1040 proof shows an entry on line 61 with a box to check if one has full coverage. Is an "x" in this block the only thing to do for those that have full coverage? Is proof required? This would seem like a "slam dunk" for the majority of taxpayers. I had heard in our state (Minnesota) that 95% of taxpayers have full coverage. This would seem to take away some of the worry for tax preparers if this is the case. It would appear that the other "5%" would take more than the usual time, in fact, take quite a bit of time to prepare.
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Proof would only be required in case of an audit. Starting in 2015, the 1095-B is required to be filed by insurance providers, and that would be the 'proof'.
Do the 95% have full coverage for the ENTIRE year? Maybe.
However, of the 95% that do have full coverage, some of those have full coverage through the Healthcare Marketplace. Many of those are eligible for the Premium Tax Credit, which will require quite a bit more work.
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