Health Care

Health Care

I am seeking a quote for preparing and filing a final federal S-Corp tax return (Form 1120-S) and providing dissolution guidance

Hello, I am seeking a quote for preparing and filing a final federal S-Corp tax return (Form 1120-S) and providing dissolution guidance. My single-member S-Corp had no income in 2025 and needs to be formally shut down. The key complexity is the distribution of a corporate-owned 2022 vehicle. The numbers are: Original Cost (2024): $80,180 Accumulated Depreciation (per last return): $20,400 Current Fair Market Value: ~$43,950 I need this handled correctly to account for depreciation recaptur

Health Care

My ex spouse is requesting my 2023 1095-A form. She gets to claim both children on tax return each year. We separated Nov 2022.

I provide health ins coverage for both children, my current spouse and myself for 2023. My ex never asked for my 2022 1095-A which she was on it, along with both my children so I found it odd she is demanding my 2023 1095-A. I asked her why and she said for proof the children had insurance. I'd like some wisdom on why she needs my 2023 1095-A. I don't trust her as the 1095-A forms has sensitive information like our social.

CPA Answer:

Paul,

I understand your concerns.  Since you were married I am sure she has all of your sensitive information from tax returns you filed in the past. 

I don't see the need to provide her with the 1095A if your divorce decree indicates you are covering the insurance for both of your children.  I don't understand why she would be requesting this information from you as she would be filing her tax returns.

I hope this helps,

Jeanne Adams, CPA

Firestone, CO

Answer Provided by: Jeanne Adams

Affordable Care Act

2018-Premium tax credit

CPA Answer:

For 2018, you are required to have minimum essential health coverage through an employer plan, a government program, or other plan, or pay a penalty. The mandate does not apply after 2018.

To help those of modest means pay premiums for coverage obtained from a government exchange (Marketplace), there’s a premium tax credit . Eligibility for this advanceable, refundable tax credit depends on your household income and other factors.

The credit continues to be available even though the individual mandate ends after 2018.

Answer Provided by: CPAdirectory

ObamaCare & Form 1040

Forms 1095-B and 1095 -C - Health Insurance from Employer Statement

CPA Answer:

If you or a family member enrolled in health insurance coverage through your employer, your employer must issue a Form 1095-B or 1095-C.
This form provides the required information on a monthly or annual basis to complete IRS Form 8962. Form 8962 is used to calculate a Premium Tax Credit or a Repayment on your current year's tax return.
Your employer has also reported this information to the IRS.

Answer Provided by: CPAdirectory

Affordable Care Act

Income levels to qualify for health premium credit

CPA Answer:

The Income levels to qualify for health premium credit have increased. For fillers with household incomes ranging from 100% to 400% of the 2015 poverty level: $11,770 to $47,080 for singles and $24,250 to $97,000 for a family of four.

Answer Provided by: CPAdirectory

Affordable Care Act

Phone assistance

CPA Answer:

If you need help you can call the federal Health Insurance Marketplace at 800-318-2596.

Answer Provided by: CPAdirectory

Affordable Care Act

Penalty for not having coverage

CPA Answer:

In 2016, the penalty for not having health care coverage is the higher of 2.5 percent of your income or $695 per adult and $347.50 per child with a maximum penalty per family of $2,085
The penalty will be reported on your 2016 tax return.
In 2015, the penalty for not having health care coverage is the higher of 2 percent of your income or $325 per adult and $162.50 per child with a maximum penalty per family of $975.
The penalty will be reported on your 2015 tax return.
The penalty for not having health care coverage in 2014 was the higher of 1 percent of your income or $95 per adult and $47.50 per child with a maximum penalty per family of $285.

Answer Provided by: CPAdirectory

ObamaCare & Form 1040

Repayment of Excess Advance payment

CPA Answer:

If the marketplace underestimated your income when calculating your advance payment and you do not claim any health coverage exemptions then you will probably have to repay a portion of the advance payment. The premium tax credit will be reported on new IRS Form 8962.
Other factors that can cause a penalty calculation is that you received a advanced payment and your filing status is married filing separately or as a dependent of another or your household income is above or below certain limits.

Answer Provided by: CPAdirectory

ObamaCare & Form 1040

Shared Responsibility Penalty Payments

CPA Answer:

If you do not have health insurance coverage for all 12 months in 2016 you may have to make a penalty payment with your tax return unless certain other conditions exist.
Individuals for whom coverage is too expensive are exempt from the penalty payment. Also individuals may qualify for a coverage exemption. A coverage exemption can be granted from your marketplace or you may qualify for a coverage exemption based on your household income or gross income being below certain threshold amounts.
Individuals may also qualify for certain hardship coverage exemptions based on their family circumstances. The Shared Responsibility Penalty Payment will be reported on Form 1040, line 61. The coverage exemptions being claimed are reported on new IRS Form 8965.

Answer Provided by: CPAdirectory