2014 ACA and IRS Tax Forms

If you enrolled in coverage during 2014 for the Affordable Care Act (aka “Obamacare”), you must file a federal tax return.  You will be receiving a 1095A form from the Health Insurance Marketplace in early February.   Keep this form with your tax information as it will be needed to complete your 2014 tax return.

 

Last year’s Federal Poverty Levels (FPL)
To determine your subsidy, the Marketplace uses the prior year’s FPL. In 2014, they used the 2013 Federal Poverty Levels.  If your income was between 100-400% of FPL and you did not have access to group insurance (thru your employer or a spouse’s employer), you would have qualified for a subsidy.

 

Tax Forms
ACA Tax Form 1095A – Health Insurance Marketplace Statement
Instructions for ACA Tax Form 1095A
Form 1095A Frequently Asked Questions (FAQs)
This form will be mailed to you in early February 2015 by the Marketplace and also available on your Marketplace account. You will give your tax preparer this form to reconcile your subsidy. If you received too much subsidy, you have to pay the excess back. If you did not get all the subsidy you were supposed to, you would get it back in your tax return as additional tax credit.

 

ACA Tax Form 8962 – Premium Tax Credit (PTC)
Instructions for ACA Tax Form 8962
This form is what your tax preparer will use to reconcile/verify your subsidy eligibility.  Your preparer will provide this for you.  This link is here for your reference.

 

If you know of anyone who has yet to enroll for 2015 coverage, the deadline is February 15th, 2015.  Please have them contact us via the form on the right on this page.  We will contact them to determine if they qualify for a subsidy or not.