The Internal Revenue Service has issued a new publication to help taxpayers better understand how the Affordable Care Act affects their 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, the publication breaks down what’s new for the 2014 federal tax return you will be filing in 2015.
The publication provides important information for taxpayers who either had health insurance coverage for the entire year, did not have health coverage for every 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, and are claiming the premium tax credit on their tax returns.
The publication includes a glossary to help taxpayers 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, the IRS noted, and all they will need to do is simply check a box on their tax return.
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