ATLANTA, GA (WDAM) - This is a news release from the Internal Revenue Service
The new measures attack tax-related identity theft from multiple sides. Many changes will be invisible to taxpayers but help the IRS, states and the tax industry provide new protections. There will be new security requirements when you're preparing your taxes online, especially when you sign in to your tax software account, to better protect your tax software account and personal information.
Despite these security improvements to fight identity theft issues, the IRS will still process nine out of 10 federal refunds within 21 days. States have their own refund processing time frames that may vary, and some states may make additional reviews to ensure refunds are being issued properly.
- style="background:white;">Check the box: Like last year, the vast majority of taxpayers will simply check a box on their tax returns to indicate that each member of their family had qualifying health coverage for the whole year. No further action is required to report coverage.
- Claim a Coverage Exemption if you qualify: If you or anyone on your return did not have coverage for the entire year, you should determine if you qualify for one of the many coverage exemptions that are available. You can use our online interactive tool to help determine if you qualify.
- File to reconcile Advance Payments of the Premium Tax Credit: If you enrolled in coverage through the Health Insurance Marketplace during 2015, you most likely received the benefit of advance payments of the premium tax credit. You must file a tax return and submit Form 8962 to reconcile these payments with the actual premium tax credit to which you are entitled. You will need Form 1095-A from the Marketplace to complete Form 8962. Failure to reconcile your advance payments of the premium tax credit on Form 8962 may make you ineligible to receive future advance payments.
- Don't wait for 1095-B/C: Many taxpayers will receive a Form 1095-B or 1095-C with information about their health care coverage. You may have heard that the IRS has extended the time for health coverage providers and employers to furnish these forms. You should be aware that you don't have to wait for these forms in order to file your tax return and you don’t have to send these forms to the IRS. You can rely on other information to determine your health coverage. The IRS has additional information about these forms in questions and answers on IRS.gov/aca.
- Wait for Form 1095-A: If you enrolled in coverage through the Marketplace you should receive Form 1095-A from the Marketplace with important information that you need to accurately file your tax return. Unlike the Forms 1095-B and 1095-C, you should wait to file your tax return until you receive your Form 1095-A. Contact your marketplace with questions about your Form 1095-A.
- style="margin-top:11.25pt;margin-right:0in;margin-bottom:0in;margin-bottom:.0001pt;background:white;">?Payroll deduction. Set up automatic direct deposit contributions to myRA through an employer.
- style="margin-top:11.25pt;margin-right:0in;margin-bottom:0in;margin-bottom:.0001pt;background:white;">Checking or savings account. Savers can also fund a myRA account directly by setting up recurring or one-time contributions from a checking or savings account.
- style="margin-top:11.25pt;margin-right:0in;margin-bottom:0in;margin-bottom:.0001pt;background:white;">Federal tax refund. At tax time, you may direct all or a portion of a federal tax refund to your myRA account.
are available on IRS.gov.