The
AICPA vice president of taxation
The AICPA reports answered the following questions on the ACA for taxpayers preparing to file their taxes:
"Where do I report my health insurance information on my tax return?
Taxpayers will use Line 61 on
How do I know if I had minimum essential coverage?
Taxpayers who purchased health insurance from the Marketplace for 2014 received
What if I didn’t have minimum essential coverage?
Penalties, dubbed individual shared responsibility payments under the ACA, are owed by taxpayers for each month they did not have qualifying coverage. The primary taxpayer filing the tax return is responsible for penalties owed by any dependents claimed on the return who did not have minimum essential coverage.
How do I know what my penalty is?
The
Is the penalty the same each year?
No. It goes up in 2015 and future years. The penalty for 2014 is $95 per adult and $47.50 per child (with a family maximum of $285) or one percent of household income that is above the filing status, whichever is greater. In 2015, the penalty is $325 for each adult and $162.50 for each child under 18 (with a family maximum is $975) or two percent of household income, whichever is greater. The overall penalty limit is equal to the national average a family would pay for a
How do I request an exemption?
Qualifying taxpayers can get an exemption from minimum essential coverage through the Marketplace or by claiming the exemption on their tax return using
What is an Exemption Certificate Number?
When the Marketplace grants an exemption it sends taxpayers a notice with a unique number, called an Exemption Certificate Number (ECN). The ECN must be entered on the taxpayer’s
What is the premium tax credit?
Taxpayers who had health insurance in 2014 through the Health Insurance Marketplace may be eligible for the premium tax credit to help lower the cost of their coverage. Taxpayers who are eligible for the credit must file
When is the enrollment deadline?
The open enrollment deadline to purchase health insurance for 2015 ended on February 15. However, the Centers for Medicare & Medicaid Services announced on February 20 that a special enrollment period for 2015 is available to taxpayers who did not have minimum essential coverage in 2014 and who owe the shared responsibility payment. The special enrollment period is available to taxpayers who live in states that use the Federally-facilitated Marketplaces and runs from March 15 to April 30. Some states that operate their own marketplace may also offer a special enrollment period.
Do taxpayers have to file a tax return just to report health insurance information?
If taxpayers are not required to file a federal income tax return, they do not have to file a return only to report their health insurance coverage or to claim an exemption from minimum essential coverage."
For the full report, head to the AICPA's site