Tuesday, January 20, 2015

Obamacare...What do I do?!

First...breath.  Everything will be OK.  Provided below is a summarized version of what you will need to know for the 2014 tax season:

Beginning in 2014, all taxpayers were responsible for obtaining health insurance by March 31 for themselves and their dependents.

Therefore there are 3 general scenarios taxpayers may find themselves in.

1.  You had health insurance not purchased through Healthcare.gov ("The Exchange")

Inform your tax preparer of that fact and your work is over.  If you have dependents that file their own taxes, your tax preparer needs copies of those before yours can be completed. Some people may receive a new form called Form 1095 from their insurance company.  Bring this with you if one is received.

2.  You had health insurance purchased through Healthcare.gov ("The Exchange")

You will receive a Form 1095-A in the mail before February.  Bring this to your tax preparer.  If you have dependents that file their own taxes, your tax preparer will need copies of those before yours can be completed.

3.  You did not have health insurance

There may be a penalty that applies for non coverage.  Certain exemptions are available to avoid paying a penalty.

     Examples of Situations Exempt from Penalty
- Covered through Medicare or Medicaid
- Receive insurance through Retirement Systems
- You did not earn enough income
- You qualify for a Hardship Exemption (listed here https://www.healthcare.gov/fees-exemptions/hardship-exemptions/ )

At Debreczeni and Petrash we are fully prepared to take care of taxpayers, no matter the category they fall in.  If you are currently a client, rest assured that we will guide you through this process.  If you are not currently a client please visit www.Debreczeni-Petrash.com or call (440) 230-5660 and see if we are a good fit for your needs.

No comments:

Post a Comment