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ACA Tax Provisions
In 2014, the Internal Revenue Service (IRS) introduced a host of tax provisions to accommodate the Affordable Care Act. Robert W. Wood wrote in ''Forbes'' that the relationship between tax filing and obtaining health insurance may cause mixed feelings. Some are expected to feel they have benefited, but others may feel burdened by additional costs and/or filing requirements. Premium Tax Credits The Premium Tax Credit (PTC) is a refundable tax credit, payable by the Internal Revenue Service (IRS) to qualifying individuals who have obtained healthcare insurance through a healthcare exchange (marketplace) in the tax year. It can be paid in advance directly to a healthcare insurance company to offset the cost of monthly health insurance premiums. For the 2015 tax year 1.6 million taxpayers overestimated the amount they were supposed to receive for the advance tax premium. The average amount owing was $800. Cost-sharing subsidies Households with (Modified Adjusted Gross) inc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital media, digital subscribers. It also is a producer of popular podcasts such as ''The Daily (podcast), The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones (publisher), George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won List of Pulitzer Prizes awarded to The New York Times, 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national "newspaper of record". For print it is ranked List of newspapers by circulation, 18th in the world by circulation and List of newspapers in the United States, 3rd in the U.S. The paper is owned by the New York Times Company, which is Public company, publicly traded. It has been governed by the Sulzberger family since 189 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Individual Shared Responsibility Provision
The individual shared responsibility provision, less formally known as the individual mandate, was the health insurance mandate imposed on individuals by the Affordable Care Act in the United States until tax year 2019. This individual mandate required most individuals and their families to have a certain minimal amount of health insurance, with certain exemptions. Otherwise, they were required to pay the individual shared responsibility payment as a fine. It was one of the many Affordable Care Act tax provisions. The federal tax penalty for violating the mandate was eliminated by the Tax Cuts and Jobs Act of 2017, starting in 2019. (In order to pass the Senate under reconciliation rules with only 50 votes, the requirement itself is still in effect). Summary Starting January 2014, individuals and their families must have at least minimum essential coverage. Individuals may be exempt from health insurance coverage in some cases: * The minimum amount that they must pay for annua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modified Adjusted Gross Income
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (''e.g.'' medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base state income tax on AGI with certain deductions. Adjusted gross income is calculated b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Business Health Options Program
The federal Small Business Health Options Program is an insurance exchange, created by Patient Protection and Affordable Care Act (Obamacare). The Small Business Health Options Program (SHOP) Marketplace helps small businesses to provide health coverage to their employees. Therefore, it is open to employers with 50 or fewer full-time equivalent employees (FTEs), in which it also includes non-profit organizations. According to the HealthCare.gov, the benefit of SHOP Marketplace includes allowing owners to offer health and dental coverage to employees. Other than that, with flexibility, choice, and the online application and account management, SHOP aims to meets the needs of the business owner and its employees. In 2015 Employee Choice was introduced under of the PPACA's Small Business Health Options Program (SHOP) Marketplace. While SHOP was available for 2014, this is the first year that small employers in 14 states can apply online. Before 2015 employers who provided health ins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Business Health Care Tax Credit
The Small Business Health Care tax credit is a United States tax credit available to small employers who pay health insurance premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP) Marketplace. Employers who purchase health insurance through the program may get a tax credit of up to 50% of their premium contributions. Tax credit terms However, the small-business health care tax credit via Form 8941 is available only to businesses that meet certain standards. Firstly, employers have fewer than 25 employees. Secondly, their employee salary must be less than an average of $50,000. Thirdly, employer must pay at least 50% of the full-time employee's premium costs. However, employers are not required to offer coverage to part-time employees (work fewer than 30 works/week) or dependents, or to seasonal workers who aren't considered full-time employees unless they work more than 120 days during the tax year. Lastl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 8965
The premium tax credit (PTC) is a refundable tax credit in the United States. It is payable by the Internal Revenue Service (IRS) to eligible households that have obtained healthcare insurance by a healthcare exchange (marketplace) in the tax year. It can be paid in advance directly to a healthcare insurance company to offset the cost of monthly health insurance premiums. The tax credit is part of a host of Affordable Care Act tax provisions, introduced by the IRS in 2014, and is meant to extend health insurance coverage to 18 million lower and middle-income Americans. History The eligibility criteria for the premium tax credit is determined by section 1401 of the Affordable Care Act (Obamacare). The Act was signed into law on March 23, 2010, and specified the credits are only available to individuals and families who have enrolled in a health plan offered on a healthcare exchange. On May 23, 2012, the Internal Revenue Service (IRS) adopted a regulation that said tax credit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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