Any Tax Preparers Here???

Otherground
1

I have health insurance through my employer.

Do I have to prove it when I get my taxes done?

I don't think my employer will provide me with a Form 1095-C.

IRS.Gov states that I can "prove it" by my deductions coming out of my paycheck for coverage, insurance card, or statements from my Insurer. You are not supposed to mail in the form to the IRS anyway, you just have to prove it to your tax preparer.

True?

2

Just in case we have one on here, how fucked is the guy I know with his taxes? He filed exempt after paying $1100 in fed taxes this past year because he was going to get a bonus at work and wanted some extra money on that check. He never turned it back on to pay. He made a little over 50k.

Didnt save a penny of the extra money and lived it up

3

bigraydaddy - I have health insurance through my employer.

Do I have to prove it when I get my taxes done?

I don't think my employer will provide me with a Form 1095-C.

IRS.Gov states that I can "prove it" by my deductions coming out of my paycheck for coverage, insurance card, or statements from my Insurer. You are not supposed to mail in the form to the IRS anyway, you just have to prove it to your tax preparer.

True?

Think it is only required if you participate in the "Marketplace" is Obamercare and are seeking premium tax credit

4

Or if you are trying to claim premiums as part of med expense ded (in the event med expense exceed 10% of agi)

5

if you get a w-2 it's on there.

6

CavRyda - 

Just in case we have one on here, how fucked is the guy I know with his taxes? He filed exempt after paying $1100 in fed taxes this past year because he was going to get a bonus at work and wanted some extra money on that check. He never turned it back on to pay. He made a little over 50k.

Didnt save a penny of the extra money and lived it up


LOL

I know nothing about taxes, and tax law, but I will venture he is fucked, what an idiot

7

CavRyda -

Just in case we have one on here, how fucked is the guy I know with his taxes? He filed exempt after paying $1100 in fed taxes this past year because he was going to get a bonus at work and wanted some extra money on that check. He never turned it back on to pay. He made a little over 50k.

Didnt save a penny of the extra money and lived it up

50K, assuming no kids or wife, means his AGI is roughly 40K with the standard deduction. That's 5,226 in taxes, plus 25% of everything over 37,950 (roughly 500 more).

So ~5700 in taxes, minus 1100, leaves him owing ~4600.

GOOD LUCK!

8

hahahahhaha vu all around.

9

bigraydaddy - I have health insurance through my employer.

Do I have to prove it when I get my taxes done?

I don't think my employer will provide me with a Form 1095-C.

IRS.Gov states that I can "prove it" by my deductions coming out of my paycheck for coverage, insurance card, or statements from my Insurer. You are not supposed to mail in the form to the IRS anyway, you just have to prove it to your tax preparer.

True?
If your employer has more than 50 FTE equivalents employees it will provide you with a 1095-c...



If not just call your insurance company.

10

TTT

11

if youre doing your own taxes and you have a simple return (just w-2s and 1099s, no itemized deductions), just use free turbo tax. It asks you if you have/had insurance. Answer yes, and your done. Its that simple.

12

cruedi - if you get a w-2 it's on there.

This, and those fuckers count it as income now too.... Bastards