The Internal Revenue Service (IRS) recently released new health care coverage reporting requirements for the 2017 tax year. Individuals preparing their 2017 federal tax returns must indicate if they and others on their return:
· Had minimum essential coverage for the year, or
· Are qualified for a health care coverage exemption, or
· Are paying the individual shared responsibility payment.
Taxpayers must also indicate coverage by responding on line 61 on their Form 1040. Further, they must refer to their Form 8965 to determine if they are exempt from health care coverage, or to determine the amount owed for not maintaining coverage - this information must be included with their tax return.
Agents may want to inform their clients of the need to fully complete their tax returns with the above-mentioned information. Electronic returns will not be accepted if individuals do not provide the information. Paper returns may also be suspended and refunds delayed until the IRS receives additional information.
As always, we’re here to help. Please call 913.333.3380 to speak with one of our broker consultants if you have any questions or concerns.