By Charity Beall, CHM Chief Financial Officer (CFO)
*Editor’s note: This information was published in the February 2022 issue of Heartfelt Magazine, CHM’s monthly magazine that provides CHM membership-related tips and tricks, medical advice from doctors, testimonies from CHM members, and more. Please refer to the CHM Guidelines and applicable web pages for the most up-to-date information regarding CHM membership, sharing eligibility, and ministry news.*
As a Christian, it’s important to follow the laws of our government (Romans 13:6), including paying taxes. Thankfully, taxes as a CHM member are easy!
Do I need IRS Form 8965?
Charity Beall (CB): No. Since there’s no penalty for uninsured taxpayers or taxpayers who can claim an exemption like CHM, you don’t need this form.
Why aren’t my monthly gift amounts tax deductible?
CB: Because you receive the service of health cost sharing, your gift amounts aren’t tax-deductible. This is true even if you’ve never submitted medical bills to CHM.
Is extra giving tax-deductible?
CB: Prayer Page donations and extra giving are tax-deductible. You’ll receive a tax statement listing any extra giving you’ve donated. These donations are credited to the year they’re received. Checks mailed in December but not arriving at CHM until January were credited to 2022.
My membership is a part of a qualified group plan, and they sent me Form 1095. Do I need it for anything?
CB: No. This can be filed away with your tax records.