PPACA and the IRS:
 
New Tax Forms for 2014 Tax Filing


 Friends, 


 

As we shift into the new year, we're gearing up for an onslaught of new paperwork that is essential for filing your 2014 tax return - one brand-new piece of paper you should be aware of is the Form 1095-A, the Health Insurance Marketplace Statement.


 

If you obtained coverage under PPACA last year, you need Form 1095-A to file your tax return for 2014. The form is to be sent by January 31st, but you're not going to be able to file your taxes without it.  So this is one slip of paper you do not want to lose.  It certainly seems early to be talking about taxes, especially as we're still cleaning up holiday cards, boxes and everything else. But this tax season could be a mess, thanks in part to some complicated tax rules involving the PPACA.

 

The Internal Revenue Service will begin accepting tax returns electronically as of Jan. 20 and begin processing paper returns at that same time.  It is very important not to disregard or misplace any of the following: 

  • Any form 1099
  • Any W-2
  • New forms related to the Affordable Care Act.


 

The Affordable Care Act

 

If you bought health care insurance through the Marketplace for 2014, you want to keep an eye out for Form 1095-A, which should be sent out by the end of January.  Consumers will receive their 1095-A from the Marketplace in the mail, and it will be posted to their online HealthCare.gov account during tax filing season.  This is the first time taxpayers will be sent the 1095-A.

 

Form 1095-A reports the total monthly health insurance premiums paid to the insurance company you selected through the Marketplace. It also details the advance payments of the premium tax credit that were paid directly to your insurance company.  If Form 1095-A is lost, never shows up, or is wrong, taxpayers must contact their Marketplace directly. Taxpayers can get information on how to reach the Marketplace on www.healthcare.gov and www.irs.gov/aca 

 

The IRS has recently released a new 21 page publication on how the PPACA affects income taxes.  The document is titled IRS Publication 5187 - Health Care Law:  What's New for Individuals and Families



 

PPACA and the 1099

 

Are you a baby boomer who just started collecting Social Security benefits in 2014? The 

Social Security Administration's SSA-1099 can be misplaced, some tax preparers say, because that form ca


is sent in January to those
receiving Social Security benefits. It shows total benefits received for the previous year.n be sent before the taxpayer even starts thinking about 1040 returns.  Form SSA-1099 


 

If you lost the form or did not receive it, you can request a replacement online beginning February 1st at www.ssa.gov , call 800-772-1213, or contact the local Social Security office.  Also, 1099s can be sent for gambling winnings, self-employment or subcontractor income, and interest and dividends on investments.


 

 

PPACA and Other IRS Paperwork

 

Special life events create a string of important tax papers.  If you bought a house make sure to keep the HUD-1, the closing statement you received when you bought and sold the house.  If you refinanced a mortgage, you'd also have received the HUD-1 statement when you close on the refinance.  If you had a newborn, make sure to have the child's Social Security card ready for tax time. It is best to verify the name as spelled on the card and the exact Social Security number on the card.


 

As early as it seems, it's never too early to get a special folder for all the paperwork you'll need at tax time.

 


 


 


 


 

www.altruisbenefit.com | 877.442.5878 | @altruishealth | info@altruisbenefit.com


 


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