The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

How to report healthcare coverage in 2017—tips for individuals

The Affordable Care Act has been a hot topic in Washington this year. We’ve followed months of debates and negotiations over whether to repeal and replace it. We’ve seen heated protests and town hall meetings across the country both for and against the ACA. Despite all of this activity, as the year draws to a close, the ACA is still the law.

The ACA, which requires most Americans to buy health insurance, means that come tax season, ACA reporting is still required.

New rules for individuals filing tax returns

In contrast to last year, the IRS is no longer accepting “silent returns”. A silent return is a tax return in which an individual:

  • Leaves the checkbox for Full-Year Coverage blank and
  • Fails to include
    • Form 8962 (to figure and reconcile a premium tax credit) or
    • Form 8965 (to claim a coverage exemption)

In other words, in order for the IRS to accept your 2017 tax return, you must do one of the following:

  • Indicate that you had qualifying healthcare coverage in 2017 (known as “minimum essential coverage”)
  • Pay a penalty for not being insured (Note: you do not have to pay this penalty if you were uninsured for only two months or less)
  • Show that you qualified for an exemption from healthcare coverage.

There are a variety of circumstances that could qualify you for an exemption from health insurance. For example, if you experienced certain hardships (such as bankruptcy, disaster or incarceration) or if you are a member of a certain group (such as a Federally-recognized Indian tribe or a health care sharing ministry), you could qualify for an exemption.

Understanding the tax regulations surrounding the ACA will help you avoid mistakes on your return.

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
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