Expats:Opportunity 4 #FormCrime ! $600 fine 4 FTF 8965-coverage exemption form 4 insurance not available yet taxable! http://t.co/5mS4Y7ztYe
— Patricia Moon (@nobledreamer16) January 17, 2015
Yessiree folks, there is a new form that Americans abroad will be required to file this coming tax season. The Individual Shared Responsibility Provision of the ACA “requires each individual to have qualifying health care coverage (known as minimum essential coverage) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return.” The forms for reporting coverage, exemptions or making a payment with the federal income tax return can all be prepared and filed electronically.” (of course, expats cannot file electronically).
This is beyond belief! Is anyone in the Congress or the IRS paying attention at all? First, there is a form of insurance for which we are not eligible. Yet, we are liable for a 3.8% tax to fund this insurance from investment income (much of which is likely earned outside the United States). Due to the married-filing-separately option chosen by most since we are married to “aliens”, expats are proportionately more likely to have to pay this tax than Homelanders. And to top it all off, in true American style, if we fail to file this form to receive an exemption for insurance we cannot have yet can be taxed on there is a $600 fine.
Try explaining this to a Homelander! You just cannot make this stuff up!