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Archive for the ‘Affordable Care Act (ACA)’ Category.

Getting Ready to File Your Tax Return: Health Coverage Reporting Requirement

It’s always a good idea to prepare early to file your federal income tax return. Like last year, certain provisions of the Affordable Care Act affect your federal income tax return when you file this year.   Here are two things you should know about the health care law’s coverage...

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The Individual Shared Responsibility Provision – The Basics

The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment for any months without coverage or an exemption when you file. If you, your spouse and dependents had health insu...

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Understanding Your Form 1095-B, Health Coverage

Form 1095-B, Health Coverage, is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore aren't liable for the individual shared responsibility payment. Minimum essential coverage includes government-spo...

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Report Life Changes to the Health Insurance Marketplace

If you enrolled in insurance coverage through the Health Insurance Marketplace , you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium ta...

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What Kind of Health Insurance Qualifies as Minimum Essential Coverage?

The individual shared responsibility provision requires you and each member of your family to have basic health insurance coverage – also known as minimum essential coverage – qualify for an exemption, or make an individual shared responsibility payment when you file your federal i...

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Get to Know the Health Insurance Marketplace

The Health Insurance Marketplace is the place where people without health care insurance can find information about health insurance options and also purchase health care insurance. Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pock...

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Important Information about Advance Payments of the Premium Tax Credit & Tax Return

The Affordable Care Act includes financial assistance in the form of the premium tax credit for eligible taxpayers with moderate incomes who purchase coverage through the Health Insurance Marketplace. When you purchased coverage for 2014 through the Marketplace, you may have chosen to have...

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Taxpayers Will Use New Information Statement to Claim Premium Tax Credit

The Affordable Care Act is bringing several changes to the tax filing season this year, including a new form some taxpayers will receive. If you or anyone in your household enrolled in a health plan through the Health Insurance Marketplace in 2014, you’ll get Form 1095-A, Health Insuranc...

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The Health Care Law’s Effect on Your Tax Return

The Affordable Care Act contains tax provisions that affect the 2014 income tax return you file this year. Almost everyone is affected by the individual shared responsibility provision while only people who purchased coverage through the Marketplace are affected by the premium tax credit. ...

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IRS Discusses Provisions of the Affordable Care Act

Tax News, Journals and Newsletters > Federal Tax > Federal Tax Day - Current > INTERNAL REVENUE SERVICE > I.4, IRS Official Discusses the Provisions of the Affordable Care Act Affecting Individuals During the 2014 Filing Season, (Jan. 29, 2015) In preparation for the 2...

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The Health Care Law’s Effect on You

Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year. The following chart will help you better understand how the health care law affects you and everyone on your return. This chart is also available on IRS.gov/aca. T...

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