New IRS Publication Helps you Understand the Health Care Law
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” 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.
Courtesy of GALLINA LLP