The Details Seem to be Getting Worse & Worse!
This sounds horrible! Can I do this? One thing about this is that it only applies to about 20 of my clients (hope). I can pass them on to some unsuspecting preparer and maybe leave town fast!!
Originally posted by TaxGuyBill
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The problem is that the 1095-B is not required this year. They may have insurance and not get a 1095. Also, some people are on the policy of somebody else (such as a parent) and would not receive a 1095 even if they were all required. We need to know WHO had it and for WHICH months. If somebody on the tax return has insurance from the policy of somebody else that has insurance through the Healthcare Marketplace (with 1095-A), they may qualify for the Premium Tax Credit. We would need to determine what the "shared allocation" numbers are.
If they did NOT have insurance for 3 or more months, we may need additional information to determine if they qualify for one of the penalty exceptions. There are two different penalty exceptions based on 8% of their income. Then we may need to know (1) the lowest cost self-only policy for EACH member of the household (if employed, through their employer, if not through the Healthcare Marketplace) and (2) the lowest cost family policy.
In summary:
(1) Who had QUALIFYING insurance and for which months (hopefully with some 1095s).
(2) Copies of dependent's tax returns.
(3) If anybody had insurance on somebody else's policy through the Healthcare Marketplace, what are the "shared allocation" numbers.
(4) If they did not have insurance for 3 or more months (get EXACT DATES):
(a) Do they qualify for any exemptions (see links below)?
(b) Do they have any exemption certificates through the exchange?
(c) What is lowest cost self-only policies for EACH member, and the lowest cost family policy.
This is just a preliminary list. Can anybody add to it or make changes to it? I would think the TaxBook will have a good checklist.
If they did NOT have insurance for 3 or more months, we may need additional information to determine if they qualify for one of the penalty exceptions. There are two different penalty exceptions based on 8% of their income. Then we may need to know (1) the lowest cost self-only policy for EACH member of the household (if employed, through their employer, if not through the Healthcare Marketplace) and (2) the lowest cost family policy.
In summary:
(1) Who had QUALIFYING insurance and for which months (hopefully with some 1095s).
(2) Copies of dependent's tax returns.
(3) If anybody had insurance on somebody else's policy through the Healthcare Marketplace, what are the "shared allocation" numbers.
(4) If they did not have insurance for 3 or more months (get EXACT DATES):
(a) Do they qualify for any exemptions (see links below)?
(b) Do they have any exemption certificates through the exchange?
(c) What is lowest cost self-only policies for EACH member, and the lowest cost family policy.
This is just a preliminary list. Can anybody add to it or make changes to it? I would think the TaxBook will have a good checklist.
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