Almost everyone will need to do something new when they file their tax return this year. The Individual Shared Responsibility provision, which is an important part of the Affordable Care Act (ACA), also known as Obamacare, calls for taxpayers to have qualifying health care coverage, qualify for a health coverage exemption or make a payment.
Qualifying coverage — also called minimum essential coverage — includes most employer-sponsored coverage, coverage through most government-sponsored programs like Medicare, Medicaid and CHIP, and coverage purchased through the Health Insurance Marketplace.
If you and everyone else on your tax return had qualifying health care coverage, you will simply check a box to report that coverage when filing your return in 2015. For each month in 2014 that anyone on your return did not have qualifying health care coverage or qualify for a health coverage exemption, you will need to make an individual shared responsibility payment. Everyone on your return needs to maintain their qualifying health care coverage in 2015.
You may qualify for a health coverage exemption if you meet one of the following:
How you obtain a health coverage exemption depends upon the type of exemption. You must apply for some exemptions through the Marketplace in the area where you live. Other exemptions are claimed only when filing an income tax return. Finally, some exemptions may be granted by the Marketplace or claimed when filing a tax return.Unless you must obtain your health coverage exemption through the Marketplace, you can claim the exemption on your 2014 income tax return filed in 2015. You will use Form 8965, Health Coverage Exemptions, to report a coverage exemption granted by the Marketplace or to claim a coverage exemption on your tax return.
How much is the Affordable Care Act (Obamacare) penalty? If anyone on your tax return does not have qualifying health care coverage for each month of the year and does not qualify for an exemption, you must make an individual shared responsibility payment when filing your federal income tax return in 2015.
In general, the annual payment/penalty amount is the greater of:
You will owe 1/12 of the annual payment for each month you or another person on your tax return doesn’t have either qualifying health care coverage or a coverage exemption. Your individual shared responsibility payment cannot exceed the national average premium for a bronze-level health plan available through the Marketplace which, for 2014, was $204 per month per person.
The instructions for Form 8965 provide the information you will use to calculate the payment that will be reported on your federal income tax return. You can electronically file Form 8965.
More information about the Individual Shared Responsibility provision can be found in Publication 5187, The Health Care Law: What’s New for Individuals & Families or at IRS.gov/aca.
Very good experience and glad I made the decision to use this company. Michael was professional and courteous in all of my dealings with him. My tax dilemma was quickly resolved and Michael even waived much of his normal fee. Where else have you heard of a business doing that? Without question, I would recommend Landmark Tax Group for anyone seeking a fair resolution for a tax problem.
Michael was fantastic! He understood my case very quickly, got right to work and was super prompt with communications. His professionalism and his friendly demeanor immediately put me at ease. I whole heartedly recommend contacting them if you’re in need of advice and assistance.
I received great advice in how to deal with the FTB, i don’t review often, but when someone is honest and legitimate, they do deserve a review. My questions were answered, and if i didn’t quite understand, Micheal was more than willing to give me follow-up answers to better help me. I highly recommend Landmark Tax Group, just for the mere fact that they treat you as a human being, Not a cash cow.
I had some returns from previous years to complete after receiving a hefty bill from the California Franchise Tax Board. Michael was prompt in answering my questions and very helpful and reassuring. We had several back and forth communications and this was all done for free since they do not prepare tax returns. He gave me some contacts and advice and now I’m on my way to getting my situation resolved. I’m very thankful for his advice and guidance.
While Michael’s scope of practice meant that we ultimately could not work directly to resolve the issue I was having, he was very prompt, professional, generous and kind in taking time out of his schedule to consult with me, refer me to his network of colleagues- not just once, but a second time even months after. Some professionals are just after services and compensations but Michael strikes me as someone who genuinely cares about your situation and wants to see to it that it gets resolved. These other reviews speak to that as well. You never want to be in a situation where you need to be looking up tax help, but God forbid you ever are, Michael is the person you want in your corner!
Michael and Landmark Tax Group were simply awesome. I like so many others had a year’s old tax issue arise with California FTB. I no longer live there which compounded the stress of the situation. The state had seized monies and filed a lien. After a call to an online tax relief place and some sketchy phone calls I was so happy to find Michael and immediately felt in good hands… at a time of considerable panic.
Fast forward to today and with his help I am totally debt free. He saved me $23,000
I highly recommend Michael and Landmark Tax Group
Michael Raanan is an angel! Michael went above and beyond for me. He was very knowledgeable, professional and very thorough! He is easy to talk to and amazing at what he does. I have a feeling that everyone at landmark tax group shares this way of professionalism! I highly recommend coming here for any and all of your tax help. They will help you and you will be more than pleased with them. 🙂
After calling the other highly advertised tax assistant agency’s and being disappointed with how they responded to my tax matter, I feel fortunate to have found out about the Landmark Tax Group. Michael was very understanding of my situation, and I felt very comfortable dealing with him. He was very knowledgeable and professional in handling our tax issue in a timely manner. I would highly recommend The Landmark Tax Group to anyone who needs assistance in dealing with the IRS.
Wow, just wow. I called Michael today to ask about some major tax issues I had with a defunct corporation I’d started years ago. Michael talked to me for about half an hour, walking me through options and generally helping me understand my options.
Because of him, I’m going to rest nicely tonight for the first time in weeks. It was great to hear that he used to work in IRS collections for 8 years too… which made me feel a lot more secure in his answer.
In all, I’m completely stunned by the level of service he gave to a random stranger who called in and wasn’t going to turn into any revenue for him. I have to imagine that his level of service for actual customers is unreal.
Fast, dependable, reliable, full transparency. Michael Raanan of Landmark Tax Group allayed my fears spending the rest of my senior years paying my tax debt. As a result of his extensive knowledge of the tax code, the right questions to ask, and his dedication to my case, I had information, resolution and a plan of action within 24 hours, start to finish. Amazing! I highly recommend Landmark Tax Group!
We were very pleased with the expert assistance we received from Michael Raanan at Landmark Tax Group. In a matter of months we had a resolution to our IRS tax issue. He was very knowledgeable, professional, explained things in easy to understand terminology & was very easy to discuss our tax issues with. We called around to other tax groups & just felt the most comfortable speaking & working with Michael. We are happy to recommend him & his firm.
Michael Raanan represents the highest level of professionalism, integrity, decency, and true concern for his clients. His advice every step of the way was right on target. The end result was a savings of $13,000 on my taxes.
I have already referred him to the other members of my financial team and have complete confidence in referring any clients to him. He is a shining star in his field.
Oh, did I mention how reasonable his fees are? Exceptional considering the amount of attention he provides.