How to prepare your taxes with a CHM healthcare exemption

Are you preparing your taxes? If so, here are a few important details to consider when you are a CHM health cost sharing member and have a federally certified healthcare exemption:

  • You don’t need to report Form 8965 as an attachment to your Federal Form 1040 since there’s no penalty for taxpayers who don’t have insurance or who can claim a qualifying exemption.*
  • Your monthly and Brother’s Keeper gift amounts aren’t tax deductible (except in Missouri). Though CHM is a 501(c)3 nonprofit organization, because you receive the service of health cost sharing, membership amounts cannot be claimed as donations.
  • Prayer Page donations and extra giving are tax deductible. Donating members were mailed a tax statement.
  • Donations are credited to the year they’re received. Checks mailed in December but not arriving at CHM until January were credited to the new year. To give last-minute donations, use the Member Portal to make sure it’s received in the current year.

 

*Editor’s note: Members participating in a group may receive Form 1095 from their employers per the law’s requirement; however, these forms can be filed away with your tax records.

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