Lightning-quick tax tips

From the April 2019 issue of Heartfelt Magazine.

1. Visit the CHM tax page at chministries.org/taxes. Reporting your CHM membership works slightly differently for mail vs. e-filing, so please be sure to check our website for the latest information. Also, there are special considerations for Medicare and group members.

2. CHM and the U.S. Tax Cuts and Jobs Act (TCJA): Though many provisions of the federal tax reform law went into effect in 2018, please know that the Affordable Care Act’s individual mandate remains in effect. The tax penalty will not be reduced to zero until Jan. 1, 2019 and thus will not affect your 2018 income tax filing.

3. Ask your tax professional if you have questions. You may need to present your IRS Form 8965 (see chministries.org/taxes to get it) and explain your CHM membership to your tax preparer.

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