The Affordable Care Act will have almost no effect on most taxpayers’ tax preparation and filing experience, according to federal officials.
Speaking during a background press conference, officials from the Centers for Medicare & Medicaid Services and the Treasury Department said that they expect 80 percent of taxpayers will have to do little more than check a box on their tax return indicating that they had health care coverage during 2014. But 10 to 20 percent who were not insured for most of the year will either claim an exemption or pay a fee, according to officials.
“Millions purchased quality affordable care, and a large majority benefited from a tax credit that helped lower their monthly premiums,” said an official. “Now it’s necessary to ensure that they received the correct amount. It will be similar to the process that taxpayers are used to doing to reconcile taxes withheld from wages during the year. They either will get a refund or pay the difference.”
Most taxpayers who received a credit should have received a Form 1095-A by the end of this week, the official said. Approximately 4 million are being sent out. The form contains all the information needed by taxpayers to file their return.
Those with questions can call the Health Insurance Marketplace Helpline number at (800) 318-2596.
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