Video instructions and help with filling out and completing Which Form 1094 B Penalties

Instructions and Help about Which Form 1094 B Penalties

So you might be getting a new piece of tax paperwork in the mail this year a 1095 that's associated with Obamacare or the Affordable Care Act this is simply your proof of insurance that's going to allow you to escape from the penalties that are associated with Obamacare now those penalties can be steep if you don't have insurance it's the so-called single-payer idea that everybody has to have insurance so we're all in this together so if you have a form and you know that you have been insured for the full year you don't have to actually have that in hand to file your taxes this is simply proof keep it with your documents in case of an audit or for anything else in the coming years but you don't actually have to have that before you file your return what you do have to have if you are filing return and you don't have insurance for the entirety of the year you are gonna have to pay a penalty based on the number of months that you don't have insurance when you get a 1095 in the mail if you're insured don't worry about it it's not a big deal for you it's just part of the new health care reform system and proof that you don't know the penalty keep it with your records like everything else and just file your taxes as usual you