The Affordable Care Act and Your 2014 Tax Return

Happy New Year!

As we get into tax season, Klein Hall CPAs would like to remind you of several Affordable Care Act-related tax issues (ACA, also known as Obamacare). With this new Act your 2014 health coverage may affect your income taxes.  Here are some useful tax reminders based on your health coverage in 2014.

Your 2014 health coverage was obtained through the Health Insurance Marketplace

  • If anyone in your household enrolled in a health plan through the Health Insurance Marketplace in 2014, you’ll get a new form, 1095-A, in the mail by early February. We will need this form to file your 2014 federal income tax return.
  • Make sure to confirm all information on the 1095-A form is correct, including coverage dates and number of people in your household.

Your health coverage for 2014 was from another source

  • If your health coverage was from another source such as through your employer, college or university, Medicare, Medicaid or if you purchased it outside the Marketplace you’ll simply check a box on your federal income tax form to report this.
  • There are no additional forms necessary.

You had no health coverage in 2014

  • If for 3 months or more you were without health coverage during 2014, you will need to qualify for a health coverage exemption or you’ll be required to pay a fee based on your income and the number of months you were without coverage when you file your 2014 federal income tax return.