Accounting and Tax Services
Jan 13

Miscellaneous ACA health care tax subjects

Consumer-friendly Tools for the 2015 Tax Filing Season: Individuals with health coverage obtained through the Marketplace and those that chose not to enroll in health coverage will have additional steps to complete in filing their returns. Marketplace enrollees will receive Form 1095-A that they will use to reconcile their upfront financial assistance. Individuals who could afford coverage but chose not to purchase it will pay a fee. The Health and Human Services and Treasury Departments recently announced they are proving tax filers with information and other resources to answer questions regarding the changes to the 2014 Form 1040 . General resources are located at www.IRS.gov/ACA or https://www.healthcare.gov/taxes/ and more will be made available in the coming weeks.

New IRS Publication on Reporting Individual Health Care Coverage: Tax year 2014 is the first year individuals will be required to report whether they satisfied the Individual Shared Responsibility (ISR) provisions of the Affordable Care Act (ACA). The IRS issued a new publication on how individuals are to report their health care coverage on their tax returns. Publication 5187 (Health Care Law: What's New for Individuals and Families), covers some of the tax provisions of the ACA and explains how taxpayers satisfy the ISR provision by enrolling in minimum essential coverage. Additionally, the publication explains how individuals qualify for an exemption or how they are to make a shared responsibility payment, as well as information about the new premium tax credit. Publication 5187 is available at http://www.irs.gov/pub/irs-pdf/p5187.pdf .

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →