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Thursday, January 22, 2015

Affordable Healthcare Act Checklist

Beginning this tax season, you will notice some changes on your tax return related to the Affordable Care Act, commonly referred to as ACA or Obamacare.

This is a checklist to help you gather the necessary information to prepare the required ACA related forms on your tax return. We cannot complete your return without this information.


1) I enrolled in a health plan through my employer, private insurance, VA, Medicare or Medicaid

All you will need to do is indicate that you have minimum essential coverage, a general term that includes individual market policies, job-based coverage, Medicare, Medicaid, CHIP, TRICARE and certain other coverage.  For a full list of qualifying plan types, visit  or contact our office.

What we need from you:
Form 1095-B or 1095-C if you receive it from your employer or private insurer.
Dates of coverage for you, your spouse and dependents.

 2)  I purchased a health plan through a Health Insurance Marketplace

To get started, just let us know that you purchased your plan through the Marketplace.
You may have received a subsidy in the form of a tax credit to purchase health insurance through the Marketplace.  Unlike most tax credits, this credit could be applied to insurance premiums throughout 2014 when coverage began.  Whether or not you chose to receive the subsidy during the year, we are required to reconcile your credit on your tax return. 

What we need from you:
Form 1095-A (Health Insurance Marketplace Statement should be mailed to you and is also available online by logging on to your Marketplace account)

3)   I don’t have health insurance

Under the ACA, individuals who did not have health insurance for more than three months in 2014 must pay a tax penalty.  However, some taxpayers may qualify to waive the penalty this year. So, how do we determine if you qualify for an exemption?

Common exemption reasons include:
Can’t afford health insurance (the lowest-priced coverage available would cost more than 8% of household income)
Member of a health care sharing ministry

What we need from you:
Interview to determine if you qualify for exemption or are subject to shared responsibility payment.