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ACA "penalty" -- still waiting

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    #1

    ACA "penalty" -- still waiting

    Anything new on the situation where a client owes a penalty for not having sufficient 2016 medical coverage?

    I have a few clients who would like to file their taxes, but (at least in theory) they owe a penalty for lack of sufficient 2016 coverage. I can't, with a clear conscience, mark the line 61 box as "full-year coverage" just to clear the calculated penalty. Also I would like to avoid the scenario (time/cost) of later having to file amended federal returns.

    So. . .is the word still "WAIT" ??

    Related question: I know that states (like NC) "piggyback" the federal return for efiling. I was considering efiling a few "state only" returns for these clients since the federal extra stuff is not relevant to the state. But it appears that approach is also blocked. . .since the companion federal return has not been finalized. Is that correct?

    FE
    Tags: None
    #2
    Originally posted by FEDUKE404 View Post
    Anything new on the situation where a client owes a penalty for not having sufficient 2016 medical coverage?

    I have a few clients who would like to file their taxes, but (at least in theory) they owe a penalty for lack of sufficient 2016 coverage. I can't, with a clear conscience, mark the line 61 box as "full-year coverage" just to clear the calculated penalty. Also I would like to avoid the scenario (time/cost) of later having to file amended federal returns.

    So. . .is the word still "WAIT" ??

    Related question: I know that states (like NC) "piggyback" the federal return for efiling. I was considering efiling a few "state only" returns for these clients since the federal extra stuff is not relevant to the state. But it appears that approach is also blocked. . .since the companion federal return has not been finalized. Is that correct?

    FE
    Things have been quiet regarding this issue for a couple of weeks now. Which means either something is going on behind the scenes, or nothing is being done and everyone is trying to ignore the elephant in the room. As far as the stand-alone state return is concerned, have you considered paper filing the state (for those clients for whom it matters)?
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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      #3
      Plan B for NC

      Originally posted by JohnH View Post
      Things have been quiet regarding this issue for a couple of weeks now. Which means either something is going on behind the scenes, or nothing is being done and everyone is trying to ignore the elephant in the room. As far as the stand-alone state return is concerned, have you considered paper filing the state (for those clients for whom it matters)?
      Not seriously. Anything paper-filed with NCDOR might not even get "eye-balled" until late summer. . .if they don't manage to lose the return in the first place. . .

      ( At least with an efile, I DO get an acknowledgement from NCDOR at time of filing. )

      FE

      Comment

        #4
        You might be better posting this question on the Congressional website for a faster answer

        Have not heard any change in the law.
        Always cite your source for support to defend your opinion

        Comment

          #5
          It looks like there have been amendments to the new bill and is it being voted on Thursday.

          Republicans change health care bill in search for votes | CNN Politics
          http://www.cnn.com/2017/03/20/politics/republican-health-care-bill-amendments/
          House Republican leaders released a package of amendments Monday evening to modify the GOP bill to repeal and replace Obamacare – the culmination of days of negotiations and closed-door meetings to win over critics and skeptics of the proposal.

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