IRS 2014 Forms Related to Subsidies & Penalties Released.
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Question re: IRS's Health Law Individual Mandate Exemption Form 8965.
Link: http://www.irs.gov/pub/irs-dft/f8965--dft.pdf
What's the difference between the exemption claimed by line 7a vs line 7b?
ac
Link: http://www.irs.gov/pub/irs-dft/f8965--dft.pdf
What's the difference between the exemption claimed by line 7a vs line 7b?
ac
I do not know and I do not care Sam I am. I do not like green eggs and ham.
We are not tax advisors. Or CPA's. Or H&R Block Reps. The correct answer to this question (or any other form produced by the IRS) is "You need to consult your tax advisor".
I will give people the penalty amount and that's IT. (And line 38 on the 1040 determines your Part B premium.) I know nothing else about the tax code. I pay a guy a lot of money to keep me out of trouble with them.
IMO, if we start answering tax questions we are just asking for trouble
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Correct Answer KGMom! I bet you score very well on exams with open-ended questions. Congratulations!
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Monday, August 11, 2014
Now that the people who advise consumers on tax-related issues have had a chance to review the volley of new IRS forms related to the Affordable Care Act, here's a slice of their reactions...
""The application requirements for some of those exemptions are "hopelessly complex," Brandes said, pointing to one that addresses people in states that didn't expand Medicaid. "They created a blanket exemption for those folks, but they also created an impossible application process. It's craziness," he said.""
""That is so complicated," CBPP's Solomon said. "How does anyone understand that? The folks who are helping consumers are reeling. A consumer can't be expected to understand this.""
""And even if the forms aren't late, Brandes is concerned that the information on them could be riddled with inaccuracies. "They're still processing inconsistencies from last time around," he noted. "This is taxmaggedon here."
Source: Consumers’ next Obamacare challenge: Tax forms - Paige Winfield Cunningham and Mackenzie Weinger - POLITICO.com
ac
Now that the people who advise consumers on tax-related issues have had a chance to review the volley of new IRS forms related to the Affordable Care Act, here's a slice of their reactions...
""The application requirements for some of those exemptions are "hopelessly complex," Brandes said, pointing to one that addresses people in states that didn't expand Medicaid. "They created a blanket exemption for those folks, but they also created an impossible application process. It's craziness," he said.""
""That is so complicated," CBPP's Solomon said. "How does anyone understand that? The folks who are helping consumers are reeling. A consumer can't be expected to understand this.""
""And even if the forms aren't late, Brandes is concerned that the information on them could be riddled with inaccuracies. "They're still processing inconsistencies from last time around," he noted. "This is taxmaggedon here."
Source: Consumers’ next Obamacare challenge: Tax forms - Paige Winfield Cunningham and Mackenzie Weinger - POLITICO.com
ac
"taxmageddon"
Thanks for the morning laugh. It quickly turned serious as I realized that tax refund time is going to be when the riots start, and that moniker might actually be fitting.
It's one thing to have new laws, and make people get insurance with a discount. It's another thing entirely to hold millions liable to a penalty, APTC repayments, re-qualification, issues due to inaccuracies, etc. Tax season, these laws will directly hurt pockets, and if there is going to be backlash, that will be the time.
Thanks for the morning laugh. It quickly turned serious as I realized that tax refund time is going to be when the riots start, and that moniker might actually be fitting.
It's one thing to have new laws, and make people get insurance with a discount. It's another thing entirely to hold millions liable to a penalty, APTC repayments, re-qualification, issues due to inaccuracies, etc. Tax season, these laws will directly hurt pockets, and if there is going to be backlash, that will be the time.
OK, I give up.
AC's link gave me a page with 712 IRS forms. Tried searching using terms like ACA and Affordable and came up blank. How do you find forms specific to Obamacare?
I think you have to search got ya by the sack
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