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Video instructions and help with filling out and completing Will Form 2220 Penalized

Instructions and Help about Will Form 2220 Penalized

Today we will be talking about the individual mandate federal tax reform legislation was signed into law on December 22nd 2022 and contains a provision that eliminates the individual mandate penalties starting in year 2022 some we have questions about how the elimination of the individual mandate penalty may impact their health coverage and I will try to address these questions in this video and help you understand how to how the elimination of the individual mandate penalty may affect you so let's start with the basics what does this mean well the only coverage related change made by the new law is that the individual mandate tax penalty will no longer be in effect beginning in 2022 the health insurance coverage including financial assistance subsidies tax premiums will not change in year 2022 the individual mandate penalty remains in effect for 2022 coverage which means you will need to be to buy insurance if you want to avoid paying a penalty in year 2022 well what does the elimination of the individual mandate tax penalty mean for consumers overall for 2022 individuals who can afford health insurance but choose not to enroll for coverage will be required to pay a penalty what is the penalty for year 2022 the annual penalty remains pretty much the same as in 2022 and is the greater of 695 dollars for each adult and three hundred and forty seven dollars and fifty cents for each child up to two thousand and eighty five dollars per family per year or the mm mm I'm sorry or 2.5 percent of the tax filers annual household income minus the federal tax filing threshold for 2022 the same amounts apply for individuals who do not buy insurance because it would be unaffordable for them in mm 18 they may not be required to pay a penalty if they file for an exemption from the penalty please watch our video about the tax penalty and exemptions here is a table outlining the timeline for when the individual mandate penalty applies also when you file taxes you will need the form 1095-a this is your health insurance marketplace statement you will receive it in the mail at the beginning of the year you can also contact your agent and they can help retrieve in the forum for you in case you didn't receive it via regular mail we always welcome likes shares and comments please feel free to comment under the video if you still have questions or something is unclear if you have a specific question please feel free to get in touch with me I am a California insurance agent and will be glad to help you with specifics if you reside in California as always thank you for watching and please subscribe to our Channel let's talk mining for more videos Music.

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