AFFORDABLE CARE ACT OF 2010
Affordable Care Act - Remains the same for 2017 and will create more tax liability for uninsured indivduals. Mandating insurance change will affect our 2018 taxes.
Everyone who is required to file a tax return will have to provide us proof of insurance for the entire year or an exemption certificate from the insurance company for one of several reasons. You will need to provide us the hardship case exemption certificate mailed to you from the Market Place Insurance. Visit www.healthcare.gov website for details on obtaining this certificate, your taxes cannot be started without it and it can take up to 4 weeks to receive. If you haven’t received it, start the process NOW. We cannot start your tax return without this exemption form, (not our ruling).
Due to President Obama and our Congress continuing implementation of the Patient Protection and Affordable Care Act, it required us to spend many long hours and money attending seminars and reading the Rule and Regulations imposed on all tax filers and preparers. 5 new tax forms with many worksheets were released as the result of this act. Penalties can be charge to all of us.
You are required to bring us proof of insurance and dates of coverage. Document’s required this year are: Insurance Cards, W-2 with code DD, your Social Security Benefit statement indicating Medicare A / Medicare C (known as Medicare Advantage), Medicaid coverage and/or Form 1095-A from insurance company if purchased on Market Place and you either received or are entitle to receive the Premium Tax Credit (PTC).
Non-custodian parent needs proof of dependent coverage either from employer provided insurance or obtain copy of Form 1095-A mailed to the custodian parent.
NOTE: It is impossible to calculate this via phone or e-mail. Because of the complicated individual circumstance only the tax preparers are able to answer questions. Please schedule an office appointment to discuss your case. An advance fee will be charged, (cash or debit only) and paid prior to the meeting. If we complete the filing of your taxes we will apply the fee to your total invoice.
We welcome the opportunity to speak to you and answer questions and or concerns regarding your personal situations. The office managers are not trained to discuss your options or pricing, due to complexity.