HCTT-2014-23: New IRS Publication helps you understand the Health Care Law

Internal Revenue Service (IRS) sent this bulletin at 12/24/2014 09:59 AM EST

IRS Tax Tips

December 24, 2014

Issue Number: HCTT-2014-23

Inside This Issue

New IRS Publication helps you understand the Health Care Law

There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal tax return you will be filing in 2015.

This new publication provides important information for taxpayers who:

Had health insurance coverage for the entire year
Did not have health coverage for each month of the year
Purchased health insurance from the Marketplace
Might be eligible for an exemption from the coverage requirement
Had advance payments of the premium tax credit sent to their insurance provider
Is claiming the premium tax credit on their tax return

The publication includes a glossary that will help you understand new terms related to ACA. It also addresses the new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.

Most people have qualifying health coverage, and all they will need to do is simply check a box on their tax return.

You can access Publication 5187 at IRS.gov/aca, along with other important information related to the health care law. You can also find it by typing “p5187” into the search window at the top of any IRS.gov page or “5187” in the Forms and Pubs search window on IRS.gov.

Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

HCTT-2014-23: New IRS Publication helps you understand the Health Care Law

Useful Links:

News Essentials

The Newsroom Topics

IRS Resources

Issue Number: HCTT-2014-23

Inside This Issue