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Affordable Care Act for Individuals 2014 Federal Tax Return
As we get closer to the beginning of the 2015 filing season, it is important to understand how the Affordable Care Act will impact every individual who files a 2014 federal return. They may be impacted in a small way or major way depending on their health insurance status and where they obtained their health insurance during 2014.
Since the majority of taxpayers will be covered for the entire year by their employer, a government sponsored plan (such as Medicaid or Medicare), or from other qualifying health insurance, they do not need to wait for Form 1095-A in order to file their taxes. Form 1095-A is scheduled to be mailed the first week of February 2015.
Taxpayers who purchased their health insurance at the Marketplace (State or Federal Exchange) will need to do the following:
Taxpayers who did not have health insurance for 2014 will do the following:
It should be noted that some individual may have to file both the Form 8962, Form 8965, and may have penalty due, or any combination thereof based on their individual or family member health insurance status during 2014.
To review or learn the new Affordable Care Act (ACA) mentioned above or for more information on the premium tax credit, exemptions, advance premium tax credit and penalty, do not hesitate to contact us.