uestion 68 of 75 sisting taxpayers in obtaining an ACA exemp

uestion 68 of 75 sisting taxpayers in obtaining an ACA exemption, the Tax Professional should do which of the following first? The Tax Professional should frst assist the taxpayer in obtaining a Marketplace exemption prior to assisting the taxpayer in claiming a tax return exemption. The Tax Professional should first assist the taxpayer in claiming a tax return exemption prior to assisting the taxpayer in obtaining a Marketplace exemption. The Tax Professional should first assist the taxpayer in obtaining minimum essential coverage prior to assisting the taxpaye obtaining an ACA exemption. O Non e of these answers are correct. The taxpayer is required to obtain ACA exemptions on their own

Solution

Solution: The Tax Professional should first assist the taxpayer in obtaining minimum essential coverage prior to assisting the taxpayer in obtaining an ACA exemption.

Explanation: Tax Preparers are assigned by the government with the responsibility of assisting taxpayers with the ACA requirements to report health insurance coverage. There are two types of ACA exemption 1) Marketplace-granted exemptions and 2) exemptions that can be claimed on a tax return; and while assisting tax preparer should obtain minimum essential coverage prior to other ACA exemption.