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med44

med44   , 28

from Dallas

Tardy Tax Filings may lead to Loss of Affordable Health Care Benefits

According to a recent study, nearly 7% of taxpayers tend to opt for an extension when it comes to filing Federal Income Tax returns. Approximately 10 million individuals had raised a request for automatic tax extension in 2015. There are several reasons behind the need for an extension. Some people file due to professional obligations, whereas others file due to pass-through entities. It is quite interesting to note that some extend filing due to late receipt of important documents (tax forms).

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A Simple Rule

Regardless of the reason, the White House and Internal Revenue Service believes that 1.8 million of these individuals are dependent on subsidies for their healthcare insurance schemes. That is because the healthcare industry expects households to file their tax returns for subsidies. This rule applies even if household individuals are not expected to file because of their annual income.

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With all this being said, are you pondering about the monetary figures? Do you wish to learn more about the values you are dealing with? For more than 8 million customers, average tax credits summed up to 272 USD every month. This adds up to 28.4 billion USD in a year. However, don’t get over excited! Always remember that homeowners with tax breaks for mortgage interest deduction on property taxes are subsidized to a figure of 200 billion USD annually. Now, this is a lot of money you should walk away from! Nonetheless, administrators don’t want taxpayers to sacrifice this opportunity. After all, why should you give up on hard earned money?

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The Possibilities

If you are confused whether you should file or not, here are few tips to lend you a hand of help.

  1. As you seep into a new year, you are not expected to file a 2014 tax return on behalf of Federal Income Tax reasons. Thus, you don’t need to worry about shared responsibility payment or to claim coverage exemptions.
  2. You will not be deprived of health insurance coverage when you fail to file a tax return. These are two independent fields of work.
  3. You should file form 8965, if you don’t have any healthcare insurance coverage or a 2014 tax return. Form 8965 will exempt you from Shared Responsibility Payment. Also, you will not be forced to figure out the actual payment figure.
  4. A tax return should be filed in 2015 if you wish to reconcile any payments received in 2014. If you fail to claim the premium tax credit and have received an advance payment, you will be barred from acquiring further benefits. For example, you will not be provided with healthcare insurance benefits too. 

The Verdict

Currently, IRS is striving hard to make sure taxpayers who have failed to file are brought back on track. In case, you don’t receive a letter but are expected to file, do it as soon as possible. In case you are on extension, file it anyway! And, those who are unsure of their status (file or not) should come in touch with HealthCare.gov.