Neighbor News
The CPA Enrichment Act of 2010
Dave helps out by creating Shedule I (Insurance) a form you will see when you file your 2014 taxes.
The Patient Protection and Affordable Care Act (PPACA) requires most Americans to have health insurance. This is the Individual Mandate. Failing to purchase coverage without a good excuse will cost you a fine, the Shared Responsibility Payment. How will the federal government assess that fee? Your annual income tax return!
The PPACA also provides tax credit subsidies to help Americans earning less than 400% of the Federal Poverty Level pay their premiums if the policy is purchased through a state or federal insurance exchange. The final calculations are supposed to be recorded on your tax return.
Our friends in Washington are trying to create the form to record your compliance with the new law. As a patriotic American, I thought that I might be able to help. Below is a Schedule I (Insurance) Form.