Moving this Year?
You may need to notify:
- The U.S. Postal Service
- Utility companies
- May be the IRS notified the IRS
- If you are receiving advance payments of the premium tax credit, notify the Marketplace report changes in circumstances. Reporting your move lets the Marketplace update the information used to determine your eligibility for their plan, which may affect the amount of advance payments of the premium tax credit that the government sends to your health insurer on your behalf. Also, Reporting the changes will help you avoid having too much or not enough premium assistance paid to reduce your monthly health insurance premiums. Getting too much premium assistance means you may owe additional money or get a smaller refund when you file your taxes. On the other hand, getting too little could mean missing out on monthly premium assistance that you deserve.
- Changes in circumstances that you should report to the Marketplace include:
- an increase or decrease in your annual income, including lump sum payments of Social Security benefits
- marriage or divorce
- the birth or adoption of a child
- starting a job with health insurance
- gaining or losing your eligibility for other health insurance coverage
Many of these changes in circumstances, including moving out of the area qualify you for a special enrollment period to change or get insurance through the Marketplace. Generally, if you qualify for the special enrollment period, you will have sixty days to enroll following the change in circumstances. You can find information about special enrollment periods at HealthCare.gov.
Zaher Fallahi, California Tax Attorney, CPA, advises taxpayers, with their IRS audit, IRS Offshore Voluntary Disclosure Program (OVDP), Report of Foreign Bank and Financial Accounts (FBAR), Foreign Account Tax Compliance Act (FATCA), Foreign Trust and Offer-in-Compromise. About 2% of the US lawyers are also CPAs, and we are one of them. Telephones: (310) 719-1040 (Los Angeles), (714) 546-4272 (Orange County), e-mail [email protected]