Shopping Cart
Your Cart is Empty
Quantity:
Subtotal
Taxes
Shipping
Total
There was an error with PayPalClick here to try again
CelebrateThank you for your business!You should be receiving an order confirmation from Paypal shortly.Exit Shopping Cart

Pulpit & Pew Finances

Consulting faith ministry of Cornerstone Baptist Church

My Blog

Blog

ACA on 2014 tax returns

Posted on December 8, 2014 at 1:45 PM
Researching the proposed 2014 tax form 1040 [still in draft form at this date], I find that the reporting for the Affordable Care Act aka Obamacare on your tax filing will likely involve answering questions on line 46 and line 61, and any related forms that are used for these lines.  Whether you file your own taxes, or have a preparer do it, most people will have to address matters related to these lines.

Whether this all comes together well is yet unknown.  And if you have employer-provided coverage, there will likely be little to no effect on this year's taxes since the employer mandate has not kicked into effect yet.  The effect on Pastor's returns is not yet clear, but could involve issues like did you have excess government subsidies, are you covered at least to Bronze level of the law, or do you have to pay the penalty of 1% of MAGI or $95 per family member, whichever is higher.

As I become aware of more certain information, I will post more data that you can use, or that you can ask your preparer when getting taxes done.

Categories: General

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

0 Comments

0