Affordable Care Act – Where's my Refund?

What are the Differences Between Form 1095-A, 1095-B, and 1095-C?

Sometimes the most challenging part of filing your taxes is simply knowing what to do with all the paperwork (or pdf-work? Is that a term?) that arrives in the mail (or your inbox). Similar names and unfamiliar structures don’t help, so today we’re going to break down three common tax forms that sound similar but… Continue reading What are the Differences Between Form 1095-A, 1095-B, and 1095-C?

Is there a Penalty in 2020 for not having Health Insurance?

Initially, the ACA’s individual shared responsibility provisions required most individuals to obtain “minimum essential health insurance” coverage for themselves, and any dependents, or pay a penalty. Through the tax year 2018, taxpayers were also required to report health care coverage and whether they qualify for an exemption from coverage, and make a “shared responsibility payment”… Continue reading Is there a Penalty in 2020 for not having Health Insurance?

Relief From Affordable Care Act Penalty When Uninsured

Thanks to the tax reform, beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as of 2019 does not impact the health care subsidy for low-income families, which is known as the premium… Continue reading Relief From Affordable Care Act Penalty When Uninsured

2018 is the Final year for the Insurance Coverage Penalty

Yes, the ACA’s individual mandate penalty is still in effect, and will continue to be in effect in 2018. If you’re uninsured in 2018 and not eligible for an exemption, you’ll owe a penalty when you file your taxes in early 2019. But after that, the penalty will not be assessed. Nearly eight years after… Continue reading 2018 is the Final year for the Insurance Coverage Penalty

How Much is the Penalty for No Health Insurance?

Obamacare, or the Affordable Care Act is now in the fourth year of providing health insurance. However, it will only be the third year of reconciling the healthcare requirements and the health insurance premium tax credit on your tax return in the spring. Health Insurance Penalty The fee, or insurance penalty tax, for going without health insurance increases each… Continue reading How Much is the Penalty for No Health Insurance?

Remember: IRS will Start Enforcing ObamaCare’s Individual Mandate

The Internal Revenue Service (IRS) announced that they would start enforcing ObamaCare’s individual mandate with the 2018 tax filing season, the first time the agency has done so since the mandate took effect back in 2014 — and a marked contrast to its policy for 2017. “For the upcoming 2018 filing season, the IRS will… Continue reading Remember: IRS will Start Enforcing ObamaCare’s Individual Mandate

Avoiding the ‘Obamacare penalty’

The Affordable Care Act (ACA) removed obstacles that prevented some people from buying health insurance but not everyone has signed up, and not everyone who did sign up kept their coverage. Because of that, millions will owe the individual shared responsibility payment, better known as the Obamacare penalty or ACA penalty when they file taxes. Who pays the… Continue reading Avoiding the ‘Obamacare penalty’