Kevin Knauss: Health, History, Travel, Insurance
Posts related to the IRS and the Premium Tax Credit reconciliation, MAGI, Form 8962, for Covered California ACA.
Individuals and families who purchased health insurance through Covered California or another Marketplace exchange will receive a 1095-A statement of tax credits and one column will be marked SLCSP. This odd acronym stands for the Second Lowest Cost Silver Plan and is instrumental in determining the specific household Premium Tax Credit. What is affordable health insurance? […]
2015 1095-A Corrections For 1095-As that report incorrect information Covered California has switched from a paper form to an online submission form or call the service center at 1-800-300-1506. Covered California 1095-A Dispute Form The online 1095-A correction request form is great if it sends a copy of the submission to the consumer via email […]
Covered California has released a variety of documents to help tax payers enrolled in their health plans report the Advance Premium Tax Credits (APTC) on their federal 2014 tax return. The guidance from Covered California discusses the IRS Form 1095-A Marketplace Statement the tax payer will receive, using it to fill out Form 8962 Premium Tax […]
The IRS has released a variety of documents related to reporting Affordable Care Act Advance Premium Tax Credit reconcilation, exemptions from the mandate to have health insurance coverage, and directions for caculating the Shared Responsibility Payment. Before taxpayers can crunch the numbers on their tax refund or liability they will have to either either a […]
The IRS has published a taxpayer friendly guide to assist individuals and families with attempting to calculate their Affordable Care Act tax credits. The focus of IRS Publication 5187 Health Care Law: What’s New for Individuals & Families is on the Shared Responsibility Payment (individual mandate penalty) and calculating eligible Premium Tax Credits for 2014. Pub. 5187 is […]
Anyone who did not have health insurance for a period of more than three months during 2014 will have to pay a penalty on their IRS federal tax return. This penalty is also known as Affordable Care Act Shared Responsibility Payment. The ACA has given taxpayers who went without having health insurance for a period during […]
One of the confusing aspects of the Affordable Care Act is the interchangeable tax terms people use when defining a household. The federal and state exchanges use the terms children or dependents when describing members of a household. The IRS uses the more accurate, but confusing terminology, of personal exemptions as the true test for […]
A key service agents provide to ACA health insurance eligible clients is assisting them to determine their Modified Adjusted Gross Income, MAGI. This unfortunately puts agents in the role of being income and tax experts. One of the biggest questions agents get is what qualifies as household income for the purpose of receiving the Advance […]
With the release of the draft IRS forms for reporting advance premium tax credits and reconciliation with the household MAGI, health insurance agents might be called upon to know another part of the ACA, the dreaded tax forms. The variety of reporting statements individuals and families may receive from employers and the exchanges will require […]
The IRS has released drafts of the tax forms that will be used to reconcile the amount of Advance Premium Tax Credit (APTC) received from an insurance exchange against how much the individual or family was entitled to based on their modified adjusted gross income. The various components used to determine the APTC (income, household size, dependents, employer sponsored insurance, […]
