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Learn How the Affordable Care Act Affects Your Taxes

Learn How the Affordable Care Act Affects Your Taxes

Posted by: Kaplan Financial Education
Date: December 23, 2014

The IRS has a new publication that will help you learn how the Affordable Care Act affects your taxes.   IRS Publication 5187, Health Care Law: What’s New for Individuals and Families, is now available on IRS.gov/aca.  The publication highlights what's new for the 2014 federal tax return you'll be filing in 2015.

The new publication provides important information for taxpayers who:

  •     Had health insurance coverage for the entire year
  •     Did not have health coverage for each month of the year
  •     Purchased health insurance from the Marketplace
  •     Might be eligible for an exemption from the coverage requirement
  •     Had advance payments of the premium tax credit sent to their insurance provider
  •     Are claiming the premium tax credit on their tax return

The publication includes a glossary that will help you understand new terms related to the ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.

You can access the publication at http://www.irs.gov/pub/irs-pdf/p5187.pdf, or by typing “p5187” into the search window at the top of any IRS.gov page or “5187” in the Forms and Pubs search window on IRS.gov.