1. If I don't receive my 1095-A, do I need it?  If you received insurance through the marketplace, you must have your 1095-A in order to complete your tax return. If you have lost it, or did not receive it click here for info.
  2. I would like to get an exemption, how do I do that?See the chart to the left to see what exemptions can be claimed when you file your return, or which ones can must be claimed through the marketplace. If you have an exemption that must be claimed through the marketplace click here for info
  3. If I have insurance through my employer, or through an insurance company not through the marketplace, will I get any forms? Your employer should send you a 1095-C, while an insurance company will send you a 1095-B. These forms are not needed to file your tax returns.
  4. I am a member of a Healthcare Sharing Ministry, does that count as proper insurance? Yes, these do count as proper insurance.
  5. What is the % of household income that is considered not affordable insurance? If the amount of your household income spent on health insurance is more than 8.05% then you can claim an un-affordable insurance exemption. However, this is for the cost of coverage for the Bronze plan in your area and also would include any premium tax credit you would be entitled to.
  6. Where do I find the cost of a Bronze Plan in 2015? Follow this link 2015 Bronze Plans you will be required to enter your zip code and other dependent information.  At the end you will be given the cost of the bronze plan including any premium tax credits entitled to.
  7. Where do I find out about insurance for 2016?  Follow the this link 2016 Marketplace Plans to get all the information you need to know.
  8. I received an exemption from the Marketplace and they gave me a certificate. Do I need that for any reason? When you receive an exemption from the Marketplace they will issue you a certificate with an Exemption Certificate Number (ECN).  In order to complete your tax return that will be needed for each person in the family that received an exemption.
  9. If I applied for a Marketplace Exemption, but have not received it yet, can I still submit my tax return? If you are required to submit for an exemption to the Marketplace, remember it takes from 2-4 Weeks to get it back.  However, if you have submitted, we can complete the tax return, we just have to annotate on the tax return it "pending".  This will cause a delay in the IRS processing your tax return and you receiving a refund if one is anticipated.
  10. If I received a Premium Tax Credit at the beginning of the year and have them applied to my premiums and my income was higher than expected? If you are entitled to receive a Premium Tax Credit which is given to you to cover your cost of Health Insurance, you can either take it at the end of year when you file your tax return, or at the beginning of the year when you take out the policy so your premiums are less.  The credit is same regardless as it is based on your 2015 income.  If you underestimated your income for 2015 and you made more and took the credits as part of premium reductions, then you will be required to pay back the amount based on the correct amount of you will receive on your tax return.  Example: If you Premium Tax Credit based on your income at the beginning of 2015 would be $2,000 and you went with a premium reduction, then at the end of the year when we complete your tax return you made more than you anticipated and in reality your premium tax credit should have been $1500, you would be required to pay back the $500 you received that you were not entitled to.
  11. I heard there was some tax associated with the ACA, is that true? Yes there are several taxes that are associated with the ACA.  Listed below are a few of the main ones:
  • Shared Responsibility Payment - every U.S. Citizen must have insurance coverage, have an exemption or pay a Shared Responsibility Payment, which is actually a tax.
  • New limits on HSAs.  Lower contribution limits along with higher taxes on non-qualified usages of funds
  • Schedule A deduction for medical expenses moved from 7.5% to 10% (unless you or your spouse are 65 years old or older, then it stays at 7.5% until December 31, 2016.
  • NIIT - Net Investment Income Tax.  This is a 3.8% tax on certain investment income.  Only applies to taxpayers with higher income.  MFJ = $250,000, MFS = $125,000 and others are $200,000.  Also applies to estates and Trusts, but at a much lower level.
  • Medicare part A increase of .9% for higher income individuals.
  • A 2.3% Medical Device Tax - this runs through 2015, but is suspended during 2016 and 2017.
  • A 10% tax on indoor tanning salons.