PPC’s 5-Minute Tax Briefing this week included a reminder about Affordable Care Act responsibilities for this tax season.
If you enrolled in health coverage through the Marketplace or if you chose not to have any health coverage, note that you’ll have additional steps to complete when you file your returns. Marketplace enrollees will receive Form 1095-A, which they’ll use to reconcile any upfront financial assistance. Individuals who could afford coverage but chose not to purchase it will pay a fee. You can learn more at www.IRS.gov/ACA and https://www.healthcare.gov/
This tax year is the first year taxpayers are required to report whether they satisfied the Individual Shared Responsibility (ISR) provision of the ACA. Publication 5187 (Health Care Law: What’s New for Individuals and Families) explains how taxpayers satisfy the ISR provision by enrolling in minimum essential coverage. The publication also 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. You can find Publication 5187 at http://www.irs.gov/pub/irs-