TrumpCare crash of March 24th

[FEDUKE404]

So, with today's events, does that mean it is now time to locate those client returns that were gathering dust due to a "potential" Obamacare non-coverage penalty, and file the 2016 returns to include said penalty?

I can think of a few individuals who will not be happy campers. . .

FE

[JohnH]

I'm not sure anything has changed with respect to that issue. We're still in the same place we were on March 23 - there just hasn't been any clarification.

[Twin Turbo Z]

Its seem clear to me. Pay the penalty on 2016 taxes. No penalties on 2017 taxes. The executive order eliminated future penalties and the bill that failed would have made it retroactive on 2016 taxes. Pay the piper.

[FEDUKE404]

Pay the Obama piper

Its seem clear to me. Pay the penalty on 2016 taxes. No penalties on 2017 taxes. The executive order eliminated future penalties and the bill that failed would have made it retroactive on 2016 taxes. Pay the piper.

That's the way I am reading the tea leaves.

Will wait for some of the recent "swamp dust" to settle and then will break the news to my impacted clients later in the week.

FE

[ATSMAN]

Notwithstanding the executive order, I am telling my clients that Obamacare is unchanged until something passes in the Congress to change the existing law. Don't count on penalty waivers in the future. Too many young people are thinking of not renewing their insurance come October for next year!

[TAXNJ]

Notwithstanding the executive order, I am telling my clients that Obamacare is unchanged until something passes in the Congress to change the existing law. Don't count on penalty waivers in the future. Too many young people are thinking of not renewing their insurance come October for next year!

What about the part of the current law where premiums are going down on average $2700? Many young people should see that occurring. No?

[Lion]

When? Where? Under what circumstances? I have clients whose premiums went UP $3,000 last year. I have clients who reduced coverage to keep the increase from being so high, but now can't actually use their insurance because they never make their $5,000 or greater deductibles.

[Burke]

No penalties on 2017 taxes. The executive order eliminated future penalties and the bill that failed would have made it retroactive on 2016 taxes.

I don't think the executive order eliminated anything. It "directed" the IRS to disregard the check box for health care coverage. Any changes to the ACA would have had to have come from congressional action. Which didn't happen.

[Rapid Robert]

I can think of a few individuals who will not be happy campers. . .

Lucky for them that their health insurance under Obamacare includes treatment for depression and other mental health issues!

[David1980]

Choosing to not pay the penalty has been an available option since the beginning. I'm not treating anything different until there's an actual law change.

[DonB]

As I see it, if one does not check the ACA box and does not pay an owed ACA penalty, there is nothing the IRS can do except offset refunds. If the client makes sure they have no future refunds-- no collection. Under the above scenario, how would the IRS even know if a penalty is owed and how much it might be?

[MAJ]

But..... Everyone Loves Obamacare..... Right?

Seriously, what is your experience who are forced to get market place insurance?
From your Tax Preparation point of view as well as the help/impact that it provides.

Premiums vs. coverage {deductibles, out of pocket costs, etc} - How available are doctors?

I know my answer -
Luckily I do not have too many clients in that situation. Many of the ones that are have penalty waiver abilities based on a income / 8% annual cost, etc.
But I have had some clients severely impacted - I'm curious.. I'll share a real Clu$terFluck - Just not time right now... I'm behind! Imagine that.....

Request: Unbiased Non-Political based opinions / responses only, Please. No time for nonsense reading for a few weeks!! 8-)
Everything else should be checked at the keyboard before responding.

Thanks..

[FEDUKE404]

Clarification

Lucky for them that their health insurance under Obamacare includes treatment for depression and other mental health issues!

Actually I was referring to my clients who do **NOT** have any Obamacare coverage, hence they are now facing the penalties for their (in)actions.

OTOH, those who do have an Obamacare policy probably have something like a $10k deductible, which will likely not favorably impact their "depression and other mental health issues."

FE