Health Care
The most frequently asked tax questions related to Health Care
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Answer Tax QuestionsMy ex spouse is requesting my 2023 1095-A form. She gets to claim both children on tax return each year. We separated Nov 2022.
Asked Tuesday, February 06, 2024 by Paul H.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
2018-Premium tax credit
Asked Thursday, December 20, 2018 by an anonymous userTo 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.
Forms 1095-B and 1095 -C - Health Insurance from Employer Statement
Asked Friday, November 25, 2016 by an anonymous userThis 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.
Income levels to qualify for health premium credit
Asked Monday, October 31, 2016 by an anonymous userMaximum out of pocket cap
Asked Tuesday, November 25, 2014 by an anonymous userThe maximum out of pocket cap for 2017 will increase to $7,150 for an individual and $14,300 for a family policy.
The maximum out of pocket cap for 2015 will increase to $6,600 for an individual and $13,200 for a family policy.
The 2014 maximum out of pocket cap was $6,350 for an individual and $12,700 for a family policy.
Penalty for not having coverage
Asked Tuesday, November 25, 2014 by an anonymous userThe 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.
Repayment of Excess Advance payment
Asked Monday, November 24, 2014 by an anonymous userOther 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.
Shared Responsibility Penalty Payments
Asked Monday, November 24, 2014 by an anonymous userIndividuals 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.
Premium tax credit
Asked Monday, November 24, 2014 by an anonymous userThe credit provides financial assistance to pay the premiums by reducing the amount you owe or increasing your refund amount.
If the marketplace overestimated your income when they calculated your advance payment then you will probably receive a refund. If the marketplace underestimated your income then you will have to repay a portion of the advance payment. The premium tax credit will be reported on IRS Form 8962. Both the credit or additional tax due transfer to Form 1040.