Woodbury, New York
137 Woodbury Road
Health insurance reporting requirements commencing in 2019 have changed. The Federal Individual Shared Responsibility Payment for tax years beginning in 2019 is $-0-. The only required Federal reporting is if you obtained insurance through the Federal or your state's Health Insurance Exchange (NOTE: some states have enacted a form of Shared Responsibility Payment in lieu of the Federal payment).
If you obtained your insurance through a state or federal insurance exchange, please read this important information:
Taxpayers not covered for health insurance for a portion of 2019 in some states
You will need to report each month without coverage for each applicable family member (taxpayer, spouse and dependents) on the tax return. A penalty of upon adjusted gross income may apply. However, there are many exemptions to the penalty. We will be sure to review your situation when we prepare your tax return to ensure that you don’t pay a penalty if it can be legally avoided.
Taxpayers covered for health insurance through a state or federal exchange
If you purchased your health insurance through a state or federal plan, your monthly premium payments may have been reduced by a premium subsidy credit. This amount was estimated based upon the income you declared on your insurance application. Your 20169 tax return will be used to validate the premium credit you received. If your 2019 income is less than what was reported on your insurance application, you may receive an additional credit which will increase the refund on your tax return. However, if your 2019 income is higher than what was reported, you may need to pay back a portion of the credit which may result in a balance due on your tax return.
Each January you should receive Form1095-A from the exchange, showing the premium credit, if applicable, and additional information. Please be sure to include this form with your tax documents so we can correctly handle the reporting on your tax return.
As always, we are here to support you. Feel free to call us with any questions you may have.