How to fix ACA issues re 2016 cost-sharing and advanced payment of premium tax credit

[nitpicker]

https://www.irs.gov/pub/irs-pdf/p1693.pdf

Failing to file 2014 tax returns will prevent advance payments in 2016 Eligible employees – or their family members – who received advance payments of the premium tax credit in 2014 under the health care law, should file a 2014 tax return as soon as possible – even if they missed the April 15 deadline or received an extension to file until Oct. 15 – to ensure they can timely receive advance payments next year from the Health Insurance Marketplace. When eligible employees – or their family members – purchased health coverage for 2014 through the Marketplace, if they chose to have advance payments of the premium tax credit sent directly to their insurer to lower monthly insurance premiums, they are required to file a tax return to reconcile advance payments even if they are otherwise not required to file. If advance payments of the premium tax credit were paid on behalf of an individual or their family member in 2014, and they do not file a 2014 tax return, they will not be eligible for advance payments of the premium tax credit or cost-sharing reductions to help pay for Marketplace health insurance coverage in 2016. This means the employee will be responsible for the full cost of monthly premiums and all covered services. In addition, the IRS may contact them to pay back some or all of the 2014 advance payments of the premium tax credit. Because Marketplaces will determine eligibility for advance tax credit payments and cost-sharing reductions for the 2016 coverage year this fall, it will substantially increase the chances of avoiding a gap in receiving this help if eligible employees file a 2014 tax return with Form 8962, Premium Tax Credit, electronically as soon as possible. To repeat, taxpayers who missed the April 15 deadline or received an extension to file until Oct. 15, should file a return as soon as possible. File now to reconcile any advance credit payments received in 2014 and to maintain eligibility for future premium assistance. Taxpayers must complete Form 8962 to reconcile advance credit payments with the premium tax credit they are eligible to claim on the return. They should have received Form 1095-A, Health Insurance Marketplace Statement from their Marketplace with information they will need when completing Form 8962. They should contact the Marketplace directly with questions about the information on Form 1095-A for 2014, or about receiving Form 1095-A for 2014. Filing electronically is the best and simplest way to file a complete and accurate tax return as it guides you through the process and does all the math. For more information about the Affordable Care Act and the premium tax credit, visit IRS.gov/aca.

[Demeter]

1. Easy, permanent, cheapest fix--Universal Single Payer

and tax the rich.

My job is done.