The Affordable Care Act (Obamacare) has reporting requirements for all taxpayers on their 2014 1040 returns. These requirements include:
Taxpayers will receive various forms from employers, insurance companies, the marketplace and other government entities. The current forms which may be received by taxpayers and household members are:
There are additional new forms which are to be used to make the necessary calculations and to be filed with the 2014 1040 tax returns. As of 12/15/14, most of these IRS forms have not been finalized and the instructions on how to use the forms have not yet been published. The IRS has indicated that due to they complexity of the ACA, the ability to file your taxes may be delayed past the normal January 15th start date and that processing time for returns and for refunds may also be delayed.
To help get our clients through this process we have made available some information which we hope will simplify your gathering of the needed ACA information. Click here for our ACA Information Catalogue.