What will you need for filing Taxes this year with the ACA laws?

Not quite sure about what you will need for filing your taxes this year as it relates to health insurance coverage? Here is a little bit of information that I keep around when questions come up.  Calendar - Tax Day Circled

  • If you had coverage in 2014 through a non-Marketplace plan, you don’t need to fill out any additional tax forms. This includes individuals that were covered by an employer-sponsored plan, Medicare, Medicaid or an individual policy. You report that you had coverage when doing your taxes by checking a box on the federal income tax form
  • If you had coverage in 2014 through a Marketplace plan, you will be receiving (and probably should have received) a Form 1095-A in the mail. This form includes basic information that you will need to know about your household’s enrollment.  Make sure when you receive the Form 1095-A you double check all the information to verify it is correct. If something appears incorrect, contact the Marketplace at 1-800-318-2596.
    • There is also an additional form that comes into play if a consumer claimed or wants to claim a premium tax credit. Many individuals took advantage of this credit in advance.  A Form 8962 MUST be completed if consumers what to claim a premium tax credit or if they received the premium tax credit in advance.
  • If you didn’t have insurance for some or all of time in 2014 and not sure what to do, you can fill out a Form 8965 to understand if you qualify for an exemption from paying a fee for being uninsured. The fee/penalties for not having insurance can be seen below. Call 1-800-318-2596 or visit HealthCare.gov/taxes/ for more information.
Courtesy of Focus ACA, Affordable Care Act Enrollment Specialists

Courtesy of Focus ACA, Affordable Care Act Enrollment Specialists

There are additional resources out there for information and assistance. Many people actually qualify for free tax assistance.  You can learn more information and see if you qualify by going to IRS.gov/freefile or IRS.gov/VITA

Additional Resources for questions regarding taxes, forms or fees, go to: IRS.gov

Article By: Kristina Carson

I am always looking for topic suggestions. Please feel free to email me at kcarson@focusonesource.com or find me on LinkedIn.

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