TROUT INSURANCE SERVICES
  • Insurance
    • Home & Auto Insurance
    • Medicare
    • Income Protection >
      • Disability Insurance
      • Long-Term Care
      • Critical Illness
      • Annuities
    • AARP - Hartford
    • Life Insurance
    • Health Insurance
    • Dental and Vision
    • Employee Benefits
    • Business Owners >
      • Group Health Insurance
      • Commercial Property & Liability
      • Business Overhead Expense Disability
      • Disability for Business Owners
      • Critical Illness
    • Short Term Health
  • Trout Team
    • Our Story
    • Dave Trout
    • Jessica Cody >
      • Home & Auto Insurance
    • Jeremy Sheridan
    • Robert Pugh
    • David Hanson
    • Jennifer Trout
    • Idelle Davids
    • Jan Trout
    • Steve Dillingham
  • Resources
    • Employee Success
    • Fixing the ACA "Family Glitch"
    • Aetna/CVS Health NC
    • Client Center
    • Reviews
    • Blog
    • Articles >
      • Health Insurance 2022
      • Friday Health
      • Comparing 2022 Plans
      • Insurance Partners
      • Best Value Insurance Plans
      • ARP Facts CMS
      • ARP Unemployment
      • ARP 2020 Excess Premium Subsidy
      • No Income Cap
      • Unemployment Glitch
      • Asheville Homesharing
      • 2019 Verification-a
      • BCBS Online Setup
      • APTC Income 2023 & Tax Form 1040
      • Lost Subsidy
      • Privacy Policy
  • Community
    • Alignment's 5-Star Switch
    • Employer Networking w/ Just Economics
    • FALLing with Families
    • Medicare New Era Event October 13th
    • Blue Ridge Pride Festival
    • Health & Wellness Fair
    • Goombay & YMI
    • Alignment Health Plans
    • YMI Winter Coat Drive
    • Medicare Seminar
    • Art in Autumn + MANNA
    • Music on Main
    • Western Women's Business Center Conference
    • Mural on Main Street
    • Expanded Team- Next Generation
    • Back to School
    • Weaverology
    • Mother Earth Food
  • Contact Us

Customers Who Didn't File 2014 Tax Returns May Lose Their APTC in 2016

8/12/2015

0 Comments

 
IRS is Sending Letters to Marketplace Customers

Consumers who received an advance premium tax credit (APTC) or cost-sharing reductions in 2014 must file their taxes in order to remain eligible for APTC in 2016. The IRS recently began sending the attached notice to consumers, to remind them of the requirement to file a federal tax return with Form 8962, Premium Tax Credit, to reconcile APTC.

Key Points:

·        Those who do not reconcile APTC will be automatically renewed without APTC in 2016 if they take no further action. 

·        The notice provides consumers the following information:

o   Instructions for filing a 2014 tax return with Form 8962 using information on 

     Form 1095-A provided by the Marketplace.

o   How to obtain a new Form 1095-A if needed.

o   The consequences of not reconciling APTC, including loss of eligibility for APTC or income-based cost-sharing reductions for coverage through the Marketplace in 2016.

o   A suggested timeline for electronically filing a 2014 tax return within 30 days from receipt of this IRS notice to increase the consumer’s chances of avoiding a gap in APTC.
 

·        The IRS notice to taxpayers does not clarify that a consumer may have filed taxes but did not file the correct form to reconcile ATPC.

 
Nationwide Data on Tax Filings
State-level information isn’t available at this time, but nationally:

·        57% of taxpayers have not successfully reconciled their 2014 APTC as of May 31.1

o   17% of taxpayers filed their taxes but failed to file the proper form 8962, as of May 31. 

o   40% of taxpayers with 2014 APTC have not filed a tax return, as of May 31. 

More Information
The IRS includes questions and answers related to failure to file and reconcile on its APTC Q&A webpage.

1 Letter to U.S. Congress from IRS Commissioner John Koskinen. http://www.irs.gov/pub/irs-utl/CommissionerLetterlwithcharts.pdf
: Accessed July 24, 2015.
0 Comments
    Picture
    CONTACT ME

    Dave Trout
    828.658.1472

    Trout Insurance

    Archives

    April 2016
    March 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    March 2014
    January 2014
    October 2013
    January 2010
    August 2009
    July 2009

    Categories

    All

    RSS Feed

Trout Insurance Services

Monday-Friday
9:00am-5:00pm & by Appointment


​Visit: 29 N Main St
Weaverville, NC 28787
     
Mail: PO Box 1414     
Weaverville, NC 28787  
Ph: 828.279.4681
​
Fax: 1.888.221.4842
​

contact@troutinsurance.com
Trout Insurance is an Independent Insurance Agency Based in WNC. 
Privacy Notice Statement  | Privacy Policy
“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or call 1.800.Medicare to get information on all of your options.”
Trout Insurance is an independent authorized agency licensed to sell and promote products from Blue Cross and Blue Shield of North Carolina (Blue Cross NC). The content contained in this site is maintained by Trout Insurance. Blue Cross and Blue Shield of North Carolina is an independent licensee of the Blue Cross and Blue Shield Association. ®, SM Registered marks of the Blue Cross and Blue Shield Association.”
Picture
  • Insurance
    • Home & Auto Insurance
    • Medicare
    • Income Protection >
      • Disability Insurance
      • Long-Term Care
      • Critical Illness
      • Annuities
    • AARP - Hartford
    • Life Insurance
    • Health Insurance
    • Dental and Vision
    • Employee Benefits
    • Business Owners >
      • Group Health Insurance
      • Commercial Property & Liability
      • Business Overhead Expense Disability
      • Disability for Business Owners
      • Critical Illness
    • Short Term Health
  • Trout Team
    • Our Story
    • Dave Trout
    • Jessica Cody >
      • Home & Auto Insurance
    • Jeremy Sheridan
    • Robert Pugh
    • David Hanson
    • Jennifer Trout
    • Idelle Davids
    • Jan Trout
    • Steve Dillingham
  • Resources
    • Employee Success
    • Fixing the ACA "Family Glitch"
    • Aetna/CVS Health NC
    • Client Center
    • Reviews
    • Blog
    • Articles >
      • Health Insurance 2022
      • Friday Health
      • Comparing 2022 Plans
      • Insurance Partners
      • Best Value Insurance Plans
      • ARP Facts CMS
      • ARP Unemployment
      • ARP 2020 Excess Premium Subsidy
      • No Income Cap
      • Unemployment Glitch
      • Asheville Homesharing
      • 2019 Verification-a
      • BCBS Online Setup
      • APTC Income 2023 & Tax Form 1040
      • Lost Subsidy
      • Privacy Policy
  • Community
    • Alignment's 5-Star Switch
    • Employer Networking w/ Just Economics
    • FALLing with Families
    • Medicare New Era Event October 13th
    • Blue Ridge Pride Festival
    • Health & Wellness Fair
    • Goombay & YMI
    • Alignment Health Plans
    • YMI Winter Coat Drive
    • Medicare Seminar
    • Art in Autumn + MANNA
    • Music on Main
    • Western Women's Business Center Conference
    • Mural on Main Street
    • Expanded Team- Next Generation
    • Back to School
    • Weaverology
    • Mother Earth Food
  • Contact Us