Get the free form 8965 2016

Caution: DRIFTNET FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information as a courtesy. Do not file draft forms.

Video instructions and help with filling out and completing form 8965 2016

Instructions and Help about form 8965 2016

Hello and thank you for joining us for another tax software training video in this video were going to be discussing the form 89 65 the reconciliation of shared responsibility payment so were going to be putting these out a little more frequently and in response to common questions that were getting and this one got us today, and we hadn't really looked too far into it but once we did, we realized man it can be confusing so what is the eighty-nine sixty-five were going to add that here it is basically reconciling your health care coverage if you didn't have health care coverage lets say you the parents didn't have coverage dependents did, and you don't want to pay for the kids because you know they had medical, or they were part of some organization where they were covered, but one of the parents wasn't, so they're going to get dinged, but we don't need to get dinged for the kids, so we add the form eighty-nine sixty-five you can see my shared responsibility payment right here almost five hundred bucks that stinks, but we can also figure out our coverage exemption so if you had a scenario where one parent was covered one parent was earned wasn't you would go in, and you would say for the parent that wasn't covered see if they had an exemption that may apply so, or we want to exempt them from it because they have one of these one of these circumstances they were citizen living abroad and certain non-citizens so its resident of a state that did not expand Medicaid a lot of scenarios where this could potentially come into effect but let's specifically talk about the dependents, so we want to get rid of those dependent issues I'm going to go into a shared responsibility payment and go into the edit shared responsibility payment of individuals and were talking specifically again about these dependents click in here tells me their birthdate and I all I'm going to do is seen what months did they not have coverage you would check the boxes that they don't have coverage so select the months when the individual had no coverage and no exemption yeah well we did have it, so we click OK and exit and this guy months of the dependent had oh he didn't have coverage all year well that's wrong so were going to uncheck all those click exit and if we back up a couple of a couple clicks you can see that our shared responsibility payment has now been reduced if we go in, and we plot apply an exemption to the primary lets say this is their scenario and were claiming that exemption again everything's prorated with the Affordable Care Act so how many months do they have it we had it all year exit, and now you can see that our shared responsibility payment is zero so the scenarios or as many as you know stars in the sky it can be very fluid and there could be a lot of changes and a lot of dynamics going on within the tax return but just thought that you should see you know how to go about how to navigate it how to find it and hopefully make it work for your client all...

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What is form 8965?

Form 8965 is used to report exemptions from the requirement to have health coverage.

Who is required to file form 8965?

Individuals who are claiming a coverage exemption or are exempt from the individual shared responsibility provision.

How to fill out form 8965?

Form 8965 should be filled out by providing the necessary information regarding the exemption claimed and any supporting documentation.

What is the purpose of form 8965?

The purpose of form 8965 is to report exemptions from the individual shared responsibility provision.

What information must be reported on form 8965?

Information on the exemption claimed, supporting documentation, and any additional information required to claim the exemption.