Janitor Bob Posted January 28, 2015 Report Share Posted January 28, 2015 Has anyone looked at the new 1040? What shananagins is this line 61? What is "Healthcare: Individual Responsibility"? Is that part of the ACA that all the kids are talking about these days? Damn Kids bunch of hulligans, they are 2 Quote Link to comment Share on other sites More sharing options...
Pacun Posted January 28, 2015 Report Share Posted January 28, 2015 80% of returns will check that and the other 20% will click on the "bunny" and open the form for the penalty or exemption. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted January 28, 2015 Report Share Posted January 28, 2015 Clearly this was started as a joke, so this one post will be allowed to stay in General Chat. 3 Quote Link to comment Share on other sites More sharing options...
FreedomTaxed Posted January 28, 2015 Report Share Posted January 28, 2015 We made a mistake today on it. One of our new preparers didn't click some checkbox and line 61 didn't populate. Our reviewer also missed it, so she e-filed it. Less than 30 minutes later we noticed the mistake, but the fed came back Accepted. Darn drat damn. We made an amendment. How much did we delay our client's federal refund? 1 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted January 29, 2015 Report Share Posted January 29, 2015 We made a mistake today on it. One of our new preparers didn't click some checkbox and line 61 didn't populate. Our reviewer also missed it, so she e-filed it. Less than 30 minutes later we noticed the mistake, but the fed came back Accepted. Darn drat damn. We made an amendment. How much did we delay our client's federal refund? Get your crystal ball out and look it up!! Quote Link to comment Share on other sites More sharing options...
Pacun Posted January 29, 2015 Report Share Posted January 29, 2015 We made a mistake today on it. One of our new preparers didn't click some checkbox and line 61 didn't populate. Our reviewer also missed it, so she e-filed it. Less than 30 minutes later we noticed the mistake, but the fed came back Accepted. Darn drat damn. We made an amendment. How much did we delay our client's federal refund? If line 61 was checked, then don't worry and amend later if needed. Let the process go flawless and when the client receives the refund, then talk about amending. This makes me think about this: What's better, to find your own practice's mistake and be worried about them, or never know about your mistakes or potential mistakes and drink your margaritas or wine happily? 2 Quote Link to comment Share on other sites More sharing options...
Christian Posted February 2, 2015 Report Share Posted February 2, 2015 I also am wondering about line 61. I have a family in which three members have exchange issued exemptions but the fourth family member is fully covered under the Chip program. On Form 8965 I find no way to indicate she is covered. If I check line 61 I am wondering if the Service will understand the coverage is only for the dependent or should I attach a note of explanation? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 2, 2015 Report Share Posted February 2, 2015 Christian, you should leave line 61 blank because not all members of the household had coverage. On form 8965, show only those that had an exemption. You do not need to show the one child that had CHIP coverage. From the instructions for 8965, it says - If you are unable to check the box on your Form 1040 series return indicating that every member of your tax household had minimum essential coverage in every month of 2014 (and therefore you are filing Form 8965 to report or claim a coverage exemption or are making a shared responsibility payment), you do not need to take any action to indicate that some members of your tax household had minimum essential coverage for some or all months in 2014. 1 Quote Link to comment Share on other sites More sharing options...
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