There is a new publication that will help you learn about how the Affordable Care Act affects your 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, this publication breaks down what’s new for the 2014 federal tax return you will be filing in 2015.

IRS Health Care Tax Tip 2014-23, Dec. 23, 2014

This new publication provides important information for taxpayers who:

Had health insurance coverage for the entire year
Did not have health coverage for each 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
Is claiming the premium tax credit on their tax return

• Had health insurance coverage for the entire year
• Did not have health coverage for each 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
• Is claiming the premium tax credit on their tax return

The publication includes a glossary that will help you understand new terms related to ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.

For your information…

When it comes to the health care law – also known as the Affordable Care Act or ACA – and how it may affect your taxes, there are many questions you might have.  This page offers news on trending topics and answers to questions we are hearing.

For Your Information…

IRS Extends Due Dates for New 2015 Information Reporting Requirements

On Dec. 28, the IRS extended the due dates for new health care information reporting forms in 2016.   Insurers, self-insuring employers, other coverage providers, and applicable large employers now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS.

Providers and certain employers must now furnish individuals with either Form 1095-B or 1095-C by March 31, 2016.  The due dates for issuers filing these forms and the associated Form 1094 with the IRS are May 31, 2016 for paper filers and June 30, 2016 for electronic filers.

Individual taxpayers will generally not be affected by this extension and should file their tax returns as they normally would.

However, due to these extensions, some individual taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 tax return. While the information on these forms may assist in preparing a return, they are not required. Like last year, taxpayers can prepare and file their returns using other information about their health insurance.  Individuals do not have to wait for their Form 1095-B or 1095-C in order to file.

The IRS has not extended the due dates for Health Insurance Marketplaces to issue Form 1095-A. Individuals who enrolled for coverage through the Marketplace should receive Form 1095-A by February 1, 2016 and should wait to file their returns until the receive their Form 1095-A.

Questions and Answers for New Information Reporting Forms:

The IRS has posted a set of questions and answers that introduce the new Forms 1095-B and 1095-C.  The questions and answers explain who should expect to receive the forms, how they can be used, and how to file with or without the forms.

New IRS Publication helps you understand the Health Care Law

There is a new publication that will help you learn about how the Affordable Care Act affects your 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, this publication breaks down what’s new for the 2014 federal tax return you will be filing in 2015.

This new publication provides important information for taxpayers who:

• Had health insurance coverage for the entire year

• Did not have health coverage for each 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

• Is claiming the premium tax credit on their tax return

The publication includes a glossary that will help you understand new terms related to ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.