Tag Archives: penalty/tax

Obamacare tax requirements

Many Americans unaware of Obamacare tax requirements. Last year, for the first time, most Americans were required by the Affordable Care Act to have some kind of health coverage or be subject to a tax penalty. But this year is … Continue reading

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The Affordable Care Act meets your tax return

IRS Will Ask On Your 1040: Did You Have Health Insurance?. See Line 61 on the 1040 tax form: “Health care: individual responsibility (see instructions) full-year coverage.” If the taxpayer, and spouse (if married), and all dependents had coverage all … Continue reading

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Obamacare and taxes: Full employment for H&R Block

H&R Block Out to Help Americans’ Resolve to Tax Preparation – Video – TheStreet. If you’re on Obamacare, and especially if you are receiving a subsidy or intend to claim it on your tax return, things just got complicated. No … Continue reading

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Taxpayers duck Obamacare tax

Taxpayers duck Obamacare tax, snubbing IRS – Washington Times. The episodes raise questions for the revenue agency, which is trying to figure out just how far it’s prepared to go to collect the Obamacare tax — and if future administrations … Continue reading

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Flowchart: Obamacare Subsidy Verification Minefield

Obamacare subsidies, a Rube Goldberg machine – ACA Subsidy Verification Minefield | Infographics | American Action Forum.    

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IRS: Obamacare Penalty Exemptions

Individual Shared Responsibility Provision – Exemptions: Claiming or Reporting. There are a myriad of ways to avoid the Obamacare penalty. No better place to go but the enforcer, the IRS. Coverage considered unaffordable Short coverage gap Income below the return … Continue reading

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Will Only Suckers Pay The ObamaCare Tax Penalty?

Be careful out there… Will Only Suckers Pay The ObamaCare Tax Penalty? – Investors.com. The SRP (Shared Responsibility Payment – Ed) is a clumsy euphemism for the ObamaCare individual mandate tax penalty, which is $95 or 1% of household income, whichever is … Continue reading

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Obamacare subsidy clawbacks commonplace

H&R Block analysis: Most ObamaCare customers paying back portion of subsidies | Fox News. Too much subsidy: An analysis by tax-preparer H&R Block found that to date, 52 percent of those who enrolled in Affordable Care Act coverage are paying … Continue reading

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Obamacare Penalties lead to possible open enrollment

Democrats Beg Obama to Bend Obamacare Rules to Avoid Tax Penalties for Millions – Breitbart. Reps. Sander Levin (D-MI), Jim McDermott (D-WA), and Lloyd Doggett (D-TX) have strongly requested a special sign-up for the uninsured who will all be hit … Continue reading

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Only 3 Shopping Day Left!

Times running out to sign up for Obamacare – Yahoo Finance. What happens if you miss the health insurance deadline? If you’re not eligible for Medicaid or don’t qualify for an exception and you miss the health insurance deadline, you … Continue reading

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How to beat this month’s Obamacare deadline – Yahoo Finance

How to beat this month’s Obamacare deadline – Yahoo Finance. If you’re in Colorado, call Chris Adams at 303.495.3045! But it’s time to get cracking. February 15 marks the last day for Obamacare participants to make changes to their coverage … Continue reading

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IRS Waives Penalties for Late Payments Linked to Obamacare

Because it’s too complicated – IRS Waives Penalties for Late Payments Linked to Obamacare – Bloomberg. The U.S. Internal Revenue Service will waive some penalties for taxpayers who owe taxes because of Obamacare. The changes, announced Monday in Washington, apply … Continue reading

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Obamacare Penalty: More than $95! Who Knew?

“People would hear the $95, quit listening, and make an assumption that that was what their penalty was going to be,” said Chuck Lovelace, vice president of affordable care for Liberty Tax Service. “I think that a lot of people … Continue reading

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Received a subsidy? Visit a tax preparation service

Latest Tax Season Headache? Obamacare – Bloomberg View. There’s been a lot of talk about the “hidden taxes” in the Affordable Care Act, but here’s one I hadn’t thought of before or seen mentioned anywhere: the sudden need for folks … Continue reading

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The Obamacare tax man cometh: Will you be ready?

The Obamacare tax man cometh: Will you be ready?. While more than 75 percent of filers are expected to have no problem complying with a new disclosure requirement, millions of others could face a time-consuming, complicated process to determine if … Continue reading

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