Common Questions and Answers About Affordable Care Act ACA

This information explains key pieces of information about the Affordable Care Act or Obamacare.  2014 medical coverage can affect your taxes. It will provide additional information when you file your 2014 federal tax return You may have to complete one or two new forms You will need to use one or two tax tools to find the lowest cost plan Bronze or Silver premiums to complete your tax return. If you do not have coverage in 2014, must obtain an exemption from coverage or pay a penalty with your tax return.

 

Affordable Care Act Chart

IF YOU …

THEN YOU …

Are a US citizen or is not a US citizen but resides in the United States Must be eligible health insurance qualify for an exemption of medical coverage or make a payment when you file your tax return
Have health coverage for the entire year through an employer or a government program such as Medicare, Medicaid and coverage for veterans Simply check a box on Form 1040 series of his statement and not have to continue reading
Not covered for any month of the year Please check the instructions for Form 8965 to see if you are eligible for an exemption
You are eligible for an exemption from coverage for one month Not responsible for payment of shared responsibility of individuals for that month and must claim the exemption or exemption report obtained by the market to complete Form 8965 (in English) Exemptions Medical Coverage and include it with your tax return
Not covered and not eligible for an exemption from coverage for any month of the year Not responsible for making paymentof shared responsibility when you file
Must make a payment of shared responsibility We will report on your tax return and make payment with your taxes
He received a greater amount of the benefit of advance payments of the premium tax credit credit amount for which you qualify You can enroll in a health insurance through the Health Insurance Market during the open enrollment period
Need eligible medical coverage for 2015 You can enroll in a health insurance through the Health Insurance Market (Mercado) during the open enrollment period extending until 15 February 2015. Once the open enrollment period ends, individuals may enroll only if they qualify under Special provisions enrollment
Enrolled himself or another person to appear on your tax return on a health plan through Market You may be eligible for premium tax credit
Not registered himself or another person to appear on your tax return on a health plan through Market You can not claim the premium tax credit
Or another person to appear on your tax return are enrolled in some coverage through the market and is not eligible for health coverage through their employer or a government program You may be eligible for premium tax credit
You are eligible for premium tax credit You can choose to get help now and receive the full benefit of the credit when they claim it on your taxes
Choose receive help from raw now Will payments made ​​from your own insurance provider. These payments are called advance payments of the premium tax credit
Get the benefit of advance payments of the tax credit premium and has a significant life change as a change in income or marital status Please inform these changing circumstances to health insurance marketplace when they occur
Get the benefit of advance payments of premium tax credit You must report the payments on your tax return and reconcile the amount of payments to the amount of credit to which you are eligible

 

Tax Forms for Health Insurance Marketplace

 

Updating Income with Health Insurance Marketplace for 2016

If you took very little other payment or advance their premium tax credit can I had to pay the difference in your tax return, or receive a loan: Update your request for coverage of the Market 2015 to ensure that includes your best estimate of your income for the year and see if your tax credit has changed. Also update any household information that has not informed the market. See how to upgrade your account and request 2015 now . You can change the amount of your tax credit for premiums taking advance for 2015 to ensure it is not too high or too low.