While our state grapples with this crisis, it is important to highlight the health care safety nets in place that families can lean on during this time. TAS is an independent organization within the IRS whose job is to ensure every taxpayer is treated fairly and that taxpayers know and understand their rights.Frequently Asked Questions: Health Insurance Options for Utahns in the Age of COVID-19Д¬OVID-19 is having an immediate impact on UtahвЂ™s economy, causing a surge in unemployment claims, as thousands of Utahns face reduced income and increased financial instability. Employers - Small Business Health Care Tax Credit and Employer Shared Responsibility Provision estimators.Individuals - Individual Shared Responsibility Payment and Premium Tax Credit estimators.

To demonstrate how the estimators may help you, TAS has created two YouTube videos вЂ“ IRS cannot validate the accuracy of the estimator calculations for your specific circumstance. The calculations provided by the TAS Estimator Tools are only estimates and may not match the actual credits or payments you will report on your tax return. The Taxpayer Advocate Service created, operates, and maintains this website and is solely responsible for the content. Additional InformationД«y clicking on these links, you will enter the Taxpayer Advocate Service website. Because of this, for future years, the estimator cannot provide a detailed estimate. However, some figures used in determining the credit are indexed for inflation. This tool provides you with an estimate for tax year 2014 and beyond. The Small Business Health Care Tax Credit Estimator can help you determine if you might be eligible for the Small Business Health Care Tax Credit and how much credit you might receive. Estimates are based upon information you enter into the system and, therefore, IRS cannot validate specific payment amounts. This tool can only provide an estimate of the maximum amount of potential liability for the employer shared responsibility payment. If you are an applicable large employer, an estimate of the maximum amount of the potential liability for the employer shared responsibility payment that could apply to you based on the number of full-time employees that you report if you fail to offer coverage to your full-time employees.Whether you might be an applicable large employer, and.The number of your full-time employees, including full-time equivalent employees,.If you are an employer, you can use the estimator to determine: The Employer Shared Responsibility Provision Estimator can help employers understand how the provision works and how it may apply. To determine the payment when you file your tax return, use the Shared Responsibility Payment WorksheetВ (Obsolete) in the instructions for Form 8965. This tool can only provide an estimate of your individual shared responsibility payment. The Individual Shared Responsibility Payment Estimator can help you estimate the amount you may have to pay if you did not have minimum essential coverage during the year. Be sure to report all changes directly to that Marketplace because they can affect both your coverage and your final credit when you file your federal tax return.

This estimator tool does not report changes in circumstances to your Marketplace.В To report changes and to adjust the amount of your advance payments of the premium tax credit you must contact your Health Insurance Marketplace. The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if your income or family size changes during the year. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation. IndividualsД«ecause these tools provide only an estimate, you should not rely upon them as an accurate calculation of the information you will report on your tax return. Under the recently enacted Tax Cuts and Jobs Act, taxpayers must continue to report coverage, qualify for an exemption, or pay the individual shared responsibility payment for tax years 20. The Taxpayer Advocate Service has developed several tools for individuals and employers to help determine how the Affordable Care Act might affect them and to estimate ACA related credits and payments.

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