The New Form 1095-A: Reporting Health Insurance Coverage

For the first time, all taxpayers must include information about their health care coverage to the IRS on their 2014 Form 1040.

Another year, another tax form or two.

2014 was the first tax year that the Individual Shared Responsibility Provision (SRP) of the Affordable Care Act (ACA) went into effect. That means all taxpayers were required by law to have had minimum essential coverage for all 12 months, which includes:

• Government-sponsored programs like Medicare,
• Employer-sponsored coverage,
• Individual coverage purchased through the Health Insurance Marketplace (either HealthCare.gov or your state’s exchange) or directly from an insurance company, or
• Grandfathered health plans (some that existed before the ACA was passed and have not changed since).

If you have such health coverage, all you have to do is check the “Yes” box on the new line 61 on the 2014 Form 1040.  [MORE] . . .