The 2014 tax season is expected to be one of the most challenging in recent history due to the new Affordable Care Act. The Affordable Care Act (ACA) required almost all U.S. citizens to have basic health insurance coverage (also known as minimum essential coverage) for all of 2014. There are many tax implications that individuals and businesses must be aware of due to the ACA, including a penalty if you have been uninsured.
If you had health insurance for all of 2014, you do not have to worry about paying a penalty but there are a few new forms that may need to be included with the rest of your tax return information. If you receive Form 1095-A, 1095-B, or 1095-C, please include them when sending your tax information to our office.
If you did not maintain minimum essential coverage for all of 2014, don’t worry; you may qualify for an exemption. A few of these exemptions are:
- The lowest-priced coverage that was available to you was more than 8% of your household income.
- You are not required to file a tax return due to low income.
- You were uninsured for less than three months of the year.
This is just a small portion the Affordable Care Act and its tax implications. If you have any questions on the ACA, please give us a call at 616.393.0398.