CHIP), TRICARE (for current service members and military retirees, their families, and survivors), Veterans health care programs (including the Veterans Health Care Program, VA Civilian Health and Medical Program (CHAMPVA), and Spina Bifida Health Care Benefits Program), Peace Corps Volunteer plans Self-funded health coverage offered to students by universities for plan or policy years that begin on or before Dec. 31, 2014, and other plans may qualify (just ask your health coverage provider)...It DOES NOT INCLUDE those WHO ONLY HAVE coverage only for vision care or dental care, Workers compensation,coverage only for a specific disease or condition, and plans that offer only discounts on medical services...If you didn’t have coverage in 2014, you’ll pay the higher of these two amounts when you file your 2014 federal tax return: 1% of your yearly household income. (Only the amount of income above the tax filing threshold, about $10,000 for an individual, is used to calculate the penalty.) The maximum penalty is the national average premium for a bronze plan WHICH DONT LET THAT SCARE U, it BASICALLY MEANS: $95 per person for the year ($47.50 per child under 18). The maximum penalty for the entire family using this method is $285. But, for 2015 it will GO UP TO 2% of your household income meaning: $325 per person for the year ($162.50 per child under 18). The maximum penalty per family using this method is $975, WHICH TO ME IS ALOT, then for 2016 it goes up to a LUDACRIS amount of 2.5% of Income and $695 per person!!! How do u pay this???? You guessed right if u said it comes out of our REFUNDS of course---CRAZY!!! There are EXEMPTIONS FOR NOT PAYING THE PENALTY out there for some people and that is question (#5) What are those EXEMPTIONS? (1)You’re uninsured for less than 3 months of the year, (2)The lowest-priced coverage available to you would cost more than 8% of your household income, (3)You don’t have to file a tax return because your income is too low, (4)You’re a member of a federally recognized tribe or eligible for services through an Indian Health Services provider, (5)You’re a member of a recognized health care sharing ministry, (6)You’re a member of a recognized religious sect with religious objections to insurance, including Social Security and Medicare, (7) You’re incarcerated (either detained or jailed), and not being held pending disposition of charges, (8)You’re not lawfully present in the U.S., or (9) You qualify for a hardship exemption. You can find out MORE ABOUT APPLYING FOR THESE EXEMPTIONS on the Healthcare.gov website or IRS.gov website...I REALLY HOPE THIS HELPS SOME, Im still STUDYING and SORTING through all of this WONDERFULLY CONFUSING TAX INFORMATION, but u can message me anytime for questions...Thanks for READING!!! Peace, Love, & Happiness to you all in 2015!!!----with Chad Sims, Donna Price, Chasity Privett, Shailyn Randolph, Alicia Phillips, Tonya Downer, & Tamara Kopp Mayberry
Posted on: Wed, 07 Jan 2015 02:54:26 +0000
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