Thursday, January 08, 2015

Publication 5187

Have you studied IRS Publication 5187? That's the one that explains IRS Forms 1040-A, 8962 and 8965.

Essentially, if you purchased your Obamacare plan through and received a subsidy when it comes time to file your 2014 income taxes there are a few extra things you will need.

Publication 5187 explains all this.

Page 5 of 5187 explains your obligations under the Shared Responsibility Provision in Obamacare. Kind of has a Socialist ring to it doesn't it? Shared responsibility .........

Pages 6 & 7 explains situations in which you may be exempt from your shared responsibility. Be sure to check those out. You may have bought insurance because you thought you had do but didn't.

The next 14 pages give examples of how to calculate your tax liability and repayment limitation in case you underestimated your income and got more than your appropriate share of responsibility. We can't have anyone getting greedy with their government hand out, can we?

And just in case you still don't understand how this Obamacare shared responsibility works, you are also directed to review IRS Publications 17, 974, 5172, 5185, 5182, 5156, 5120, 5121 and 5093.

Of course all of these are available in English and Spanish.

And if you missed any of this, here is a video summary.

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