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This 2018 tax filing season is going to be your most difficult one ever because of PPACA. There are new forms, new line items on your Form 1040s and much more compliance. Your clients will be looking to you, not the IRS for guidance.

This course covers what is Minimum Essential Coverage (MEC) and how to report it. We drill down on a number of the Coverage Exemptions, and when necessary show how they are calculated and where they are to be reported on new Form 8965. If the taxpayer does not qualify for the MEC, we show you how to calculate the new Shared Responsibility Payments (penalties) as we walk through illustrations and show the computation on the actual worksheets that come with the new Form 8965.

For those taxpayers who do qualify, we show the computation of the new Premium Tax Credit on Form 8962, along with how to reconcile any Advance Payments of the Premium Tax Credits. In addition, if Shared Policy Allocations are necessary, we address that topic as well in this course.

Your instructor is Arthur Reed, MBA, CPA, MST. This course is for exempt/credentialed Tax Preparers Only.

Learning Objectives

  • Understand the Changes to Current Tax Forms and Review IRS Forms 1040, 1040A and 1040EZ
  • Define "What is Coverage?"
  • Understand Health Coverage Exemptions and Exemption Certificate Numbers and Review IRS Form 8965
  • "Defining Gross Income, Modified Adjusted Gross Income and Household Income to Determine Filing Thresholds"
  • Understand and Apply Coverage Exemptions and Review IRS Form 8965.
  • Know the tax treatment and definition of Shared Responsibility Payments and the Shared Responsibility Payment Worksheet
  • Understand the Premium Tax Credit and IRS Publication 5120 and IRS Tax Form 8962.
  • Assess the tax treatment of the Advance Payment of The Premium Tax Credit with IRS Form 8962 and IRS Form 1095A.
  • Learn the Filing Requirements and Collection Issues associated with PPACA.
Last updated/reviewed: November 15, 2019

Prerequisites

Course Complexity: Advanced

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  5:25Introduction to PPACA Shared Responsibility Payments and Premium Tax Credits
  11:55Lesson 2 Changes to Current Tax Forms - Review IRS Forms 1040, 1040A and 1040EZ
  8:53Lesson 3 What is Coverage
  9:40Lesson 4 Health Coverage Exemptions and Exemption Certificate Numbers - Review IRS Form 8965
  6:23Lesson 5 Defining Gross Income, Modified Adjusted Gross Income and Household Income to Determine Filing Thresholds
  13:27Lesson 6 Coverage Exemptions - Review IRS Form 8965
  6:55Lesson 7 Shared Responsibility Payments
  17:25Lesson 8 Shared Responsibility Payment Worksheet
  4:39Lesson 9 Premium Tax Credit - Review IRS Publication 5120
  15:05Lesson 10 Premium Tax Credit - Review IRS Form 8962
  12:31Lesson 11 Advance Payment of The Premium Tax Credit - Review IRS Form 8962
  12:04Lesson 12 Advance Payment of The Premium Tax Credit - Review IRS Form 1095A
  3:22Lesson 13 Filing Requirement Recap and Collection Issues
CONTINUOUS PLAY
SUPPORTING MATERIALS
  PDFPPACA Shared Responsibility Payments and Premium Tax Credits Glossary/Index
  ZIPSupporting Documents
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM