Can't File 1040 Until You Have Your Obamacare Form

[somarco]

Obamacare customers won't be able to file their tax returns next year until the government sends them a form detailing their coverage and tax credits, and if those forms are late some taxpayers could face a delay in seeking their refunds.

Federal and state officials said they're working on the forms, known as the 1095A, and vowed to meet the Jan. 31 deadline for issuing them. But some tax professionals are skeptical, citing the administration's iffy track record on being able to meet other deadlines in the massive health overhaul law.

Read more: Obamacare tax forms may pose challenge for enrollees, exchanges - Washington Times
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Many Obamacare enrollee's sitting in the cheap seats that normally file early to get their EIC may be very disappointed.

 

[Yagents]

I've got many clients who only receive social security as their entire income, in non medicaid expanded FL (income $12k-17k). Typically they don't have to file a tax return. But since they got major APTC and CSR help, they now have to file a return, AND wait for the 1095A, to reconcile APTC.

What a PIA 4 clients, 4 this POS, who are FUBAR

 

[somarco]

What a PIA 4 clients, 4 this POS, who are FUBAR

I will put you down as undecided for now .............

 

[Yagents]

Feb 15th = OEP closes

Feb 16th - April 15th = Tax season opens and the confusion begins.

 

[somarco]

Feb 15th = OEP closes

Feb 16th - April 15th = Tax season opens and the confusion begins.

OEP for 2015 plan years.

As I understand it, form 1095A will be for your 2014 tax and Obamacare year.

 

[Yagents]

OEP for 2015 plan years.

As I understand it, form 1095A will be for your 2014 tax and Obamacare year.

Right. So, I'll sell 15' plans based on 15' income in OEP.

Then, the questions will shift to cleaning up APTC for 14' taxes (with 1095A).
Note to self: Find accountant referral

Then, when the client gets a nasty clawback for 14', they'll have to adjust the APTC on the 15' plan they just bought.........and be stuck with that metal choice at a higher price. (or vice versa).....or prepare for another clawback next year.

 

[somarco]

You have fun with that Bill. I would rather chew on broken glass than get in this mess.

I wonder how many will connect the dots and understand this is all because of HRH rather than blaming the agent.

 

[houcoogster]

Looks like I picked a good time to create an email group titled "Clients"......I'll send out a blast......... "Don't throw away your 1095A form!".....I might put the name of a CPA or tax preparer in it if he includes me on his blasts.

 

[Yagents]

Taxpayers accustomed to filing a simplified 1040EZ will not be able to do so if they received health insurance tax credits this year.

Tax Refunds May Get Hit Due to Health Law Credits - ABC News

You may have heard that the IRS cannot use liens and levies to collect the law's penalty on people who remain uninsured. But there is no limitation on collection efforts in cases where consumers got too big a tax credit. If your refund isn't large enough to cover the repayment, you will have to write the IRS a check. "They are not messing around," Brandes said.

 

[bluediamond]

I know I've read this before somewhere but can't remember: If one does not receive a subsidy they don't have to mess with the form 1095A, correct?