Dealing with the new regulations that came with the Affordable Care Act has caused some issues with many individuals and companies. Some people don’t understand how all of this is supposed to work and they may even be confused at how to file whether or not they received the coverage. The Neal Group LLC is here to help you out with all of your questions about this new healthcare act and can help to provide Affordable Care Act tips that you may have. Here are some tips that you should follow in regards to this new healthcare law during tax time to make sure you are not penalized for the coverage you already have.
The first thing you should do, long before tax season, is make sure that you are covered under the Affordable Care Act. This is going to benefit you in several ways. First, you are going to receive the healthcare that you need to keep healthy and get help any time that you go to the hospital or visit your doctor. In addition, if you get the coverage on time, you will be able to avoid the penalties that can come up when you file your taxes for the year.
There are many great plans available through the Health plan marketplace. You will be able to find a plan based on your income, the amount of people in your home, and how much coverage you would like. Once you are signed up, you will receive the necessary paperwork that you should bring to your tax accountants, such as The Neal Group, to help you fill out this part of your tax return.
This year, you are going to be able to just check on a box on your return. This box is going to indicate all of the members in your family and which ones had the right kind of coverage for the year. If this is possible for your family, you can just check the box for all your family members and then you won’t have to do any other actions to report your coverage.
If you, or another family member on the return, were not covered for any or all of the year, you may still be able to claim an exemption from the penalty. There are several online tools to help you figure out if you qualify or not. Many times those of lower income or those from recognized Native American tribes in the country will not be required to pay the penalty if they are not covered. The professionals at The Neal Group will be able to help you fill out this healthcare part of the return so you can avoid the penalty if possible.
Some individuals who filed for health insurance through the marketplace received payments in advance to pay for the benefits. If this happened to you, it is a requirement to submit the Form 8962 with your return in order to reconcile this with the tax credits you are entitled too. You will receive the Form 1095-A to help you complete this form. Failure to do so could result in some trouble with the IRS when you claim the same money twice.
Form 1095-B/C
Since the Affordable Care Act is pretty new still, the IRS has extended the amount of time that employers and providers have to send out these two forms. Luckily, as a taxpayer, you don’t have to wait for these forms to arrive in order to finish your tax return and you won’t have get these forms sent in either. You can go through your own records and fill out the information on your health coverage and then just keep these forms for your records when they do arrive.
While it is not necessary to get the Forms 1095-B/C, you must have the Form 1095-A. You are going to receive this form if you enrolled for coverage using the Marketplace. This form is going to have some important information that is necessary to help you fill out the tax return properly. You should get this form before filling out the tax return or it will not be done properly. If you feel that this form is a bit delayed and you have not received it yet, you can call the number for the Marketplace in order to check its status.
Understanding all the new rules and regulations that come with the new health care act can be confusing to many taxpayers. There are a lot of things to keep track of and you may worry that you are not going to file for this the proper way. If you have any questions about the Affordable Care Act or need some help getting this part of the taxes done, make sure to find a professional who is able to help. The professionals at The Neal Group are here to help you through every step so you can avoid the health care penalty and get all the benefits you deserve.
When you have questions about the Affordable Care Act tips or about other issues with your tax return, make sure to contact Jon Neal at The Neal Group, LLC from Greenfield, WI. They are the professionals in all things tax related and are able to help you with your tax return, regardless of your situation. Contact them today to get started!
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