Obamacare

Two tax forms have come into play with the passage of the Affordable Care Act.  First is the form 8962, which is used to reconcile your tax credit.  At the beginning of the year you estimated how much money you would make based on last year’s income.  Now we need to determine if you guessed correctly.  You received a subsidy through the year to pay for health insurance.  If your guess was too low the IRS will want to recover some of that money.  If you guessed too high then you should get additional credits.

The second tax form is the 8965 which allows some people to claim an exemption to the requirement for healthcare.  Authorized exemptions are less than 3 months un-insured, coverage costs after credit are above 8.13% of annual income, your income is too low, you are part of a federally recognized tribe, you are part of a health insurance sharing ministry, you are a religious sect opposed to insurance you are incarcerated you are not lawfully in the US or you have a hardship exemption.