As you’re wrapping up your tax return, the IRS wants to help you understand the differences among forms and documents related to the Affordable Care Act. Here are five tips for individuals navigating the filing requirements related to the health care law.
IRS facts on letters regarding 1095-A and tax returns
The IRS sent letters to taxpayers this summer who were issued a Form 1095-A, Health Insurance Marketplace Statement, showing that advance payments of the premium tax credit were paid on the taxpayer’s behalf in 2014. At the time, the IRS had no record that the taxpayer filed a 2014 tax return.
Review of IRS draft ACA tax credit reconciliation forms
With the release of the draft IRS forms for reporting advance premium tax credits and reconciliation with the household MAGI, health insurance agents might be called upon to know another part of the ACA, the dreaded tax forms. The variety of reporting statements individuals and families may receive from employers and the exchanges will require […]