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Michael F Landi, CPA

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Affordable Care Act

Affordable Care Act (ACA) - Market Place Individual's ORIGINAL Filing Deadline 2/15/2015
(Is Your Business Prepared ?)  How will ACA affect your Tax Liability ?
- ACA Penalty ?    - "Limited" Penalty Exceptions, how & who ?    - Subsidy, but you may need to pay some back or do you get a Credit ?

 

The Affordable Care Act (ACA) - Health Insurance Requirements, if you are interested or REQUIRED to file on the US Market Place (www.Healthcare.GOV) Original deadline was February 15, 2015 (DEADLINE to apply on the MARKETPLACE, revised each passing year)

Healthcare CREDIT & PENALTY Tax Forms originally took effect  January 20, 2015 - for the Tax Year 2014.  These Forms are required each year to figure the following items and are most likely an addition for "Many US Tax Returns" with dependents, the earned income credit, Investment Income and if your AGI (Adjusted Gross Income) is over a lower amount than you might think, not just for those who earn over $100,000. These items are as follows:

- Exemptions from Insurance Coverage      WAIVER: https://www.healthcare.gov/fees-exemptions/apply-for-exemption/  Chart

- Insurance Premium Assistance Credit

- Additional Medicare Tax (Investment Income Related)

Forms to watch for in the US Mail (REPORTING Forms to be utilized for Tax Preparation):

- Form 1095A - (Required Starting in 2015) Exchange Statement, from registering with the "Insurance Marketplace."

- Form 1095B - (Required Starting in 2016) Insurance Premium Assistance Credit

- Form 1095C - (Required Starting in 2016) Employer-Provided Health Insurance Statement

Please note you may also find a reference to the above at  www.IRS.GOV/Affordable-Care-Act/ and www.HealthCare.GOV

 

OTHER REFERENCES

Individual Healthcare Waiver (Hardship)  http://carollawsonpa.com/blog/

Market Place Exemptions (Form 8965) http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsibility-Provision-Exemptions