15 “WHAT IF’s” you MUST read about Obamacare BEFORE your tax return is filed…
1.WHAT IF YOU…Are a U.S. citizen or a non-U.S. citizens living in the United States
THEN YOU…Must have qualifying health care coverage, qualify for a health coverage exemption, or make a payment when you file your income tax return
2.WHAT IF YOU…Had coverage or an employer offered coverage to you in the previous year
THEN YOU…Will receive one or more of the following forms;
Form 1095-A, Health Insurance Marketplace Statement
Form 1095-B, Health Coverage
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage
This information will help you complete your tax return.
3.WHAT IF YOU…Had health coverage through an employer or under a government program (such as Medicare, Medicaid and coverage for veterans) for the entire year
THEN YOU…Just have to check the full-year coverage box on your Form 1040 series return and do not have to read any further
4.WHAT IF YOU…Did not have coverage for any month of the year
THEN YOU…Should check the instructions toForm 8965, Health Coverage Exemptions, to see if you are eligible for an exemption
5.WHAT IF YOU…Were eligible for an exemption from coverage for a month
THEN YOU…Must claim the exemption or report an exemption already obtained from the Marketplace by completing Form 8965, Health Coverage Exemptions, and submitting it with your tax return
6.WHAT IF YOU…Did not have coverage and were not eligible for an exemption from coverage for any month of the year
THEN YOU…Are responsible for making an individual shared responsibility payment when you file your return
7.WHAT IF YOU…Are responsible for making an individual shared responsibility payment
THEN YOU…Will report it on your tax return and make the payment with your income taxes
8.WHAT IF YOU…Need qualifying health care coverage for the current year
THEN YOU…Visit HealthCare.gov to find out about the dates of open and special enrollment periods for purchasing qualified health coverage.
9.WHAT IF YOU…Enroll in health insurance through the Marketplace for yourself or someone else on your tax return.
THEN YOU…Might be eligible for the premium tax credit
10.WHAT IF YOU…Received the benefit of more advance payments of the premium tax credit than the amount of credit for which you qualify.
THEN YOU…Will repay the amount in excess of the credit you are allowed subject to a repayment cap.
11.WHAT IF YOU…Did not enroll in health insurance from the Marketplace for yourself or anyone else on your tax return
THEN YOU…Cannot claim the premium tax credit
12.WHAT IF YOU…Are eligible for the premium tax credit
THEN YOU…Can choose when you enroll in coverage to get premium assistance sent to your insurer to lower your monthly payments or get all the benefit of the credit when you claim it on your tax return
13.WHAT IF YOU…Choose to get premium assistance when you enroll in Marketplace coverage.
THEN YOU…Will have payments sent on your behalf to your insurance provider. These payments are called advance payments of the premium tax credit
14.WHAT IF YOU…Get the benefit of advance payments of the premium tax credit and experience a significant life change, such as a change in income or marital status
THEN YOU…Report these changes in circumstances to the Marketplace when they happen
15.WHAT IF YOU…Get the benefit of advance payments of the premium tax credit
THEN YOU…Will report the payments on your tax return and reconcile the amount of the payments with the amount of credit for which you are eligible
Thanks for your support! As you may know, we handle tax problems. If you have made it to this point, we’ll invite you to call us should you have a question about this correspondence, or a confidential tax matter. Please call us at: (786) 464-0403 and we’d be happy to try to answer your question if we are able.
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