Taxpayers Confused By Late Health Law Forms

Tax time comes with a new health wrinkle.i

Tax time comes with a new health wrinkle.

Thomas Barwick/Getty Images


hide caption

toggle caption

Thomas Barwick/Getty Images

Tax time comes with a new health wrinkle.

Tax time comes with a new health wrinkle.

Thomas Barwick/Getty Images

As the 2015 tax filing season gets underway, tax preparers said a delay in health law tax forms is tripping up some consumers, while others want details about exemptions from increasingly stiff penalties for not having insurance.

Under the law, most people must have health insurance or pay a fine. In 2015, the penalty was $325 per adult and $162.50 per child up to $975, or 2 percent of household income, whichever is greater.

This is the first year that employers, insurers and government programs such as Medicare and Medicaid are required to send consumers tax forms that report whether they offered or provided health insurance that was considered affordable and adequate under the law.

The forms — 1095-B or 1095-C — are designed to help consumers in filling out their taxes but the forms don’t need to be filed with their tax returns. The issuers also send copies to the Internal Revenue

Article source: http://www.npr.org/sections/health-shots/2016/02/17/466924991/taxpayers-confused-by-late-health-law-forms?utm_medium=RSS&utm_campaign=affordablecareact

Tagged:

Comments are closed.