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Affordable Care Act - 2014 Filing Impact

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The Green Group
February 19th, 2015

The 2014 tax year brings a major change in the requirements for your individual 1040 tax return.  Due to the Affordable Care Act (ACA) your return now also reports your health insurance status for each month of the year for each person included on your tax return. If you and everyone on your return had health insurance for all 12 months of the year, you can just answer “yes” on the tax questionnaire, or include a statement that everyone had coverage with your other tax documents.  Medicare counts as full coverage, so if you had Medicare in 2014, you are covered for that period of time. 

If you had health insurance coverage for a portion of the year, you will need to let your preparer know which months were covered by which insurance company, and who was covered for each month.  This may entail using the new IRS Form 8965.

If you purchased health insurance from an exchange, you will be getting a new tax document, Form 1095-A.  You should include this form with all of your other tax forms.  Your preparer will determine if you received, or should have received, a subsidy, and that any amount received was the correct subsidy amount.

Those covered by an employer or self-employed health insurance plan will receive a new health insurance Form, 1095-B or 1095-C in January or February of 2016, as that requirement does not start for another year.

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Taxonomy: 

The 2014 tax year brings a major change in the requirements for your individual 1040 tax return.  Due to the Affordable Care Act (ACA) your return now also reports your health insurance status for each month of the year for each person included on your tax return. If you and everyone on your return had health insurance for all 12 months of the year, you can just answer “yes” on the tax questionnaire, or include a statement that everyone had coverage with your other tax documents.  Medicare counts as full coverage, so if you had Medicare in 2014, you are covered for that period of time. 

If you had health insurance coverage for a portion of the year, you will need to let your preparer know which months were covered by which insurance company, and who was covered for each month.  This may entail using the new IRS Form 8965.

If you purchased health insurance from an exchange, you will be getting a new tax document, Form 1095-A.  You should include this form with all of your other tax forms.  Your preparer will determine if you received, or should have received, a subsidy, and that any amount received was the correct subsidy amount.

Those covered by an employer or self-employed health insurance plan will receive a new health insurance Form, 1095-B or 1095-C in January or February of 2016, as that requirement does not start for another year.