Don’t Mess with the IRS – Affordable Care Act

Affordable Care Act

The hottest topic going on today is “Obama Care”.   As everyone knows, you have to have health insurance.   IRS. Gov reported,  “The Affordable Care Act requires you and each member of your family to have basic health coverage (called minimum essential coverage), qualify for an exemption from the requirement to have coverage, or make an individual shared responsibility payment when you file your federal income tax return. If you are not required to file a tax return and don’t want to file a return, you do not need to file a return solely to report your coverage or to claim an exemption.”   If you do not have health insurance, you will have to pay extra tax money.  A credit that I was not aware of is the premium tax credit, or PTC.   The premium tax credit, or PTC, is a refundable credit that helps eligible individuals and families with moderate income afford health insurance purchased through a Health Insurance Marketplace. To get this credit, you must meet certain requirements and file a tax return. There is a questionnaire on IRS.com to help you determined  if you are eligible.  You have time to complete this form because  on November 18, 2016, the IRS extended the 2017 due date for providing 2016 health coverage information forms to individuals. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2017 to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of January 31.

Don’t delay.   File these forms ASAP.

References

https://www.irs.gov/affordable-care-act/individuals-and-families/the-affordable-care-act-whats-trending

 

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