Wednesday, January 7, 2015

New IRS Publication on the Affordable Care Act

Dana Halvorson

According to a Dec. 24, 2014, IRS Tax Tips email, there is a new publication that can help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca, and breaks down what’s new for the 2014 federal tax return you will be filing in 2015. According to the IRS email, this new publication provides information for taxpayers who:
  • Had health insurance coverage for the entire year 
  • Did not have health coverage for each month of the year 
  • Purchased health insurance from the Marketplace 
  • Might be eligible for an exemption from the coverage requirement 
  • Had advance payments of the premium tax credit sent to their insurance provider 
  • Is claiming the premium tax credit on their tax return 
The publication includes a glossary intended to help you understand new terms related to the ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ. More information on federal taxes can be found at IRS.gov.

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