Want create site? Find Free WordPress Themes and plugins.

Before 2019, individuals were required to enroll in qualifying health insurance or they would receive a tax penalty. This was called “minimum essential coverage”. You may remember receiving a 1095 form showing all the months that you had coverage. If you didn’t have insurance or you had an insurance gap, you also might have received a fairly substantial penalty.

Starting with the 2019 tax return that is due 4/15/2020, there is no longer a penalty for not having health insurance under the new Tax Cuts and Jobs Act. You might think this means that you don’t have to provide form 1095 for your taxes, but that’s incorrect. One big reason is the “Health Care Premium Tax Credit”.

If you bought health insurance through the marketplace in 2019 and had low income, you could take a tax credit in advance to lower your premiums, or you could wait until the end of the year to take a credit on your tax return. Either way, you need to provide your 1095 to your tax preparer; He or she can determine if you are eligible for any refunds from the credit or if you took too much of the credit and actually need to pay some of it back to the IRS!

Tax laws change year to year, but Clergy Financial works to keep Clergy compliant with the most recent tax laws. If you have questions about 2019 taxes, visit https://www.clergytaxnet.com/resources/proadvisor/ to schedule a Pro Advisor meeting today!

Did you find apk for android? You can find new Free Android Games and apps.
<  Back

Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.

This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.

For more information or if you need additional assistance, please use the contact information below.

Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369

Tel: (763) 425-8778 
Fax: (888) 876-5101
Email: clientservices@clergyfinancial.com

REQUEST INFORMATION

Complete the request form and a clergy tax, payroll or HR advisor will contact you

Click Here