Monday, January 5, 2015

Obamacare tax form debuts

The IRS has introduced the new form for people who got subsidized health insurance through the Affordable Care Act exchange in 2014.  As you may recall,  subsidies are actually tax credits paid in advance  (to the insurance company),  and this year's filing is when recipients find out whether they got too much or too little.

Tompor
You should get this form from the government by the end of this month,  and as USA Today's Susan Tompor reports,  you don't want to lose it:  "Top of the list of papers not to toss: any form 1099, any W-2, and new forms related to the Affordable Care Act."  

I was perplexed by the time estimate included in the instructions for the new form 1095-A: 0.3 minutes to "complete and prepare this form."  I can't imagine reading any tax form,  let alone completing it,  in 18 seconds. But a volunteer tax preparer with the AARP called to note that the taxpayer doesn't actually have to do anything to prepare this form,  other than open it and make sure it's part of the 2014 filing.  So that 18 seconds may just be the time it takes government computers to spit out your form.

But don't expect things to be quick and easy if you're reporting Obamacare benefits  --  or trying to figure out whether you owe the new penalty for being uninsured.

"It will be very complicated this year,"  the tax volunteer said,  echoing a refrain heard across the board.  "It's going to be confusing.  People who are already confused with their taxes,  it's going to get worse."

If you're filing taxes in the Charlotte area,  let me know your experience.

And if you've got suggestions about the form itself,  let the IRS know:  "If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. You can write to the Internal Revenue Service; Tax Forms and Publications Division; SE:W:CAR:MP:T, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224."

I'm thinking it would take me more than 18 seconds just to write that address on an envelope.

8 comments:

Anonymous said...

?????? is this even worth writing about?

but then obama care is a total suck show ...

somebody has been put on the shelf or out to pasture ..

Ann Doss Helms said...

11:37, you've sort of got me. I put myself on this beat, and I knew going in it would be less breaking news and more enterprise. I also suspected it might drive me crazy not to be writing and interacting with readers every day ... and sure enough, it does. So yeah, posts like this are kind of a stretch. But if it leads to a tip that leads to a real story, then I'm happy.

Anonymous said...

Ann, you don't need to search for relevant, newsworthy stories that affect EVERY American. That's called reporting -- and it's been co-opted by ideological 'journalists' like yourself who have to go searching for positive news stories that spin Big Government/Leftist ineptitudinal thinking.

Anonymous said...

H.R. Block has been advertising like crazy that they can assist with the new ACA forms and requirements. Might be interesting to hear what they have to say - and no I don't work for HR Block!

Anonymous said...

Ann, you have done a great job of educating people about their affordable health options. There is nothing wrong with your blog post. I find it helpful.

Wiley Coyote said...

I wouldn't trust anyone at AARP since they have been in bed with the Obama administration since day one of Obamacare and will make billions off of it...

I'm also waiting for thank you notes from people who received their "subsidies", courtesy of taxpayers like me who paid them for you.

Ann Doss Helms said...

2:01, I agree. H.R. Block and Liberty have been vocal about the upcoming challenges, and I plan to be in touch with both as the tax season cranks up. But it's always good to get views from as many sources as possible.

Wiley, regardless of the AARP stance, this guy is just saying it's going to be a mess when it comes to tax complexity. I think that may be a sentiment that crosses all boundaries.

Wiley Coyote said...

AARP "volunteer" (it's going to be a) mess when it comes to tax complexity.......

"It will be very complicated this year," the tax volunteer said, echoing a refrain heard across the board. "It's going to be confusing. People who are already confused with their taxes, it's going to get worse."

Yes and AARP is complicit in that mess.

That's the point.... but AARP could care less.