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

Instructions and Help about Who Form 1094 B Deduction

Hi my name is Bruce roth and I have today is my guest Dave hora del dave is an enrolled agent and the founder of torchlight tax and financial services Dave can you tell us how the Affordable Care Act it's all in the news how some people it's good some people it's bad but how what are the implications for taxpayers taxes well if you if you don't have you know health coverage then the IRS is going to find you for not having health coverage and the finding is last year are significantly increased this year until you will actually have to pay more in taxes for failing to get health care and my understanding correct me if I'm wrong is that people with very low incomes that penalty is waived is that accurate yeah the penalty can be waived for people with low incomes and the other thing that you know there are some other things that you know people can they can be waived for for example if you were if you were if you were at a home and you were thread with an eviction if you keep a copy of that addition knows he ascended to the IRS and say you know do the proper format broke I was broke and I hear the evidence of my home eviction notice or they were threatening to cut off my power or whatever you have something like that listening the person actually during the year if that occurred with them and the year is over and they were under financial stress they didn't have enough money and i think really thought they could afford the health insurance well then they can go ahead and you know they can attach that to their tax return with the proper form and it will probably be it will probably be forgiven the other interesting thing but I know it was true last year I think it's still true is that the IRS doesn't take collection action based on the ACA is affordable care act other than hold on to your refund check so if you are going to have this and you want to like arrange not to pay more than what you have to pay for your taxes then you have 201 oh the IRS bunny you hold on to that money we're not going to Levin you for the ACA part of your bill but as a practical matter I don't know like it's like walking a tightrope yeah you're gonna have to the next year they may try again in the next year they may try again but it's like you know it's really like is it worse to trouble probably not no I I don't play those kind of games myself anywhere and the other but I do know you know you I'm sure you've met people who rail about the injustice of the federal government making them purchase health insurance when they're healthy and they feel they don't need it right right and yeah you know there is you know there's you know there's a philosophical point there and the practical matter there are also people out there that really need to understand what's going on there are people out there that maybe they should actually get health insurance and maybe they're they're low income and the federal government pay for a lot of the health insurance and at least subsidized it as a bare minimum right perhaps the subsidies might nearly or equal one hundred percent of the bill right and at the end you give you if you apply for it in the federal government pays you pays for your you know healthcare they don't penalize you thank you so much okay and thank you for watching