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ACA

Affordable Care Act Information

The IRS has issued a publication with useful information. You can find it at this link. Also, you can access a short pamplet issued by the AICPA here.

You may have received a form 1095 from the government marketplace, your health insurance company, or your employer. If you bought insurance from the marketplace in 2017, you will need to bring us form 1095A once you receive it before we can begin working on your return. If you purchased health insurance directly from and insurance company or through a group plan with your employer, you will receive one of these forms (either 1095B or 1095C) at a later date. If the information you receive on these forms differs from that below, an amended return may be necessary. IF YOU RECIEVED YOUR HEALTH INSURANCE THROUGH THE FEDERAL OR STATE EXCHANGE, WE CANNOT WORK ON YOUR RETURN UNTIL WE HAVE THE 1095A.

There are two items that affect your tax return in regard to the Affordable Care Act mandates.

 

  • There will be a penalty assessed for each month that you do not have minimum essential coverage. There are some exemptions to this penalty. We will review these with you during the preparation of your return.
  • If you obtained coverage through the federal or state exchange, you may be eligible for a credit. Some taxpayers received this credit in advance to help pay for coverage. If so, we will calculate what you credit should be based on your income. If you received too much, the result could be a reduction in your refund or a requirement to repay. If your received too little, a larger refund could result.

 

PLEASE NOTE: IF YOU RECEIVED ADVANCED PAYMENTS ON YOUR PREMIUM TAX CREDIT, YOU MUST FILE YOUR RETURN BY APRIL 15 AND WILL NOT BE ELIGIBLE FOR AN EXTENSION!