The IRS has released a variety of documents related to reporting Affordable Care Act Advance Premium Tax Credit reconcilation, exemptions from the mandate to have health insurance coverage, and directions for caculating the Shared Responsibility Payment. Before taxpayers can crunch the numbers on their tax refund or liability they will have to either either a 1095-A statement from the Marketplace or obtain a certificate number from the Marketplace verifying their exemption from the individual mandate.
Below are list and brief description about the IRS From, Instruction or Publication. As of December 30th, 2014, not all the supporting documents had been released by the IRS.
Publication 5187
Health Care Law: Whats New for Individuals and &Families, 2014.
A highlevel overview of the process for reporting and reconciling ACA tax credits and mandats. It talks about the health care exemptions, calculating the Shared Responsibility Payment, and reconciling Advance Premium Tax Credits with the taxpayers final Modified Adjusted Gross Income.
P5187 2014 Calc Tax Credits Penalties
Publication 5172
Health Insurance Exemptions
This publication discusses the various types of exemptions from the individual mandate to have health insurance under the ACA, along with where to get a certification of exemption.
P5172 Health Ins Exexmptions
Publication 5185
Shared Responsibility Payment
2014 penalties for not having full year health insurance coverage is discussed in this publication along with the maximum individual mandate penalty based on the nation aveage of the Bronze plan.
P5185 SRP 2014 Max Amounts
Form 1095-A APTC Statement
Blank statement that the primary tax filer will receive from the Marketplace listing the monthly Advance Premium Tax Credits each month forwarded to the health insurance carriers on the households behalf.
F1095a 2014 APTC Statement
Instructions 1095-A
APTC Statement
These are the instructions to the Marketplace issuing the 1095-A to the tax payer.
I1095a APTC Stmnt Instructions
Form 8962
Premium Tax Credit
This form must be filled out by the tax payer to determine their total Premium Tax Credit for health insurance bought through the Marketplace. Tax payers will use this form to reconcile their APTC with their final MAGI. There is a special section for individuals who were married or divorce during 2014 to calculate their proper premium tax credit.
F8962 Premium Tax Credit Calc
Instructions 8962
This is the draft verison of the instructions for Form 8962. As of December 30, 2014, had not released the final instructions for this form.
Draft Instructions Form 8962
Form 8965
Health Coverage Exemptions
Taxpayers will use this form to report their exemptions for having to maintain health insurance for such reasons as incarceration, coverage gap, or their membership in a religious sect.
F8965 Health Coverage Exemptions
Instructions 8965
In addition to explaining who verifies the personal household and exemptions and certificates, these instruction also include the steps for calculating the Shared Responsibility Payment better known as the individual mandate penalty.
I8965 Instructions Exemptions Penalty
Financial Hardship Exemptions
This is a guidance letter from the Centers for Medicare and Medicaid detailing the necessary conditions before a financial hardship exemption can be granted.
Financial Hardship Exemption CMS
Initial Open Enrollment Period Coverage Gap
The Centers for Medicare and Medicaid issued this guidance letter granting a one time exemption for taxpayers who the last to enroll in an ACA compliant plan for 2014 effective April 1st. The last effective date put these taxpayers in the situation of exceeding the coverage gap exemeption of less than three months and could have been responsible for the Shared Responsibility Payment. This letter waives the SRP for people who enrolled during the initial open enrollment period.
IOEP Coverage Gap Hardship CMS