jshtax Posted February 21, 2015 Report Share Posted February 21, 2015 Out of 1000+ clients I might have 10-20 that will receive a 1095 and about as many that will be subject to the penalty for not having insurance. How/where do I calculate the penalty? Also if they are subject to penalty but could have been exempt how do you go about claiming the exemption? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 21, 2015 Report Share Posted February 21, 2015 Form 8965 for calculating the penalty or reporting an exemption. You might start there by familiarizing yourself with that form and its instructions. Some exemptions can be claimed on the return without any additional paperwork, others require that the person apply for and receive the exemption from the marketplace and will be given an exemption # that is shown on the return. Form 8962 is used for reconciling the amount premium tax credit the person or family is actually eligible for against any advance credit (subsidy) they used during the year to offset their premium payments. You might want to take a look at Pub 5157 that is the VITA guide on the ACA used to train those preparers. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 21, 2015 Report Share Posted February 21, 2015 How much are you charging for these calculations/forms for paying back advanced premium credit and computing penalties for uncovered months or family members and explaining to them why they're not getting their usual refund and...? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 21, 2015 Report Share Posted February 21, 2015 How much are you charging for these calculations/forms for paying back advanced premium credit and computing penalties for uncovered months or family members and explaining to them why they're not getting their usual refund and...? Not sure who you were asking or if you were even being serious. If you want to discuss pricing for these forms, you really should start a separate topic instead of including the ensuing discussion in a topic entitled "Calculate Penalty?" Quote Link to comment Share on other sites More sharing options...
jshtax Posted February 21, 2015 Author Report Share Posted February 21, 2015 Form 8965 for calculating the penalty or reporting an exemption. You might start there by familiarizing yourself with that form and its instructions. Some exemptions can be claimed on the return without any additional paperwork, others require that the person apply for and receive the exemption from the marketplace and will be given an exemption # that is shown on the return. Form 8962 is used for reconciling the amount premium tax credit the person or family is actually eligible for against any advance credit (subsidy) they used during the year to offset their premium payments. You might want to take a look at Pub 5157 that is the VITA guide on the ACA used to train those preparers. Thanks! Quote Link to comment Share on other sites More sharing options...
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