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Form 1095-A for Chico California: What You Should Know

The Health Insurance Marketplace is a Federal Tax-Filing system. Your coverage for the year on this form will apply to your  Covered California premiums for the year. The form allows people who purchase coverage for the first time to receive  premium tax credits and cost-sharing reductions. What if I am not enrolled in Health Insurance by January 1? If you did not have health insurance, you will have to file a free health insurance application for yourself. You do  need to file your 2023 tax return if you were not enrolled in health insurance by January 1, 2018. If you have paid premiums to date (for 2018), you  will automatically receive the statement, and the form will be used to fill out your 2023 tax return. Taxation of an Employer's Pension Paid to an Employees Retirement Fund: The California Payroll Tax Act (PITA) On January 1, 2018, If you make an election to participate in the PITA, your employer's contributions and matching payments for the year will be treated as a “deduction” from your wages‒for the purposes of determining the employer's wages. If your employer's plan coverage is fully funded, you will not be subject to a 5% penalty on income tax. How do I qualify for a deduction of employer contributions and matching pay from my wages? The PITA provides a deduction for matching contributions and employer contributions if you pay more for your coverage than the amount you pay for coverage in other state health programs. In order to take advantage of this deduction, you must meet this requirements the best of your ability. In case you fail to meet this requirement, your employer's matching contributions will not reduce your wages and, therefore, will not be an eligible employer contribution or match: · If you pay for any part of the total cost of health coverage other than premiums ‒ or a plan with a deductible of 1,100.00 or More. · If you do not qualify for the deduction in the above two cases, you may receive a refund for the difference. The employer's match is added, once more, to the amount of your employer's contributions, or contributions more likely than not will be deducted, regardless of whether they exceed your employer's contribution. Why is it a “deduction” instead of an “expenditure” for the purposes of the PITA? If, as an employer, you contribute or make an investment.

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