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Video instructions and help with filling out and completing who needs Form Instructions 8962

Instructions and Help about who needs Form Instructions 8962

What we're going to talk about today is the Affordable Care Act we just got software released and we've been receiving questions all summer about how is this going to be implemented what's it gonna look like how do we complete the form and so we just wanted to take a quick minute talk quickly just a real quick recap on the Affordable Care Act and then what is it going to look like in the software and how to complete that form so we all know the Affordable Care Act is mandatory legislation that every taxpayer in the country is supposed to have minimum essential health care coverage we're not going to go into detail is this what that means but basically you're supposed to have health care qualifying health plan that gives you these minimal things if you do not then you are subject to an additional tax and for 2014 the tax is the greater of a 1% of your income net of specified deductions so 1% of your income less a handful of things that you can take off of your income or be $95 per adult plus forty seven fifty forty seven dollars and fifty cents per child up to a maximum of $285 per family and however the penalty is capped at the average cost of a bronze level health plan so if your 1% exceeds that to 85 they're obviously going to go with that in but that that is even capped at a certain level so if you are a high-income person you're it's not going to bleed you for your entire income amount so how do you calculate this penalty if you do not have the coverage so the first thing in the software when you're going through a basic return it's going to pop up the health care question full-year minimum essential health care did you have essential health care coverage for yourself your spouse if filing jointly in any one you could or claimed as a dependent for every month of 2014 so is everybody in your household covered yes or no if you say no it immediately attaches a form to your tax return eighty nine sixty five health coverage exemptions responsibility payment menu so down here this is where you start with your penalty your shared responsibility payment and this is I'd love how they term that but this is your additional tax right now so we haven't specified who in the household had coverage and who didn't have coverage and for how long so it's a kind of a pro-rated fine or prorated tax based on how long you had coverage for that year and so let's take a look at this real quick tells us our household income these are four exemptions if you did not have coverage for a specified reason and there's a number of them I don't have them in front of me but hardship you didn't think you could afford

FAQ

How do you fill out tax form 8962 from a form 1095-a from the health insurance Marketplace?
Google the instructions for the form and follow them… It’s in your interest to do so if you hope to get a tax credit for your HC premiums.
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