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However, it is important to remember that you need to have some type of coverage if you do not want the IRS to impose penalties on your taxes. The current fines are $695 for adults and $347.50 for children who are under 18 and who do not have coverage. If you do not have coverage, you can expect these penalties on your taxes.
The Forms for Your Taxes – The forms that you will receive will depend on how you get your health coverage. Obamacare recipients will receive a 1095-A, which is the Healthcare Insurance Marketplace Statement. This form will provide you with the information you need to complete your taxes and it should arrive in the mail well before your taxes are due.
If you have coverage through a company that is not on the exchange, then you will receive a 1095-B form. This is called the Health Coverage form. Your insurance company will send this to you before the taxes are due. It proves to the IRS that you have coverage that is deemed acceptable by Obamacare. Those who have health insurance coverage through their employer will receive the 1095-C, called the Employer Provided Health Insurance Offer and Coverage form.
Each of the forms will give you the information you need about your coverage and how it affects your taxes. It also works as proof of coverage, so you should keep it in your files in case there are any issues with the IRS not getting the proper information and trying to charge you a penalty.
If you are waiting for the 1095-A, you actually do need to wait until you receive it before you can submit your taxes. It has information you need. Those who are getting either of the other two forms do not have to wait before they file their taxes.
Doing your taxes with the 1095-A does include a couple extra steps and you do need to wait until the form arrives. However, it is generally considered to be easy for most people to add the information to their taxes. For those who have complicated taxes, though, there is always the chance that it could be confusing. For those individuals, it might be a good idea to speak with a tax professional, which will ensure you fill them out correctly.
File on Time – Always make sure you file your taxes and be sure to file them on time. If you don’t, then the IRS may not allow you to have tax subsidies, which you likely need to help pay for your Obamacare.
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