Five tips for individuals navigating the Health Care law tax filing requirements

April 12, 2016

The IRS recently released a Health Care Tax Tip to assist individuals in navigating the filing requirements related to the Affordable Care Act (ACA).

Some of the tips the IRS mentions:

  1. Don’t send health care information forms (like a 1095-A, B, or C), or proof of coverage to the IRS when you file your tax return. Keep them for your personal records.
  2. Consider health coverage exemptions to avoid paying more than necessary.
  3. Don’t confuse Form 8962 and Form 8965. Form 8965, Health Coverage Exemptions, is used to claim an exemption, while Form 8962, Premium Tax Credit, must be filed with your tax return if you received the benefit of advance credit payments.
  4. File electronically, if you can. It can help calculate the proper amounts when filing.
  5. Learn more about the health care law before you file.

The ACA can affect your taxes in a number of different ways – make sure you understand how. Read more about the ACA and your taxes, or try one of our three Healthcare credit and payment estimators.