Can I Get Help For Withheld Tax Refund?

All the best information we have about 1095-A’s discusses how to get the form filed, at that point it’s up to the IRS. We can only imagine they are working hard to get everything flowing smoothly. You can always call them to follow-up or get assistance from TAS (tax payer advocate services).

How to Project Income for ACA if Income Varies?

If your income varies from week-to-week you’ll make a reasonable prediction of your annual income, which you can base on last year. You should consider taking only part of the tax credit up front and then adjusting the net tax credit on the 8962 – Premium tax credit form at the end of the year.

Why Do I Owe Money for ObamaCare on my Tax Returns?

You probably owe the Individual Shared Responsibility Payment since you only had qualifying health coverage for 5 months out of the year. This fee is charged on your year-end tax return. You could also owe money if you didn’t claim exemptions on form 8965, or you received too much money in tax credits up front.

Travel Exemption Over Multiple Years?

You can use any 330 day period outside the US for ObamaCare’s travel exemption. This means you can have two exempt periods in the same year of 12 months each.

How Does ObamaCare Affect Tax Brackets?

The ACA doesn’t directly affect tax brackets, however Americans can use a Health Savings Account to lower their household income. This can help them qualify for more cost assistance and potentially lower the rate at which they are taxed

Can I Pay Back IRS In Payments?

The IRS does allow you to make incremental payments. Just make sure to file all your forms, including ACA related forms, before applying for a payment agreement.

Tax Deductions for Medical Expenses

Under the ACA you can take tax deductions for medical and dental expenses that exceed 10%* of your annual Adjusted Gross Income using a Form 1040, Schedule A. This includes deductions for most medical and dental costs for you, your spouse, and your dependents. Most people won’t take this deduction, but if you’ve had a… Read More

Where Does Tax Penalty Money Go?

When you pay the tax penalty it goes toward healthcare spending on ACA subsidies, Medicare, Medicaid, and other federal and state healthcare programs.

Paycheck Deduction For Affordable Care Act?

There was an increase to the Medicare tax, if you are a higher-earning employee this may account for the paycheck deduction. It could also be related to paying into employer-sponsored coverage.

Got an Exemption, Do I Qualify For Extended Enrollment?

If you would have paid the fee, but were exempt from the fee, you still qualify for the extra enrollment period March 15 – April 2015. You’ll need to attest to this situation when you apply for the Special Enrollment period through the Marketplace.

How Can I Report ObamaCare Fraud?

Any disparities between actual income and what’s reported on a person’s marketplace application will turn up when that person files their next tax return. Cost assistance that was given that should not have been will have to be repaid to the government.

ObamaCareFacts is a free informational site. It's privately owned, and is not owned, operated, or endorsed by the US federal government or state governments. Our contributors have over a decade of experience writing about health insurance. However, we do not offer professional official legal, tax, or medical advice. See: Legal Information and Cookie Policy. For more on our company, learn About ObamaCareFacts.com or Contact us.