Reporting Your Health Insurance Coverage on Your 2015 Return
Along with each new tax season comes new forms, laws, and guidelines that must be followed in order for your income tax return to be identified as accurate. The Affordable Care Act Tax provision is something to take note of as you are expected to indicate whether you have insurance coverage or not, and include any pertinent tax documents that prove what your claiming is in fact true. According to irs.gov, you are expected to receive some forms regarding your health care coverage for the 2015 tax year.
Tax attorneys in New York also note that with the requirement of acknowledging your insurance coverage, you may in fact see a difference in your tax return. The IRS states that the individual shared responsibility provision along with the premium tax credit will play some role when determining the outcome of what you are expected to either pay in or receive back. If you have your own health insurance policy through a company other than one provided by the Affordable Care Act, you simply want to note that on your tax return.
So what is the Individual Shared Responsibility Provision?
Tax legal representatives in New York acknowledge that you as well as each member of your family must comply with one of the following according to irs.gov:
- “Have qualifying health coverage called minimum essential coverage.”
- Meet the requirements to claim a health coverage exemption.
- If you did not have coverage or were exempted, you can “make a shared responsibility payment with your federal income tax return.”
There are also some cases where you may be eligible to receive the premium tax credit based on the policy you hold and “if you purchased coverage through the Health Insurance Marketplace.”
Tax lawyers in New York also want you to take note that should you be reporting your insurance coverage, you will do so using either Form 1095-A, 1095-B, or 1095-C. While you may be wondering what the difference in forms are, New York tax attorneys will gladly provide that information for you below.
- Form 1095-A- This form will be received by those who purchased an insurance policy through the Health Insurance Marketplace.
- Form 1095-B- This form applies to those who purchased their health insurance through a different insurer.
- Form 1095-C- If your employer provided your health insurance coverage for 2015, this is the form you will be receiving as well as expected to file.
Although it may seem a bit complicated to understand all the new expectations the IRS has for the citizens living in the U.S., be sure you understand what forms apply to your current situation, and that all income and tax credits received are given based on information that was provided to the best of your knowledge. New York tax attorneys also encourage any individual who has yet to file or amend their return to do so immediately before the deadline date arrives.
- When Should I Call a Tax Lawyer in Denver, CO? - September 5, 2019
- Will a Corporate Split in Edinburg Texas Affect Taxation, After a Disagreement Regarding Client List Ownership and the Removal of Partners who Want to Start Another Entity? - May 13, 2019
- Do I Need a Business Law Attorney to Set up a Non-Profit Corporation in St. Augustine Florida Due to Special 501(c)(3) Tax Requirements? - May 13, 2019
