Tax season: 1095 Form questions answered - Cincinnati News, FOX19-WXIX TV

Tax season: 1095 Form questions answered

Many of us may notice some changes this year, especially around the Affordable Care Act. (FOX19 NOW) Many of us may notice some changes this year, especially around the Affordable Care Act. (FOX19 NOW)
CINCINNATI, OH (FOX19) -

We are just two months away from the tax deadline, but many of us will notice some changes this year especially around the Affordable Care Act.

Diane Acosta with H&R Block answered some common tax questions for FOX19 viewers including new paperwork people will be getting.

Diane reminds us we’ve heard a lot of about the 1095-A form last year that will be the case again this year.

But now everyone with healthcare will get documentations with either a 1095 B or C.

Some will definitely need these forms this year.
 
What if I have all of my documents in place? Do I have to wait on my 1095 before I can file?

Our tax expert says if you have misplaced or lost your documentation finding them could require some help.

But don’t make it stop you from filing your taxes.

What about for those people that did not have health insurance this year, how much is the penalty?

Our tax expert notes for taxpayers without health insurance it is important to know that the penalty has basically doubled.   

Will everyone without health insurance have to pay the penalty?

Diane says there are almost 30 exemptions out there, but you will have to sit down with a tax professional since there will be some extra paperwork that will need to be filled out.

Make sure you speak with your tax professional to get any additional questions answered before filing in April.

Copyright 2016 WXIX. All rights reserved.
 
 


 

Powered by Frankly