Wednesday, May 13, 2015

2014 ACA Tax Provisions

In April, the Internal Revenue Service (IRS) reminded taxpayers that the Affordable Care Act (ACA) contains tax provisions that affect 2014 income tax returns. The individual shared responsibility provision of the ACA requires all taxpayers to: 1) have qualifying health insurance coverage for each month of the year; 2) have an exemption from the requirement to have coverage; and 3) Make an individual shared responsibility payment when filing federal income tax return. Taxpayers enrolled in coverage through the Marketplace may be allowed the premium tax credit and must file new Form 8962 with their tax return to claim the credit and to reconcile any advance payments made on their behalf in 2014.

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