http://www.atr.org/new-obamacare-tax-form-mandates-americans-a7285
New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS
Here's why the IRS will require Americans to disclose their personal health ID information starting in 2014
When Obamacares individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayers personal identifying health information in order to determine compliance with the Affordable Care Acts individual mandate.
As confirmed by IRS testimony to the tax-writing House Committee on Ways and Means, taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment.
So why will the Obama IRS require your personal identifying health information?
Simply put, there is no way for the IRS to enforce Obamacares individual mandate without such an invasive reporting scheme. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax documenta copy of which will be furnished to the IRSmust contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacares exchanges.
This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s. At tax time, the 140 million families who file a tax return will have to get acquainted with a brand new tax filing form. Six million of these families will end up paying Obamacares individual mandate non-compliance tax penalty.
As a service to the public, Americans for Tax Reform has released a projected version of this tax form to help families and tax specialists prepare for this additional filing requirement. Taxpayers may view the projected IRS form at www.ObamacareTaxForm.com or see below. On the form, lines 3-4 show where taxpayers will disclose their personal identifying health information.
Read more: http://atr.org/new-obamacare-tax-form-mandates-americans-a7285#ixzz2B49nFaVf
New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS
Here's why the IRS will require Americans to disclose their personal health ID information starting in 2014
When Obamacares individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayers personal identifying health information in order to determine compliance with the Affordable Care Acts individual mandate.
As confirmed by IRS testimony to the tax-writing House Committee on Ways and Means, taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment.
So why will the Obama IRS require your personal identifying health information?
Simply put, there is no way for the IRS to enforce Obamacares individual mandate without such an invasive reporting scheme. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax documenta copy of which will be furnished to the IRSmust contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacares exchanges.
This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s. At tax time, the 140 million families who file a tax return will have to get acquainted with a brand new tax filing form. Six million of these families will end up paying Obamacares individual mandate non-compliance tax penalty.
As a service to the public, Americans for Tax Reform has released a projected version of this tax form to help families and tax specialists prepare for this additional filing requirement. Taxpayers may view the projected IRS form at www.ObamacareTaxForm.com or see below. On the form, lines 3-4 show where taxpayers will disclose their personal identifying health information.
Read more: http://atr.org/new-obamacare-tax-form-mandates-americans-a7285#ixzz2B49nFaVf
