Tax season is officially here and new health care law brings changes to the arsenal of IRS tax forms. This year new forms and some changes related to the Patient Protection and Affordable Care Act have been introduced.
In addition to new lines you may see on Forms 1040, 1040A and 1040 EZ related to health care law, new tax forms have been created that some people will need to include with their tax returns.
- Form 8962: Premium tax credit – health insurance coverage purchased through an Exchange (Marketplace)
- Form 8965: Report or claim a health care coverage exemptions
- Form 1095-A: Health insurance Marketplace statement (issued by the Exchange)
- Form 1095-B: Health coverage (issued by insurance provider)
- Form 1095-C: Employer provided health insurance coverage (issued by employer)
Many taxpayers may only need to check a new box on their tax return indicating to the IRS that they had health coverage for all of 2014. For example, on Form 1040 line 61, if you had health care coverage all year, you simply need to take an extra step and check the box indicating “Full-year coverage” and leave the line 61 entry space blank.
Two other lines related to health care on Form 1040 for 2014 are line 46 for reporting an excess advance premium tax credit repayment (must also attach Form 8962) and line 69 for reporting your net premium tax credit (must attach Form 8962).
All tax preparers here at this office have been preparing for the changes that Obama-care has brought to the tax filing season. If we can be of assistance, please call us at 248-544-6160 and schedule an appointment.