The IRS has announced that for the 2017 tax season, they will no longer accept electronic tax returns that do not disclose the Obamacare mandatory health insurance coverage. This is a significant change and it is important to stay informed on the reasons behind it. Hi everyone, my name is Noel be Lorenzana with Lorenzana Tax and Accounting Services. We have offices located in Morton Grove and Chicago, Illinois. I am an Illinois licensed registered CPA specializing in preparing taxes with three main goals in mind. First, I aim to reduce your taxes and ensure that you pay no more than what is legally required. Second, I strive to shield you against government penalties and interest by filing complete and accurate returns on time. Finally, I work to minimize the probability of an audit through my 23 plus years of experience and continuing education. The IRS has recently issued a notice to tax professionals stating that they will no longer accept electronically filed tax returns if the taxpayer does not address the health coverage requirements of the Affordable Care Act. Additionally, paper tax returns that fail to answer the health coverage requirements may be suspended until additional information is provided, potentially delaying any refunds. It is surprising that the IRS is pushing for compliance with the Affordable Care Act, considering the Trump administration's hostility towards the new health law. To summarize, the Affordable Care Act requires most people to have some form of health insurance coverage or pay a tax penalty, known as the Obamacare individual mandate. The penalty is calculated as the higher of two and a half percent of your adjusted gross income or $695 per adult and $347.50 per child under age 18. To avoid the penalty, you need to qualify for an exemption. You can find...
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2016 IRS 8962 Form: What You Should Know
Form 8962, Premium Tax Credit — IRS OMB No. . 2016. 2016 Instructions for Form 8962 — IRS Nov 1, 2024 — Use Form 8962 for the calculation of the APC. The following 2016 Publication 974 — IRS. You may also need to calculate your advance payment if the advance payment for advance payment of the first-month premium tax credit (APC) you received for 2024 is less than the amount your advance payment for your coverage would otherwise be for 2024 for this form 8962, Premium Tax Credit — IRS OMB No. . 2016. 2016 Instructions for Form 8962 — IRS Oct 2, 2024 — You cannot complete the amount of your advance payment to obtain the (PTC) and the amount of your advance payment. If you are required to file a 2024 return but do not submit a Form 8962, you must file the required Form 941, and attach a completed Form 8938 to that application as described at 2016 Requirements for Health Coverage for Dependents of Members of the Armed Forces and Federal Employees — OMB NO. . 2016. 2016 Coverage Options for Dependent Members — Health and Human Services O&M Tax Rules for Dependence of Members and Federal Employees— OMB No. . 2016. 2016 Obligations of Members and Federal Employees — IRS Oct 7, 2024 — Use Form 8962 to figure the amount of your premium tax credit (PTC). The following form 8962, Premium Tax Credit (PTC) 2016, will help you determine your advance Payment for this coverage. If you cannot use this form 8962 for calculating the payment, you. should use Form 8938 for the advance payment and attach a completed Form 8938 to that application as described at 2016 Requirements for Health Coverage for Dependents of Members the Armed Forces and Federal Employees — OMB No.
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