Affordable Care Act Tax Provisions for Individuals and Families

 IRS NEWS

ACA Executive Order and Current Tax Filing Season The IRS is currently reviewing the Jan. 20, 2017, executive order to determine the implications. Taxpayers should continue to file their tax returns as they normally would.

The Affordable Care Act includes the individual shared responsibility provision and the premium tax credit that may affect your tax return.

The individual shared responsibility provision requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. In addition, you may be eligible for the premium tax credit if you purchased health coverage through the Health Insurance Marketplace.

Reporting Coverage			Claiming Coverage Exemptions
Many taxpayers already have qualifying health care coverage, and will simply check a box on their tax return. Find out if your coverage qualifies Report health coverage on your tax return			Some taxpayers are exempt from the requirement to have coverage and will not need to make a shared responsibility payment. Find out if you are exempt Claim or report an exemption on Form 8965
Claiming and Reconciling Premium Tax Credit			Making a Shared Responsibility Payment
If you purchased coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit. Find out if you are eligible for the credit Claim and reconcile the credit on Form 8962 Report changes in circumstances			If you do not have qualifying coverage or an exemption for each month of the year, you will need to make a payment with your return. Determine if you need to make a payment Reporting and Calculating your payment Shared Responsibility Payment Estimator