For a taxpayer that did not have health insurance for 2014, he or she must either owe a penalty tax on line 61 of Form 1040, or must file Form 8965, Health Coverage Exemptions, to report to the IRS why
Tag: health insurance
Health Insurance Information You Will Need to Prepare Your Taxes
Whether you are preparing your taxes yourself or using a tax preparer, this year’s taxes will be a little more complicated. Since the provisions of the Affordable Care Act (ACA) became effective in 2014, tax preparers need even more information
New IRS Publication for Health Care Law
The new IRS publication will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families, is now available on IRS.gov/aca. While the health care law has several
Affordable Care Act Video by IRS Commissioner
Affordable Care Act: IRS Commissioner Explains What to Expect at Tax Time IRS Commissioner John Koskinen explains in this YouTube video how the Affordable Care Act will affect you this upcoming tax season. Watch this and other IRS videos on the
2014 Year End Tax Planning
Year-end Tax Planning Tips from the National Society of Accountants Current individual income tax rates of 10, 15, 25, 28, 33, 35 and 39.6 percent will be in place for 2015, as will current tax treatment of capital gains and
Apply for 2015 Health Coverage
The Healthcare.gov Marketplace open enrollment for 2015 starts November 15, 2014. Get ready to apply for affordable care act (ACA) insurance now: Check your state for plans and prices Apply and Enroll for health coverage – Starts Nov. 15, 2014
Individual Shared Responsibility Payment
Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to: Maintain a minimum level of health care coverage – known as minimum essential coverage, or Qualify for an exemption, or Make an individual shared responsibility payment when filing
Moved? Notify the Insurance Marketplace
Moving Can Affect Your Premium Tax Credit If you moved recently, you’ve probably notified the U.S. Postal Service, utility companies, financial institutions and employers of your new address. If you get health insurance coverage through a Health Insurance Marketplace, the
2015 HSA Deduction Limits
The Internal Revenue Service (IRS) has released the 2015 inflation-adjusted deduction limitations for annual contributions to a Health Savings Account (HSA) which are updated annually to reflect cost-of-living adjustments. In Revenue Procedure 2014-30, the IRS said that for calendar year 2015, the
Health Insurance
Affordable Care Act Information On March 23, 2010, President Obama signed the Affordable Care Act (ACA) into law, putting in place comprehensive reforms that improve access to affordable health coverage for everyone and protect consumers from abusive insurance company practices. The open enrollment period to purchase health insurance