Who Form 1094 B Credits 2022-2023

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...