Today, the IRS offered “educational Health Care Tax Tips to help individuals understand how the Affordable Care Act may affect their taxes.” The IRS said that although “many of the tax provisions included in the law went into effect on Jan. 1, 2014, most do not affect the 2013 tax returns.”
The topics include:
- IRS Reminds Individuals of Health Care Choices for 2014 ─ Find out what you need to know about how health care choices you make for 2014 may affect your taxes.
- The Health Insurance Marketplace - Learn about Your Health Insurance Coverage Options – Find out about getting health care coverage through the Health Insurance Marketplace.
- The Premium Tax Credit ─ Learn the basics of the Premium Tax Credit, including who might be eligible and how to get the credit.
- The Individual Shared Responsibility Payment – An Overview ─ Provides information about types of qualifying coverage, exemptions from having coverage, and making a payment if you do not have qualifying coverage or an exemption.
- Three Timely Tips about Taxes and the Health Care Law ─ Provides tips that help with filing the 2013 tax return, including information about employment status, tax favored health plans and itemized deductions.
- Four Tax Facts about the Health Care Law for Individuals ─ Offers basic tips to help people determine if the Affordable Care Act affects them and their families, and where to find more information.
- Changes in Circumstances can Affect your Premium Tax Credit ─ Learn the importance of reporting any changes in circumstances that involve family size or income when advance payments of the Premium Tax Credit are involved.
Additional information can be accessed via: Health Care Tax Tips