Tuesday, August 12, 2014
Tax Forms Expected To Become More Complicated Because Of The Affordable Care Act
Making it through the healthcare system last year was not a pleasant task for most. It is time to prepare yourself for the next big challenge which is the IRS required forms and documentation related to enrollment in your new healthcare plan.
The papers you will be shuffling before April 15th 2015 are uncharted and unfamiliar. The level of complexity has been raised a good bit. The drafts of the forms have been released recently and some have called them "daunting". Most middle and low income folks don't normally deal with complicated taxes forms. Even though these forms will come with practical instructions it may not be enough help for some taxpayers.
Some people applying for exemptions from the law will also have to complete forms related to their request. If questions are ignored by taxpayers on the tax forms that opens up pandora's box. How that will handled by the IRS and what their response to tax filers will be in not known at this time.
Before you can even file your taxes you will have to receive the necessary forms from your state or federal exchange or employer about your current plan and level of subsidy you received if any.
Remember to avoid any unforeseen problems you are to report changes that would impact your health plan to healthcare.gov or your state exchange throughout the year. These changes would things like income changes, marital status, birth of child just to name a few.
Posted by C. M. Elkins at 12:58 PM