The IRS and the Department of Health and Human Services (HHS) are providing new resources to give answers to tax filers and tax preparers on questions they may have about complying with Affordable Care Act requirements.
Tax returns this year will for the first time ask families to provide information regarding their health insurance. According to HHS, more than 75% taxpayers will simply have to check a box indicating they have coverage.
Those who obtained insurance through a federal or state marketplace will be mailed Form 1095-A, which they will use to report the financial assistance they received.
Taxpayers who choose not to buy health insurance even though they can afford to do so will have to pay a “shared Responsibility payment” or penalty unless they qualify for an exemption. The penalty is the greater 2% household income or $325 adult and $162.50 per child, up to limits that will change annually.
The new information resources can be found at www.gov/ or www./taxes/. They include:
Organizations can learn about Trusaic’s ACA compliance services by clicking here. Organizations can also access free ACA resources by clicking here.