It only takes a few moments to share an article, but the person on the other end who reads it might have his life changed forever.

Wednesday, February 15, 2017

IRS no longer requiring Health Ins. question on 1040!

http://reason.com/blog/2017/02/14/irs-blow-to-obamacare-individual-mandate

The tax agency has stopped requiring individual filers to indicate whether they maintained health coverage or paid the mandate penalty as required under the law
How much difference does a single line on a tax form make? For Obamacare’s individual mandate, the answer might be quite a lot.
Following President Donald Trump’s executive order instructing agencies to provide relief from the health law, the Internal Revenue Service appears to be taking a more lax approach to the coverage requirement.
The health law’s individual mandate requires everyone to either maintain qualifying health coverage or pay a tax penalty, known as a “shared responsibility payment.” The IRS was set to require filers to indicate whether they had maintained coverage in 2016 or paid the penalty by filling out line 61 on their form 1040s. Alternatively, they could claim exemption from the mandate by filing a form 8965.
For most filers, filling out line 61 would be mandatory. The IRS would not accept 1040s unless the coverage box was checked, or the shared responsibility payment noted, or the exemption form included. Otherwise they would be labeled “silent returns” and rejected.
Instead, however, filling out that line will be optional.

No comments:

Post a Comment