I file my own taxes. During the year 2014 I claimed my mother as a dependant. She had no income and she didnt have insurance. We were exempted from paying the penalty. All the other members of our household had employer insurance (2 adults and 2 children) The cost to purchase insurance for my mother would have been more than 8% of our AGI. She is not eligible for Medicaid because she is a new immigrant (permanent resident) and not a US citizen.==>>Aslongas she was a US permanent resident I mean a green card holder, she still needed a ACA coverage.not only a US citizen national but a US resident alien needs Obama care coverage.So what I mean is that Lawful immigrants to the US (i.e. green card holders like parents, relatives) may qualify for ObamaCare and will be subject to the rules defined in the Affordable Care Act for residents of the U.S.
So here's the question: In 2015 she didnt have any income again but our AGI was substantially higher. But she still didnt purchase any insurance. Based on my research it would make sense to not claim her as a dependant as the tax credit for that would be lesser than the penalty.====>Correct. For the Health Insurance Marketplace, your household usually includes the tax filer, you,your spouse if you have one, and your r tax dependent(s)If you won?t claim your mom as a tax dependent, you don?t need to include her as a member of your household.
If she were to file by herself (or not file because she has no income) she wouldnt have to worry about the penalty. Am I thinking right?===>Correct; she does not pay the penalty; since your mother with household income below the filing threshold, she doesn't have to file a federal income tax return. So she does not have to comply with Obamacare's mandate.
So here comes the next question. In early 2015 she brought some money from her home country (about 20k) for her expenses and for any possible emergencies. Is that money taxable? ===>
It depends; aslongas the money was a gift for her then no need to report it to the IRS/her state. However, it was her earned income that she earned overseas and paid taxes to the foreign taxing authority(ies) and brought it into US then she needs to claim foreign taxes that she paid to the foreign taxing authority(ies) on her UAS return as she is not subject to double taxation.
It was from family funds and sent in by my father as a gift. I have also read that sums below $100k in a year is not required to be reported. > Correct( if the amt is at least $100K , then she must file form 3520 with dept of US treasury)Non taxable as it is a gift; then she does not even need to report the gift money on her return in US .
In such a case would I need to file taxes at all for my mother. She has no income but I am thinking that a no income tax return might be helpful to her at some point.====>no UNLESS she has biz losses in US in this case she NEEDs to file her return to claim her net operating losses on her next returns but I your case I do not think so.