Affordable Care Act & Taxes
~ At a Glance
|
IF YOU… |
THEN YOU… |
|---|---|
| Have a tax return that is affected by any of the Affordable Care Act tax provisions | Should consider filing electronically using one of the many e-file options. |
| Enrolled in health insurance through the Marketplace | Should receive a Form 1095-A Health Insurance Marketplace Statement from the Marketplace |
| Received a Form 1095-A, Health Insurance Marketplace Statement, showing you received the benefit of advance payments of the premium tax credit in 20 | Must file a tax return in 2015 and compare the advance payments with the amount of thepremium tax credit on your return – this is called ‘reconciling the advance payments of the credit with the credit allowed’ |
| Need to reconcile the advance payments of the credit with the credit allowed | Make the calculations using IRS Form 8962Premium Tax Credit (PTC) |
| Must repay any excess advance payments of the premium tax credit | Must report the information on line 46 Form 1040 or line 29 of Form1040-A, and cannot file Form 1040-EZ |
| Are claiming the premium tax credit and did not receive the benefit of advance payments of the premium tax credit | Must file a tax return and IRS Form 8962, Premium Tax Credit (PTC) |
| Did not receive a Form 1095-A, Healthcare Insurance Marketplace Statement, from the Marketplace | Should contact the state or federal Marketplace through which you enrolled |
| And everyone in your tax household had health coverage for the entire year | Will simply check the box on line 61 of Form 1040, line 38 of Form 1040-A, or line 11 of Form 1040-EZ |
| Are claiming an exemption from the requirement to have health coverage for anyone on your tax return | Will complete Form 8965, Health Coverage Exemptions, and submit it with your tax return |
| Still need to obtain a religious conscience exemption or a hardship exemption that can only be granted by the Marketplace | Should file an application with the Marketplace |
| Obtained an exemption from the Marketplace, and received your unique Exemption Certificate Number | Will enter the Exemption Certificate Number in Part I of Form 8965, Health Coverage Exemptions, and submit the form with your return |
| Applied for an exemption from the Marketplace, but do not currently have an Exemption Certificate Number | Will enter ‘PENDING’ in Part I of Form 8965Health Coverage Exemptions, and submit the form with your return |
| Are claiming an exemption that can be granted only from the IRS | Will not need an Exemption Certificate Number, but will complete Parts II and III ofForm 8965, Health Coverage Exemptions, and submit the form with your return |
| Are able to obtain the exemption from either the IRS or the Marketplace | Should obtain the exemption from the IRS by completing Part II and III of Form 8965,Health Coverage Exemptions, and attach this form to your federal tax return when you file |
| Are making a shared responsibility payment | Will enter the payment amount on line 61 of Form 1040, line 38 of Form 1040-A, or line 11 of Form 1040-EZ |
From the IRS website.
