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Form 8965 North Carolina: What You Should Know
This is a form that is provided by the IRS to people who filed a tax return on a certain date, who have income subject to an income tax and who wished to claim a tax credit based upon their health expenses, but did not claim a tax credit for the health expenses due to not having health insurance. You can use Form 8965 to file an exemption claim for your health expense(s). If you were eligible for an exemption and do not claim it, you could potentially have tax consequences. Form 8965 can be used to file a health exclusion for a limited time based upon your coverage status with the Marketplace or your claim of a coverage exemption from tax. You are eligible for an exemption from tax for health expenses when the following applies: You have health insurance. You did not have coverage for a part of the Tax Year because of being required to go to work or for military service. In addition, you cannot be found liable for any tax (including penalties, interest, and interest on the overpayment of tax) because you had health insurance during the tax year. This will be used in determining what additional income tax credit you may be eligible to claim. Form 8965 is based on “the most common types of coverage” in North Carolina for 2023 for individuals 65 years of age or older and full-time student (including those who are not students, but have school, college, or military hours that would count as “full time”). The 2023 Form 8965 will have “special provisions,” based on which taxpayer(s) would qualify for an exemption, as follows: Form 8965 is a tax filing tool that allows people to claim a health expenditure expense deduction from an income tax return. It also allows people to claim an exclusion for health coverage. The first section is a one-page form with instructions to use. The rest of the form is one page. Note: The 2023 Form 8965 will include new and updated information. You should download the form at the end of this blog article. Taxpayers who filed a tax return on or after May 1, 2018, are already eligible to use the Form 8965. See here. Those who did not file on or after May 1 need to take action soon.
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