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The tax implications of the new health care law could prove confounding to low-income persons who previously filed simple returns. Ultimately, the new forms do little more than convey information about compliance with the law while providing an opportunity to take a tax credit. Those struggling with the forms and do not have a lot of money available to pay an accountant might find the following "scaled back" approach useful at filing time.
Two Separate Forms, Two Separate Purposes
The two new forms associated with the law serve two distinct purposes. Form 1095-A is a statement of compliance proving your purchased health insurance. Form 8962 is designed to figure out the tax subsidy you are owed, if your income level warrants one. Speaking with a tax preparation professional about completing the documents might be unavoidable and you could keep the fee low by completing the bulk of the return as you always did.
Complete Your Own Return
Someone on a budget might be worried about having to pay for the accountant to compile the entire 1040 even though the area of concern is solely the healthcare portion. What you could do is complete the 1040 on your own and leave the lines related to health insurance blank. Leave these portions and the related documents to the accountant.
Ask in Advance
Do not make the mistake of booking an appointment with an accountant and, during the initial meeting, stating you only want the Form 8962 and the 1095A completed. The firm might have a policy against completing partial returns. Or, there may be an unwillingness to compile the forms on their own without the submission of a 1040X amended return.
There are tax preparation services that would be willing to solely complete the forms and never touch the 1040. Just be sure in advance you and the accounting firm are on the same page with what you want done to avoid wasting time.
Bring All the Necessary Documents to the Accountant
Bring all the prior year's statements related to the billing of the insurance policy to the accountant. Upon noticing any monthly statements are missing, contact the health insurance provider and request copies of the documents. Anyone who lost coverage at any time during the year should also bring a copy of the termination letter to the accountant.
The accountant is going to need this information to complete the two documents. A word to the wise: start compiling this information as far in advance of the April 15 due date. Your insurance company could end up being swamped with requests at that time. Procuring the info much earlier should prove to be easier. Contact a tax preparation company like Groskreutz, Schmidt, Abraham, Eshleman & Gerretse CPA for more information.
Share5 February 2015