Monday, May 13, 2013

Coming Next January: New Tax Form to Comply With Obamacare Mandate!

PJ Tatler ^ | May 12, 2013 | Rick Moran


I’ve been wondering how the IRS was going to determine whether taxpayers were complying with the individual mandate contained in Obamacare.
I needn’t have wondered. The IRS is a bureaucracy and what do bureaucracies adore almost as much as taxpayer-financed trips to Vegas for conferences?
Forms, of course.
When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form.
The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate.
As confirmed by IRS testimony to the tax-writing House Committee on Ways and Means, “taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment”.
So why will the Obama IRS require your personal identifying health information?
Simply put, there is no way for the IRS to enforce Obamacare’s individual mandate without such an invasive reporting scheme. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacare’s “exchanges.”
This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s.....
(Excerpt) Read more at pjmedia.com ...

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