Do I need to do anything right now to get ready for the changes coming in 2014?
All you have to do is educate yourself by going to the Health Insurance Marketplace on HealthCare.gov. If you and your family have health care coverage, you may not have to do anything different in 2014Considerations for 2013
- Open Enrollment for the Health Insurance Marketplace:
The open enrollment period to purchase health care coverage through the
new Health Insurance Marketplace begins Oct. 1, 2013. When you get
health insurance through the marketplace, you may be able to get the new
advance Premium Tax Credit that will immediately help lower your
monthly premium. Learn more at HealthCare.gov.
- Filing Requirement: If you do not have a tax filing
requirement, you do not need to file a 2013 federal tax return to
establish future eligibility or qualify for future financial assistance,
including the advance Premium Tax Credit to purchase health care
coverage through a Health Insurance Marketplace. Learn more at HealthCare.gov.
- W-2 Reporting of Employer Coverage: Certain employers are
required to report the value of the health insurance coverage they
provide. The value of health care coverage as reported by your employer
in box 12 and identified by Code DD on your Form W-2 is not taxable.
- Itemized Medical Expenses: You can deduct your unreimbursed
medical and dental expenses that exceed 10 percent of your adjusted
gross income on your 2013 tax return. The 7.5 percent threshold will
remain for those 65 and older for tax years 2013 through 2016.
- Other ACA Tax Provisions: Additional Medicare Tax, Premium Rebate for Medical Loss Ratio, Health Flexible Spending Arrangements, Health Saving Accounts, and Net Investment Income Tax.
Looking ahead to 2014
- Premium Tax Credits: If you get your
health coverage through the marketplace, you may be eligible for a
Premium Tax Credit. You can elect to have the advance credit sent
directly to your insurer during 2014, or wait to claim the credit when
you file your tax return in 2015. If you choose to have advance payments
sent to your insurer, you will have to reconcile the payments on your
tax return. Learn More.
- Individual Shared Responsibility Payment: Starting January
2014, you and your family must either have health care coverage, an
exemption from coverage, or make a payment when you file your 2014 tax
return in 2015. Learn More.
- Change in Circumstances: If you are receiving advance Premium Tax Credits to help pay for your insurance coverage, you should report changes such as income or family size to your marketplace. Reporting changes will help to make sure you are getting the proper amount of assistance.
Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication
No comments:
Post a Comment