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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, from the Internal Revenue Service, joins us this morning to explain a few things. Jennifer, thanks so much for joining us. Good morning. First of all, because of the Affordable Care Act, there are some changes this year that you need to be aware of. There are 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 reporting coverages, which is the easiest form of it. Most people, we figure about 75 to 80 percent of folks, are simply going to have to check a on their tax return, either 1040, 1040a, or 1040ez. So most folks are simply going to check a 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 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 8965. Thirdly, you can make a shared responsibility payment. 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 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....