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PENALTY FOR HEALTHCARE

The new leg­is­la­tion elim­i­nates the Afford­able Care Act’s indi­vid­ual man­date or what it’s bet­ter known as Oba­macare. It’s not for this tax sea­son so if you went with­out health insur­ance sor­ry to break it to you, but you are going to be penal­ized unless you qual­i­fy for an exemp­tion of some type. The no penal­iza­tion will occur for the year 2019.

The penal­ty for going uncov­ered for 2018 will be $695 per adult or 2.5% of house­hold income in excess of tax fil­ing thresh­olds, whichev­er is high­er. The dead­line for open enroll­ment was Dec 15th. There was  plen­ty of bar­gains out there: Kaiser Fam­i­ly Foun­da­tion esti­mates that more than half of sub­sidy-eli­gi­ble, unin­sured indi­vid­u­als could buy a bronze-lev­el plan for no pre­mi­um contribution—that is, a $0 pre­mi­um. Doesn’t hurt to call around and see what is avail­able for you.

Because of the tax penal­ty is going to van­ish I would still sug­gest to have health insur­ance in case of any trag­ic acci­dent you are cov­ered.

DIDN’T RECEIVE W2 ? WHAT YOU SHOULD DO

If you didn’t receive your w2, Super sor­ry for the pain in your .…rhyme with .….crash!
     Your either super pissed, or total­ly frus­trat­ed. I don’t there is to much of a in between when it comes to either hav­ing mon­ey or the pos­si­bil­i­ty of owing tones of mon­ey.

           I COME WITH GOOD NEWS, GUESS WHAT ITS NOT THE END OF                                                       THE WORLD!

     I’m sure you fig­ured that much, but did you know you can still file tax returns? In case your employ­er has gone out of busi­ness, before send­ing you the W2 form.cropped-attachment_170927014301-2.jpeg
      The first thing that you need to do is to con­tact the pre­vi­ous employ­er and try to make an hon­est attempt in order to get the tax return. Send state­ments from him/her. Yes, this may be extra but send him/her a cer­ti­fied let­ter, which will serve as a proof that you made some seri­ous attempts.
      Gath­er your very last pay­check, as now it is the most recent doc­u­ment that con­tains annu­al pay and tax with­hold­ing infor­ma­tion. If you don’t have that, or can’t log into the old web­site for this info, you might as well put your head­phones or loud-speak­er on and get on the irs phone line and pray you aren’t on hold until who knows when.
Anoth­er thing I would advise is to gath­er some iden­ti­fi­ca­tion infor­ma­tion like Fed­er­al ID num­ber of the employ­er, name, last known address, and his Social Secu­ri­ty Num­ber, if pos­si­ble. Now, con­tact the Inter­nal Rev­enue Ser­vice for help, which is the best place from where you can expect the max­i­mum help to file tax returns. You can check out some num­bers to call here.
    You can then get a copy of the Form 4852 of IRS which is titled as Sub­sti­tute for Form W2, Wage, and Tax State­ment, or Form 1009R, Dis­tri­b­u­tions From Pen­sions, Annu­ities, Retire­ment or Prof­it-Shar­ing Plans, IRA’s, Insur­ance Con­tracts, etc. Until the time the gov­ern­ment tracks the miss­ing W2 form, you can just  use this sub­sti­tute form. In case you do or don’t get the miss­ing W2 form, it is impor­tant to fill in the amend­ed Form 1040X, which is titled as — Amend­ed U.S. Indi­vid­ual Income Tax Return. It is impor­tant to sub­mit each tax return doc­u­ment on time, even if you want to file a tax return with­out the W2; because a miss­ing W2 form is not grant­ed as an excuse by the Inter­nal Rev­enue Service.The IRS is super fast when it comes to penal­ty, fees, and inter­est, and I mean fast noth­ing like wait­ing on hold to talk to the total oppo­site.
         In case you are super flus­tered and you have many com­pli­cat­ed tax sit­u­a­tions going on or too much going on, in gen­er­al, to be try­ing to do this alone, then it is bet­ter to con­sult with a tax pro­fes­sion­al who can advise you. prob­a­bly is the best per­son to decide whether you need the W2 form to file tax returns, in the first place. You can also send an email here and get the help advise you need.