New IRS Publication on Health Care and 2015 Taxes
Tax year 2015 is the second year individuals will be required to report whether they satisfied the Individual Shared Responsibility (ISR) provisions of the Affordable Care Act (ACA). The IRS issued a new publication on how individuals are to report their health care coverage on their 2015 tax returns.
The Affordable Care Act requires you, your spouse and your dependents to have qualifying health care coverage for each month of the year, qualify for a health coverage exemption, or make an Individual Shared Responsibility Payment when filing your federal income tax return. If you had coverage for all of 2015, you will simply check a box on your tax return to report that coverage.
However, if you don’t have qualifying health care coverage and you meet certain criteria, you might be eligible for an exemption from coverage. Most exemptions are can be claimed when you file your tax return, but some must be claimed through the Marketplace.
- For more information about the Affordable Care Act and filing your 2015 income tax return, visit the Internal Revenue Service Affordable Care Act Tax Provisions website.
- If you need health coverage for your family or business, visit HealthCare.gov to learn about health insurance options that are available and how to purchase health insurance.
- The last opportunity to sign up for 2016 health coverage was January 31, 2016.
Source: IRS Tax Tips January 1, 2016 – HCTT-2016-01: The Individual Shared Responsibility Provision and Your 2015 Income Tax Return
Contact Torkelson & Associates CPAs, LLP for more information about the Affordable Care Act or to schedule your 2015 tax preparation appointment.