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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10142
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I did taxes for my son at H&R block online for 2015. I was

Customer Question

I did taxes for my son at H&R block online for 2015. I was ill and lived with him that year. while doing taxes I followed the directions and it was that he didn't have to pay the "Lack of Insurance fee." He was notified by the IRS that he should have paid the fee. I gave him all copies of my work including W-2s, which he cannot find. He wants me to fix this but I have no idea where to start with no info at all. Can you please direct me how to proceed?
Thank you,
Jeanette Jasek
Submitted: 1 month ago.
Category: Tax
Expert:  Lane replied 1 month ago.

Hi Jeanette. My name's Lane. Looks like no one else s picking this up. I can help

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I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

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CAn you tell me Where your son obtained coverage?

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The answer changes depending on whether he received the coverage through work, bought through the government marketplace (Obamacare), of purchased in the general market from an agent or broker.

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let me know, and we can go from there

Expert:  Lane replied 1 month ago.

OK I still don't see you coiming into the chat here ... While I'm waiting, let me give you some general information form IRS on this:

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Reporting Health Coverage on IRS Tax Forms

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While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2015, there are a few forms and specific lines on Forms 1040, 1040A, and 1040EZ that relate to the health care law.

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To help navigate health coverage reporting, you should consider filing your return electronically.Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides you through the process and does all the math. There are a variety of electronic filing options, including free volunteer assistance, IRS Free File for taxpayers who qualify, commercial software, and professional assistance.

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Here is information about reporting health coverage:
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Form 8965, Health Coverage Exemptions

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  • Complete this form if you need to claim a coverage exemption on your return or report a Marketplace-granted coverage exemption.
  • Use the worksheet in the Form 8965 Instructions if you need to calculate the shared responsibility payment.

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Form 8962, Premium Tax Credit

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  • Complete this form to claim this credit on your tax return, and to reconcile advance payments of the premium tax credit.

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Form 1095, Health Care information Forms

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  • If you enrolled in coverage through the Health Insurance Marketplace, you should receive Form 1095-A, Health Insurance Marketplace Statement, which will help complete Form 8962. Wait to file until you receive this form.
  • Your health coverage provider or your employer may furnish you with a Form 1095-B, Health Coverage, or Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. You do not have to wait to receive these forms before your file your tax return.
  • See our questions and answers for more information about how these forms affect your tax return.

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Form 1040

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  • Line 46: Enter advance payments of the premium tax credit that must be repaid
  • Line 61: Report health coverage or enter individual shared responsibility payment
  • Line 69: Report net premium tax credit if the allowed premium tax credit is more than advance credit payments paid on your behalf

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Form 1040-A

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  • Line 29: Enter advance payments of the premium tax credit that must be repaid
  • Line 38: Report health coverage or enter individual shared responsibility payment
  • Line 45: Report net premium tax credit if the allowed premium tax credit is more than advance credit payments paid on your behalf

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Form 1040-EZ

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  • Line 11: Report health coverage or enter individual shared responsibility payment
  • Form 1040EZ cannot be used to report advance payments or to claim the premium tax credit
Expert:  Lane replied 1 month ago.

I’m just checking back in to see how things are going.

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Did my answer help?

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

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But again, let me know if you need more on this.

Lane