What Information Must a Health Coverage Provider Report to the IRS?
Your health insurance company may request that you provide them with the social security numbers for you, your spouse and your children covered by your policy. This is because the Affordable Care Act requires every provider of minimum essential coverage to report that coverage by filing an information return with the IRS and furnishing a statement to covered individuals. The information is used by the IRS to administer – and individuals to show compliance with – the health care law.
File As Soon As Possible to Maintain Eligibility for Advance Payments of the Premium Tax Credit August 25, 2015 Issue Number: HCTT-2015-52 The IRS is sending letters to taxpayers who received advance payments of the premium tax credit in 2014, but who have not yet filed their tax return. You must file a tax return to […]
Internal Revenue Service Issue Number: HCTT-2015-49 August 14, 2015 The Affordable Care Act includes the individual shared responsibility provision that requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. Who is subject to this provision? All U.S. […]
Under the Employer Shared Responsibility provisions, if an applicable large employer does not offer affordable health coverage that provides a minimum level of coverage to their full-time employees and their dependents, the employer may be subject to an Employer Shared Responsibility payment.
We want to share with you that your clients who currently receive the Advanced Premium Tax Credit (APTC) are in jeopardy of losing it IF they do not act by the end of August 2015 to remedy their risk. The IRS has determined that 57% of all who are receiving the APTC have either NOT filed their taxes OR NOT filed the right tax form.
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 […]
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 issued a mid-year ACA tax credit check up advisory to remind individuals and families to report household changes if they are receiving Advance Premium Tax Credits to lower their monthly health insurance premiums. Most notable is the admonition that if the household income exceeds 400% of the federal poverty lineas reported on their […]