Affordable Care


2018 Tax Reform and the Premium Tax Credit

The Tax Cuts and Jobs Act eliminated the tax penalty for not having health insurance beginning January 1, 2019. However, the new law does not affect the federal Premium Tax Credit. If your client obtained healthcare coverage through the Marketplace or a state exchange, they may still be eligible to receive this tax benefit.Changes to the Individual Shared…

Form 8962: Premium Tax Credit and Shared Policy Allocation

The Premium Tax Credit (PTC) is a refundable tax credit intended to help low to moderate income earners offset the cost of their Marketplace health insurance premiums. If your client usedhealthcare.gov or their state’s health insurance exchange to get coverage in a qualified health plan, they may be eligible for this credit. The Premium Tax Credit is refundable,…
Affordable Care, IRS Newswire, Tax Tips

What to do if client receives a Premium Tax Credit letter

Some taxpayers may receive a letter from the IRS requesting information on advance payments of the Premium Tax Credit. Letter 0012C requires you or the taxpayer to take several steps, and it could mean the client is due a refund. Here is what you should know and what you should do with the letter.Why is my client receiving letter 0012C?The Health Insurance Marketplace…
Affordable Care, Uncategorized

Health insurance options available for late enrollees

Today, we bring you a guest blog from TaxSlayer Pro partner VelaPoint Insurance to help tax professionals learn more about health insurance options for individuals who didn’t enroll during open enrollment. Is it too late? By Libby Anderson, VelaPoint Tax season is really just beginning to ramp up, and your hands are about to get very full. One…
Affordable Care

Open enrollment deadlines nearing for Health Insurance Marketplace

The final deadlines for Health Insurance Marketplace open enrollment are quickly approaching. Individuals planning to enroll, re-enroll or change insurance plans for 2016 need to act now or pay a penalty. Here are the two deadlines to remember: Jan. 15: Last day to enroll in or change plans for new coverage to start Feb. 1, 2016 Jan. 31: Open enrollment…