ACA and Your Tax Return
If you prepare your own tax return (I threw in the towel with 2009’s return), start early because you’ve got some new material to learn. The full force of the Affordable Care Act will show up on your 2014 tax return form. Have you heard of these yet: Health Insurance Marketplace Statement. Premium Tax Credit. Health Coverage Exemptions. Shared Responsibility Payment. You will, my friend, you will.
Fortunately the IRS has been busy doing what it does best: making things easier for Americans! 🙂 To that end, it prepared this handy chart to help ease you into the new ACA-inspired tax lingo and minimize the nasty messages it receives from newly mind-blown taxpayers. (Remember: the IRS only does what the people you elect tell it to do!)
(The chart below is a screenshot, so the links don’t function. To see the chart on the IRS’ website with fully functional links [we can hope], click here.)