ObamaCare Taxes Due April 15
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Here are some last minute tax tips for ObamaCare about claiming tax credits, claiming exemptions, using your 1095-A form, and filing for extensions.
- If you had minimum essential coverage all year and didn’t miss a month, simply check the box on line 61 of your 1040. If you got tax credits you won’t be able to file a 1040-EZ so use a 1040-A or traditional 1040.
- If you got Marketplace cost assistance you’ll need to file 8962 – Premium Tax Credit. You’ll claim tax credits you are owed, and repay tax credits up to the repayment limit for your income.
- If you file 8962, make sure to double check the information on your 1095-A. If you didn’t get a 1095-A, make sure to read the latest April 2015 update from the Treasury department on what to do.
- If you missed a month of coverage make sure to file 8965 – Health Coverage Exemptions. You’ll automatically get an exemption for less than 3 months in a row without coverage and an exemption for getting covered during open enrollment when you file the form. Plus there are about 20 other exemptions you can take. Some require proof, others don’t.
- If you need more time to file your taxes, file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (file this if you still haven’t gotten a 1095-A, but DID get Marketplace cost assistance, make sure to estimate at least 90% of your payment to avoid a penalty).
- If you need help understanding some of the tax jargon you may want to see our guide to filing taxes under the ACA, our page on MAGI, or our page on the Federal Poverty Guidelines.
If you still need direction, try using the handy guide from the IRS re-published below:
|
IF YOU… |
THEN YOU… |
|---|---|
| And everyone in your tax householdhad health coverage for the entire year | Will simply check the box on line 61 of Form 1040, line 38 of Form 1040-A, or line 11 of Form 1040-EZ |
| Enrolled in health insurance throughthe Marketplace | Should receive a Form 1095-A Health Insurance Marketplace Statement from the Marketplace |
| Received a Form 1095-A, Health Insurance Marketplace Statement,showing you received the benefit of advance payments of the premium tax credit in 2014 | Must file a tax return in 2015 and reconcile the advance payments with the amount of the premium tax credit allowed on your return |
| Need to reconcile the advance payments of the credit with the credit allowed | Make the calculations using IRS Form 8962 Premium Tax Credit (PTC) |
| Must repay any excess advance payments of the premium tax credit | Must report the information on line 46 Form 1040 or line 29 of Form1040-A, and cannot file Form 1040-EZ |
| Are claiming the premium tax credit and did not benefit from advance payments of the premium tax credit | Must file a tax return and IRS Form 8962, Premium Tax Credit (PTC) |
| Did not receive a Form 1095-A,Healthcare Insurance Marketplace Statement, from the Marketplace | Should contact the state or federalMarketplace through which you enrolled |
| Are claiming an exemption from the requirement to have health coverage for anyone on your tax return | Will complete Form 8965, Health Coverage Exemptions, and submit it with your tax return |
| Still need to obtain a religious conscience exemption or a hardship exemption that can only be granted by the Marketplace | Should file an application with the Marketplace and follow the instructions below about how to report exemptions from the Marketplace on your tax return |
| Obtained an exemption from the Marketplace, and received your unique Exemption Certificate Number | Will enter the Exemption Certificate Number in Part I of Form 8965, Health Coverage Exemptions, and submit the form with your return |
| Applied for an exemption from the Marketplace, but do not currently have an Exemption Certificate Number | Will enter ‘PENDING’ in Part I of Form 8965 Health Coverage Exemptions, and submit the form with your return |
| Are claiming an exemption that can be granted only from the IRS | Will not need an Exemption Certificate Number, but will complete Parts II and III of Form 8965, Health Coverage Exemptions, and submit the form with your return |
| Are able to obtain the exemptionfrom either the IRS or the Marketplace | Should obtain the exemption from the IRS by completing Part II and III of Form 8965, Health Coverage Exemptions, and attach this form to your federal tax return when you file |
| Are making a shared responsibility payment because you did not have health coverage or qualify for an exemption for any month in 2014 | Will enter the payment amount on line 61 of Form 1040, line 38 of Form 1040-A, or line 11 of Form 1040-EZ |
Author: Thomas DeMichele
Thomas DeMichele is the head writer and founder of ObamaCareFacts.com, FactsOnMedicare.com, and other websites. He has been in the health insurance and healthcare information field since 2012. ObamaCareFacts.com is a...
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Steve Tucker
I filed my taxes and owed about $349 for the Shared Responsibility penalty. My Federal Refund was $666.00. I received $666.00 as my refund. Does that mean I do not owe or does that mean it was not deducted but I still owe it. If I owe it, how do I pay it now that I have filed and received my refund. How come no one thought about that to include on the web site.
ObamaCareFacts.comThe Author
That would likely be the result after they withheld your $349. I can say for sure. But to clarify, if you don’t elect to make the payment (if you owe it) the IRS can simply withhold it. Not sure if they need to let you know in a letter or something. IF anyone knows more comment.
Debbie Pease-Martinez
I applied on line for my daughter and her husband so even though their own companies offer outrageous insurance plans which cost $670 through his for both and hers only offers individual at $400 for her they are not eligible for any tax subsidies since they are not using their own employer. We got insurance on marketplace for $482 for both. Not rocket science right! So why are low income families making less than the $79,000 for a family of 3 being penalized for looking for cheaper more affordable health care when they can’t afford their own employer plans? Though personally $482 when you make around $60,000 a year is not what I consider affordable health care!
Veronica
where can I check to see if my Obama care was received with the irs for 2014
ObamaCareFacts.comThe Author
The easiest way is to call the IRS: http://www.irs.gov/uac/Telephone-Assistance. You can call the Marketplace to have them confirm it was filed (you can also check in your account to see if your 1095-A was posted). You can also see this link for contacting the IRS: http://www.irs.gov/uac/How-to-Contact-the-IRS-1. That link includes “where is my refund” which should give you insight into things.