Video instructions and help with filling out and completing Who Form 1094 B Credits

Instructions and Help about Who Form 1094 B Credits

Starting this year you will see changes in your tax returns especially when it comes to health care coverage Jennifer Jenkins is from the Internal Revenue Service she joins us this morning with more and to explain a few things Jennifer thanks so much for joining us hey good morning first of all because of the Affordable Care Act there's some changes this year that you need to be aware of there's three things that we're going to show you right now you have to do one of these three things right Jennifer let's start off with report coverages and the easiest form of it most people we figure about 75 to 80 percent of folks are simply going to have to check a box on their tax return either 1040 1040a or 1040ez so most folks are simply going to check a box to show to certify to self-certify that they did have the minimum essential health care coverage for the year the second thing you can do is claim an exemption from coverage what is what do you mean by that well for folks who for religious or other reasons are exempt from having the health care coverage they can claim an exemption I believe that's form 89 65 thirdly you can make a shared responsibility payment so that is the third category if you did not have the minimum essential coverage for the year which is the case for most folks if you did not have an exemption that is if you didn't have a reason approved that it would exempt you from having that minimum essential coverage then you do have a shared responsibility payment to make when you submit your tax return okay just be aware of those one of those three things you're going to have to decide what's the best thing for you is this a situation where people could be on their own with this is it simple enough or do you advise getting help well usually some of the tax software that you can use is going to help you really simplify things quite a bit because if you're using software and we do have available to most folks income 60,000 or less through our free file program there is software that's available accessible to most people out there watching the show so no need to go out by like a turbo tax package or something like that if you make under 60,000 you get something like that for free right you can go to IRS gov and just in the search box type in free file and you can find out about your options and the software will take care of knowing whether you need to fill out form 89 65 or or what your minimum essential coverage is shared responsibility payment is going to be that sort of thing so all you have to do is follow the prompts that the software su for it will walk you through the process and you just fill in the blanks what about itemizing your tax enna it's not for everyone of your younger and you make a little less money in your life's a little more simple there's no reason to really itemized things and save all those receipts is there well it really depends if someone has a home for example that's one of the major ways that you can itemize deductions if you are paying interest on your mortgage if you have property taxes those are the type of things that often result in sort of significant itemized deductions for folks if you're very charitable person and you're keeping receipts and you know how much you gave to charity during 2014 that can add up to so it really is a choice between whether you meet the threshold for the standard deduction or if it's worth your effort time and effort to itemize your deductions and maybe save a little bit of money on your taxes yeah some things to think about whether you do it yourself or you might want to go out there and get help if you give things are becoming a little too complicated Jennifer thanks so much appreciated I