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Nonstop Wellness Blog

High-quality benefits for nonprofits.

Filing Taxes Under the Affordable Care Act (ACA)

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With tax season upon us, the U.S. Department of Health and Human Services and the Treasury Department are providing a variety of resources to help consumers file their returns. Whether you receive healthcare through your employer, through the Health Insurance Marketplace, or if you’ve chosen to opt-out of insurance all together, these resources will provide guidance for filing returns that reflect your healthcare choices and answer any questions that you may have.

Most consumers will just need to find – and check – the box under “other taxes” on Form 1040, 1040A or 1040EZ to indicate they received coverage in 2014. However, for those who signed up through the Marketplace, or for those who chose to not receive coverage at all, there may be extra steps in the process.  These additional steps may include filing exemptions (via Form 8965), claiming a premium tax credit (via Form 8962) or ensuring that any financial assistance received is in the correct amount.  For those who chose to opt-out of coverage in 2014, an Individual Shared Responsibility Payment (SRP) may be incurred if its deemed that exemptions don’t apply and insurance could have been afforded. 

If you purchased health insurance through the Marketplace, be on the lookout for form 1095-A, Health Insurance Marketplace Statement, which will be sent out by January 31, 2015. For more of your questions around filing taxes with ACA, check out https://www.healthcare.gov/taxes/.  

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The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose