2013 Tax Returns

The ACA included several tax laws that went into effect with last year, including:

  • Reporting of employer-sponsored healthcare costs on your federal tax return from your Form W-2
  • Increased threshold for claiming unreimbursed medical expenses as an itemized deduction
  • Additional tax on net investment income from interest, dividends, capital gains, rental and royalty income, and other investment income for high-income taxpayers
  • Additional Medicare tax on wages and compensation for high-income taxpayers

2014 Tax Returns (due April 15, 2015)

Tax time will still be simple and straightforward for the vast majority of Americans. You'll just report whether you had health care insurance for 2014 on your return.

If you purchased 2014 health insurance through a government-sponsored marketplace (federal, state or both) or received the advanced premium tax credit, you'll receive Form 1095-A from your marketplace in January 2015. You'll report this information on your return.

TaxACT makes this easy and fast. Just enter Form 1095-A information when prompted and TaxACT will do the rest. If you received the advanced premium tax credit, TaxACT will calculate whether you'll receive a larger tax credit as a refund or need to pay back any of the credit based on your income.

If you were uninsured for more than three months in 2014, find out if you qualify for an exemption. Go to www.healthcare.gov/exemptions to learn about the exemption criteria. Some exemptions require you to apply for an exemption certificate number (ECN) that you'll report on your tax return. Exemption applications may take several weeks – even months – to process, so don't wait to apply - doing so could delay processing of your tax return and your tax refund!

If you don't qualify for an exemption, you may have to pay an individual shared responsibility payment on your tax return. For 2014, the penalty is whichever amount is greater – 1% of your household income or $95 per adult and $47.50 per child under 18, up to a maximum of $285. Learn more about the penalty and estimate your amount.

Are you a small business owner? Find out how the ACA impacts small businesses.

For more information, you can also visit these websites:

TaxACT resources

IRS resources

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Free Guide: Year-by-Year Impact of ACA Changes

Did you know the Affordable Care Act includes tax law changes? Find out if they'll impact your taxes with TaxACT's free guide.

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