Carol McAtee & Associates, CPAS
AS we are well into the 2015 Tax Season, we want to share more timely information with our followers. This information is also in our website’s monthly newsletter.
Missing Your Form W-2?
You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers were required to furnish this record of 2014 earnings and withheld taxes no later than February 2, 2015 (if mailed, allow a few days for delivery).
If you have not received your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2.
If you still do not receive your W-2 by February 15th, contact the IRS for assistance at 1-800-829-1040. When you call, have the following information handy:
- the employer’s name and complete address, including zip code, and the employer’s telephone number;
- the employer’s identification number (if known);
- your name and address, including zip code, Social Security number, and telephone number; and
- an estimate of the wages you earned, the federal income tax withheld, and the dates you began and ended employment.
If you misplaced your W-2, contact your employer. Your employer can replace the lost form with a “reissued statement.” Be aware that your employer is allowed to charge you a fee for providing you with a new W-2.
You still must file your tax return on time even if you do not receive your Form W-2. If you cannot get a W-2 by the tax filing deadline, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement, but it will delay any refund due while the information is verified.
If you receive a corrected W-2 after your return is filed and the information it contains does not match the income or withheld tax that you reported on your return, you must file an amended return on Form 1040X, Amended U.S. Individual Income Tax Return.
Health Care Law: Changes to IRS Tax Forms
This year, there are some changes to tax forms related to the Affordable Care Act. Along with several new lines on existing forms, there are also two new forms that need to be included with some tax returns.
While most taxpayers simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are new lines on Forms 1040, 1040A, and 1040EZ related to the health care law. Information about the new forms and updates to existing forms is summarized below.
Form 8965, Health Coverage Exemptions
- Complete this form to report a Marketplace-granted coverage exemption or claim an IRS-granted coverage exemption on the return.
- Use the worksheet in the Form 8965 Instructions to calculate the shared responsibility payment.
Form 8962, Premium Tax Credit
- Complete this form to reconcile advance payments of the premium tax credit, and to claim this credit on the tax return.
Additionally, if individuals purchased coverage through the Health Insurance Marketplace, they should receive Form 1095-A, Health Insurance Marketplace Statement, which will help complete Form 8962.
Form 1040
- Line 46: Enter advance payments of the premium tax credit that must be repaid.
- Line 61: Report health coverage and enter individual shared responsibility
payment. - Line 69: If eligible, claim net premium tax credit, which is the excess of allowed
premium tax credit over advance credit payments.
Form 1040A
- Line 29: Enter advance payments of the premium tax credit that must be repaid.
- Line 38: Report health coverage and enter individual shared responsibility payment.
- Line 45: If eligible, claim net premium tax credit, which is the excess of allowed premium tax credit over advance credit payments.
Form 1040EZ
- Line 11: Report health coverage and enter individual shared responsibility payment.
- Form 1040EZ cannot be used to report advance payments or to claim the premium tax credit.
If you have any questions about this weeks topics or other tax related questions, please do not hesitate to contact us at 727-327-1999.
ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.
