average premium for a bronze level health plan
available through the Marketplace. You will owe 1/12th of the annual payment
for each month you or your dependents don't have coverage or 1/12th of the
annual payment for each month you or your dependents don't have an
exemption.
For 2014, the annual payment amount for not
having essential health insurance coverage is whichever is
greater of 1 percent of your household income that is above the tax return
filing threshold for your filing status or your family's flat dollar amount,
which is $95 per adult and $47.50 per child for a maximum of $285.If
you or any of your dependents don't have minimum coverage and don't have an
exemption, you will need to make an individual shared responsibility payment
on your tax return. However, making this shared responsibility payment does
nothing to help you with your health insurance costs.
Extensions
of Time to File Your Tax Return
If you cannot
file your tax return on time, you can request an automatic extension of time
to file. Please know that an extension of time to file a tax return does not
grant your an extension of time to pay the tax liability. You may be able to
get an automatic 6-month extension of time to file your tax return. In order
to ask for your extension, you must use Form 4868, Application for Automatic
Extension of Time to File U.S. Individual Tax Return. You must file this
form by the due date of your tax return for filing your calendar year report
or your fiscal year return. This time is usually April 15 or if the 15th
falls on a Saturday, Sunday or legal holiday, then the following business
day.
You have
special privileges is you are living outside the United States or out of the
country when your 6 month extension expires. You also receive special
privileges if you are serving in a combat zone or a qualified hazardous duty
area.
You can request an automatic extension of time to
file a U.S. individual income tax return by electronically
filing Form 4868. You can also request an automatic extension of time to
file a U.S. income tax return by paying all or part of your estimated income
tax due using a credit or debit card or by using EFTPS. Additionally, you
can request an automatic extension of time to file a U.S. individual tax
return by mailing out Form 4868 to the IRS. Businesses
need to fill out Form 7004, Application for Automatic Extension of Time to
File Certain Business Income Tax, Information, and Other Returns.
Corporations would file Form 1138, Extensions of Time for Payment of Taxes
by a Corporation Expecting a Net Operating Loss Carryback. Therefore, if you
are not able to file your tax return on time, whether you are an individual,
a business or a corporation, you always have the option to ask for more
time. At the time your extension expires, you can always ask for additional
time by contacting the IRS and requesting an additional extension of time to
file.
When,
Where, and How to File
April 15 of each year is the due date for filing
your federal individual income tax return if your tax year ends
on December 31. Also, your return is considered filed timely if
the envelope is properly addressed and postmarked no later than April 15. If you cannot file by the due date of your
return, then you can request an extension of time to file. It is
extremely important that you know that an extension of time to file will not
extend the time to pay. You must also realize that an extension of time to
file will not save
