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Health coverage exemptions Form: What You Should Know
Use the Form 8965, Health Coverage Exemptions, to claim an exemption for yourself from having to pay the Medicare taxes due on Medicare premiums; pay the premium tax on a premium health plan that you receive from an employer; or pay an employer's share of a qualified health plan, to the extent that your coverage is qualified through an Exchange. Note: For tax year 2023 or earlier (see the following for exceptions), you should: 1) Use Form 8965, Health Coverage Exemptions (Form 8965-SS), to claim an exemption for yourself from having to pay a tax due for being uninsured. 2) Use Form 8965-SS or a copy of your claim from Form 8965-SS to include with your return on which you make payment for not having health insurance. It is recommended that you complete both forms. See the text below for information about if one form is required and how to file for and claim an exemption. 1) If you did not file Form 8965-SS for the prior Tax Year If, under IRS guidance, you will not claim an exemption for yourself from making payments for not having health insurance, you will need to file Form 8965, Health Coverage Exemptions (Form 8965-SS), to complete tax returns. 2) If you used Forms 1099-R, W2G or W2HS to calculate Health coverage exemptions for both Tax Years 2023 and 2017, only the following information may be on Forms 8965-SS: Tax ID Number; 2) This form does not need to be completed and sent to you if you have already filed and sent Forms 8965 for both Tax Years. 3) This form must be completed and sent to you if you received a health coverage exemption for the 2023 tax year, but you did not file Form 8965 for the 2023 tax year. 4) This form must be completed and sent to you, or if filing a joint return for 2017, with the completed Forms 8965 for both tax years. If you filed Forms 8965 for both Tax Years, you will need to complete this form for each of them.
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Instructions and Help about Health coverage exemptions
Day welcome to home biz tax talk my name is lissandra Everett I am the home biz Tax lady where I help home business owners win the tax game home biz tax talk airs Monday through Friday 9:00 o'clock ish and when you tune into my show you're gonna hear about topics that are important to the home business community alright today we're focused on health care I got the question about has the health care mandate or also the penalty been removed alright so for plans that are starting in 2023 okay so when you fire taxes in 2023 there will be no penalty but for taxes that are being filed in 2023 and previously for when the Affordable Care Act was enacted then yes there will be a penalty so if you did not have healthcare for the 2023 year when you file your taxes and you know incoming this coming tax season in 2023 there will be a penalty now with that there are you know some of course some changes to to healthcare now I don't I don't sell health insurance okay I just know the tax part but I also research something so that I can you know give you some stuff to think about and give you questions to go ask the people then actually do this for a living okay that's what I do so you know so starting in in 2023 there's these things called catastrophic plans okay listen we go and read all right because especially when I'm seeing you know medical bills for ninety eight thousand dollars for one month okay that is just crazy so now one of the before I get to these catastrophic plans and just kind of talking about some of the stuff that's going on...