Tax Time and AFA enrollment reminder.
We’re now into February. This is the month we always encourage everyone to figure their taxes. You should be getting all your paperwork soon, if you haven’t already. Getting an early start means either an earlier refund or more time to budget if you owe money. If you owe, you don’t have to actually pay or file until April, but that extra planning and double check time can be very valuable.
Particularly with the new AFA changes this year, you will want extra time to make sure you’ve filled out the right forms.
Here’s a chart from the IRS to help explain which AFA forms apply to you.
(Most of them won’t.) http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Health-Care-Law-and-Your-Tax-Return
If you normally fill out the 1040EZ, it may be worth your while to fill out the full 1040 along with form 8962 this year, so you can claim the Premium Tax Credit. I used a company to Free File this year, which I'm particularly glad of after trying to read through the 8962 by myself.
You should go through the appropriate forms even if you didn’t make enough this year to be required to file. You may find you’re still eligible for a refund, and even a small one is better than nothing.
Reminder:Open enrollment through the Healthcare.gov market place has a February 15th deadline this year.
(If you don't have insurance, best to apply. If you have insurance, you don't need to worry about this deadline.)