Thursday, November 01, 2012

Just Another IRS Form

Filed your 2014 taxes yet? No problem. You have time. They are not due for another 27 months or so.

Included in your packet will be a new form to be filed by almost everyone. There are a few groups given a free pass on the Obamacare mandate. They include:

Certain religious groups such as Amish, Scientologists and Muslims
American Indians
Non-U.S. citizens

So what kind of information are you required to share with the IRS?

Every January, health insurance companies across America will send out tax documents to each insured individual.  This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacare’s “exchanges.”, "Obamacare Tax Form"

Kinda makes you want to contact Tom Cruise and become a Conehead doesn't it?

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