 |
| Image Source: wkbn.com |
Filing tax returns will be different this year due to the onset of the Affordable Care Act, officials from the U.S. Department of Health and Human Services announced Thursday.
Tax filers who had health insurance in 2014 through work or an unsubsidized policy will check a box on their tax returns indicating they had coverage, said Treasury Secretary Jacob Lew.
But those who did not have health insurance or received a subsidy will be required to go further, Lew said in a news release from DHHS. “A fraction of taxpayers will take different steps, like claiming an exemption if they could not afford insurance or ensuring they received the correct amount of financial assistance,” he said. “A smaller fraction of taxpayers will pay a fee if they made a choice to not obtain coverage they could afford.”
Those with Marketplace coverage will receive a 1095-A form that will be used “to reconcile their upfront financial assistance,” the news release said. Over the next few weeks, government agencies will release various “consumer-friendly tools and resources” for tax payers who have health coverage through the Marketplaces, those seeking an exemption and those looking for information about the fee for those who could afford to purchase health coverage but chose not to, the news release said.
Some resources can already be found at www.IRS.gov/ACA, or www.healthcare.gov/taxes/.
 |
| Image Source: sn50andbetter.com |
In addition, the government also will contact Marketplace enrollees directly through email, phone and text messages, the news release said.
“We will focus on providing targeted messaging to consumers who benefitted from an advanced premium tax credit last year to help them offset the cost of their Marketplace premiums,” the news release said.
The department also will work with community organizations and non-profits to provide assistance and resources and will form partnerships with top tax preparers to provide consumers with information.
Wall and Associates Inc helps businesses and individuals find solutions for settling outstanding taxes. For more information about filing tax returns, visit this blog.
