February 25, 2014 - The Internal Revenue Service is offering educational Health Care Tax Tips to help individuals understand how the Affordable Care Act may affect their taxes.
The IRS has designed the Health Care Tax Tips to help people understand what they need to know for the federal individual income tax returns they are filing this year, as well as for future tax returns. This includes information on the Premium Tax Credit and making health care coverage choices.
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 Health Care Tax Tips, which are now available at IRS.gov/aca, 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 ...