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The NSPA Blog

THE AFFORDABLE CARE ACT (ACA) AND FILING YOUR 2014 TAX RETURNS

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Posted on January 8th, 2015 by Teri Dreher, under Tips & Resources

ID-100188091This is a guest post written by my partner, Avrom Fox, MSW.

All US citizens or permanent residents living in the US were required to have minimal health insurance coverage as of January 1, 2014. This was the requirement of the ACA which stipulated that everyone, including seniors and children were covered. If the tax filer did not have insurance coverage or qualify for an exemption, there could be a tax that must be paid on your 2014 income tax return.

Most people have health insurance through their job. Many individuals purchased their insurance through the Health Insurance Marketplace (HIM) or directly from a private insurance company such as Blue Cross. Also coverage through Medicare A, Medicaid, CHIP and most VA programs will also qualify.  Anyone who had coverage for the whole year will just be required to check a box on their tax return.

Taxpayers, who bought their health insurance through a health marketplace and qualified for a reduced premium based on projected income, will file Form 8962 to calculate their actual credit and reconcile what they received to their credit. Taxpayers who didn’t have health insurance for all twelve months in 2014 will use Form 8965 to calculate their shared responsibility penalty. Taxpayers who had no health insurance will also be required to pay a penalty.

Your accountant will need documentation for the insurance you did purchase in 2014, whether through your employer, individually, or any of the other sources listed above.

With over 36 years of clinical experience in Critical Care nursing, home based health care and expertise as a cardiovascular nurse clinician, Teri is well acquainted with the complexities of the modern healthcare system. She has served as a nursing leader, mentor, educator, and consistent patient advocate throughout her career in some of the best hospitals across the country. Her passion to keep the patient at the center of the model of nursing care led her to incorporate NShore Patient Advocates, LLC in 2011, serving clients throughout the northern suburbs of Chicago.

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