April 15 – TAX DAY – were you dreading it? Are you still waiting on a 1095-A? This is one of those days that many people attempt to get ahead of so they won’t have to wait in lines at the post office. Of course you have until midnight to get your taxes in snail mail or even filed over the internet.
What you may not have known IF you are the person that is waiting on a 1095-A is that you can file for an extension TODAY!! Then you will have until October 2015 to file your 2014 tax return. You wouldn’t be penalized. We are sure there will be quite a few people who fall into this category. Protect yourself if you haven’t gotten your 1095-A and file that extension.
What to watch for as you prepare to file:
1) How much your 1095-A says you paid for health insurance
2) Make sure it has the right plans on it. We saw a story where someone had received their 1095-A and it had listed health and dental insurance. The downside was they only had health insurance. They ended up having to request a new 1095-A.
3) Will you owe part of the subsidy back?
4) How does this affect your current health insurance plan?
The taxes and Obamacare has really changed how people file taxes. This is because before health insurance had nothing to do with the government. They were not involved. Are you reading this and saying they shouldn’t be involved now? Hmmm, you are probably not alone. Incidentally, the IRS is involved. You may be get less of a return or even having to pay more back than you originally thought you would have to.
In hindsight, if you knew your taxes were going to be affected like this, would you have voted for Obamacare? We are just curious as to what people think about it, two years later.