As we are approaching tax season, I write to let you know what - TopicsExpress

As we are approaching tax season, I write to let you know what enrollment assistance consumers may be seeing as they try and comply with tax requirements associated with the Affordable Care Act. SHARED RESPONSIBILITY TAX On the 1040 Line 61 in the Other Taxes section asks about Health care: individual responsibility. Tax filers will have to check whether they had Full-year coverage and therefore owe no health care tax or what tax amount they owe. The instructions for Line 61 say, in part: Beginning in 2014, individuals must have health care coverage, qualify for a health coverage exemption, or make a shared responsibility payment with their tax return. If you had qualifying health care coverage (called minimum essential coverage) for every month of 2014 for yourself, your spouse (if filing jointly), and anyone you could or did claim as a dependent, check the box on this line and leave the entry space blank. Otherwise, do not check the box on this line. Form 8965 is used to either report an exemption assigned by the Marketplace, apply for an exemption, or calculate the amount of tax owed for those who did not have health coverage throughout 2014. PREMIUM TAX CREDIT On the 1040 Line 46 in the Tax and Credits section, filers will report if they paid an excess advance premium tax credit. Tax filers will use Form 8962 to determine how much tax premium credit to which they were entitled and if they were over or underpaid. Tax filers will have to complete Form 1095 in order to complete Form 8962.