IRS Health Care Tax Tip 2014-23, Dec. 23, 2014
There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What¡¯s New for Individuals and Families PDF, is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what¡¯s new for the 2014 federal tax return you will be filing in 2015.
This new publication provides important information for taxpayers who:
- Had health insurance coverage for the entire year
- Did not have health coverage for each month of the year
- Purchased health insurance from the Marketplace
- Might be eligible for an exemption from the coverage requirement
- Had advance payments of the premium tax credit sent to their insurance provider
- Is claiming the premium tax credit on their tax return
The publication includes a glossary that will help you understand new terms related to ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.
Most people have qualifying health coverage, and all they will need to do is simply check a box on their tax return.
You can access Publication 5187 PDF at IRS.gov/aca, along with other important information related to the health care law. You can also find it by typing ¡°p5187¡± into the search window at the top of any IRS.gov page or ¡°5187¡± in the Forms and Pubs search window on IRS.gov.