- Sep 19, 2011
- 28,436
- 10,028
- 900
Simply put, there is no way for the IRS to enforce Obamacares individual mandate without such an invasive reporting scheme.
Every January, health insurance companies across America will send out tax documents to each insured individual.
This tax documenta copy of which will be furnished to the IRSmust contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain:
the name and health insurance identification number of the taxpayer;
the name and tax identification number of the health insurance company;
the number of months the taxpayer was covered by this insurance plan;
and whether or not the plan was purchased in one of Obamacares exchanges.
This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s. At tax time, the 140 million families who file a tax return will have to get acquainted with a brand new tax filing form. Six million of these families will end up paying Obamacares individual mandate non-compliance tax penalty.
Read more: Americans for Tax Reform : New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS
Every January, health insurance companies across America will send out tax documents to each insured individual.
This tax documenta copy of which will be furnished to the IRSmust contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain:
the name and health insurance identification number of the taxpayer;
the name and tax identification number of the health insurance company;
the number of months the taxpayer was covered by this insurance plan;
and whether or not the plan was purchased in one of Obamacares exchanges.
This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s. At tax time, the 140 million families who file a tax return will have to get acquainted with a brand new tax filing form. Six million of these families will end up paying Obamacares individual mandate non-compliance tax penalty.
Read more: Americans for Tax Reform : New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS
