Predictions For “The Worst Tax Season In 30 Years”
Think you are not affected by the Affordable Care Act?
- Every 1040 taxpayer will have to make 1 of 3 choices on their return.
- 41 million people are uninsured.
- 7.1 million people are on the healthcare exchange.
- New lines appear on Form 1040.
- New Form 1095-A.
- New Form 8962 for the Premium Tax Credit and Advanced PTC reconciliation. (15 pages of instructions).
- New Form 8965 for the Shared Responsibility Payment. (12 pages of instructions).
- Form 8960 for the Net Investment Income Tax. (20 pages of instructions).
- Plus, any incorrect reporting can delay your refund.
The National Taxpayer Advocate predicts it will be “the worst tax season in 30 years.”