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Special Notice on ACA Changes to 2014 Tax Preparation

  • 28 January 2015
  • Author: Cari Holbrook
  • Number of views: 2646
Special Notice on ACA Changes to 2014 Tax Preparation

The Affordable Care Act (ACA) affects all 2014 individual tax returns. In order to prepare your return, your tax preparer will likely need additional information this year, including:

1. Copies of the 2014 tax returns for all members of your household (children, parents, etc.), whether they’re prepared separately from yours or not. Computations related to affordability, penalties, etc. are based upon the income of all members of the household.

2. Proof of “minimum essential coverage” on a monthly basis. If you have health insurance, you should be receiving a 1095 Form (1095-A Health Insurance Marketplace Statement or possibly optional 2015 forms: 1095-B Health Coverage and/or 1095-C Employer-Provided Health Insurance Offer and Coverage), which you’ll need to provide to your tax preparer.

3. After receiving the above information, your tax preparer will now need to compute whether you are liable for the “Individual Shared Responsibility Payment” (i.e., penalty).

If you have any questions or concerns, contact us.

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