The Internal Revenue Service is providing advice to taxpayers and tax preparers this tax season on the various tax credits and tax-related provisions under the Affordable Care Act.
“Everyone has important decisions to make concerning health care coverage in 2014,” said the IRS. “Starting in 2014, you must choose to either have basic health insurance coverage (known as minimum essential coverage) for yourself and everyone in your family for each month or go without health care coverage for some or all of the year. If you don’t maintain health insurance coverage, you will need to either seek an exemption or make an individual shared responsibility payment for the period that you are not covered with the 2014 income tax return you file in 2015.”
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