In 2010, when Congress passed the Affordable Care Act (commonly called Obamacare), the effects seemed far away to many of us. Now that 2014 is here, there will be several direct effects upon every American, with the requirement that all Americans of all ages obtain qualified health insurance for the entire year. The requirement to obtain health insurance applies to you individually as well as to anyone you claim as a dependent on your return.
Several new forms will be issued to taxpayers this year, primarily Form 1095-A, B and C. These forms provide the necessary information to report your health insurance coverage, calculate any credit and calculate any penalty that may apply.
Because much of the reporting for 2014 will be voluntary you may not receive any Forms 1095 but in order to complete your tax return you will need the following.
If you received an advance payment of the Health Care credit by purchasing insurance through the Exchange please be aware that if you received a greater credit than allowed you will be forced to repay the excess with this year’s return.
Chris has been working in the industry for over a decade and has a passion for ensuring her clients have the best service in the area of taxation, accounting and bookkeeping.