by Fresh Start Tax | Mar 26, 2014 | Tax Help
Health Care Law Considerations for 2014
Time is starting to run out and it is time to make a decision if you have not do so already.
For most people, the Affordable Care Act has no effect on the 2013 income tax return they are filing in 2014.
However, some people may need to make important decisions by the March 31, 2014 deadline for open enrollment.
Things about the health care law you may need to consider very soon.
- Currently Insured – No Change: If you already insured, you do not need to do anything more than continue your insurance and pray.
- Uninsured – Enroll by March 31: The open enrollment period to purchase health care coverage through the Health Insurance Marketplace for 2014 runs through March 31, 2014. When you get health insurance through the marketplace, you may be able to get advance payments of the premium tax credit that will immediately help lower your monthly premium.
- Premium Tax Credit To Lower Your Monthly Premium: If you get insurance through the Marketplace, you may be eligible to claim the premium tax credit. You can elect to have advance payments of the tax credit sent directly to your insurer during 2014 so that the monthly premium you pay is lower, or wait to claim the credit when you file your tax return in 2015. If you choose to have advance payments sent to your insurer, you will have to reconcile the payments on your 2014 tax return, which will be filed in 2015. If you’re already receiving advance payments of the credit, you need to do nothing at this time unless you have a change in circumstance like a change in income or family size.
- Change in Circumstances: If you’re receiving advance payments of the premium tax credit to help pay for your insurance coverage, you should report life changes, such as income, marital status or family size changes, to the Marketplace. Reporting changes will help to make sure you have the right coverage and are getting the proper amount of advance payments of the premium tax credit.
- Individual Shared Responsibility Payment: Starting January 2014, you and your family have been required to have health care coverage or have an exemption from coverage. Most people already have qualifying health care coverage. These individuals will not need to do anything more than maintain that coverage throughout 2014. If you can afford coverage but decide not to buy it and remain uninsured, you may have to make an individual shared responsibility payment when you file your 2014 tax return in 2015.
Health Care Law Considerations for 2014, Deadline March 31, 2014
by Fresh Start Tax | Mar 26, 2014 | Tax Help
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by Fresh Start Tax | Mar 26, 2014 | Tax Help
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by Fresh Start Tax | Mar 26, 2014 | Tax Help
QUESTION
Did you, your spouse or your dependent take higher education classes last year?
If so, you may be able to claim the American Opportunity Credit or the Lifetime Learning Credit to help cover the costs.
Here are some facts about these important tax credits.
The American Opportunity Credit is:
- Worth up to $2,500 per eligible student.
- Only available for the first four years at an eligible college or vocational school.
- Subtracted from your taxes but can also give you a refund of up to $1,000 if it’s more than your taxes.
- For students earning a degree or other recognized credential.
- For students going to school at least half-time for at least one academic period that started during the tax year.
- For the cost of tuition, books and required fees and supplies.
The Lifetime Learning Credit is:
- Limited to $2,000 per tax return, per year, no matter how many students qualify.
- For all years of higher education, including classes for learning or improving job skills.
- Limited to the amount of your taxes.
- For the cost of tuition and required fees, plus books, supplies and equipment you must buy from the school.
Important Note – For both credits:
1. Your school should give you a Form 1098-T, Tuition Statement, showing expenses for the year. Make sure it’s correct.
2. You must file Form 8863, Education Credits, to claim these credits on your tax return.
3. You can’t claim either credit if someone else claims you as a dependent.
4. You can’t claim both credits for the same student or for the same expense, in the same year.
5. The credits are subject to income limits that could reduce the amount you can claim on your return.
Tax Credits – Help Pay Higher Education Costs, Fresh Start Tax LLC, Tax Tips
by Fresh Start Tax | Mar 26, 2014 | Tax Help
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