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The Health Care Law's Effect on Your Tax Return

The Affordable Care Act contains tax provisions that affect the 2014 income tax return you file this year. Almost everyone is affected by the individual shared responsibility provision while only people who purchased coverage through the Marketplace are affected by the premium tax credit. The following chart will help you better understand what you need to do on your tax return. This chart is also available on IRS.gov/aca.

To help navigate these changes, taxpayers and their tax professionals should consider filing returns electronically. Using tax preparation software is the best and simplest way to file a complete and accurate tax return as it guides individuals and tax preparers through the process and does all the math. There are a variety of electronic filing options, including free volunteer assistance, IRS Free File for taxpayers who qualify, commercial software, and professional assistance.

As a caretaker of your business the process we will:

IF YOU…	THEN YOU…
Had health care coverage for the entire year for yourself and everyone in your tax household	Will simply check the box on your individual income tax return on the line labeled - Health care, individual responsibility - to indicate full year coverage
Enrolled in health insurance through the Marketplace	Should receive a Form 1095-A Health Insurance Marketplace Statement from the Marketplace
Enrolled in health coverage through the individual market or a government sponsored plan	Should receive a Form 1095-B, Health Coverage form from the provider
Worked for an applicable large employer	May receive a Form 1095-C, Employer-Provided Health Insurance Offer and Coverage Insurance, from your employer
Received a Form 1095-C, Employer-Provided Health Insurance Offer and Coverage Insurance, from your employer reflecting coverage your employer offered, even if you chose not to take that coverage	Will use Form 1095-C to determine your eligibility for the premium tax credit if you enrolled in coverage through the Marketplace If you or any family members enrolled in self-insured employer coverage, you may receive Form 1095-C showing this coverage
Received a Form 1095-B, Health Coverage,from your coverage provider showing you or any family members had health coverage	Will check the full-year coverage box on your tax return, if Form 1095-B shows coverage for you and everyone in your family for the entire year If there are months when you or your family members did not have coverage, determine if you qualify for an exemption or must make an individual shared responsibility payment.
Received a Form 1095-A, Health Insurance Marketplace Statement, showing you received the benefit of advance payments of the premium tax credit	Must file a tax return and reconcile the advance payments with the amount of the premium tax credit allowed on your return
Received a Form 1095-A, Health Insurance Marketplace Statement and did not receive advance payments of the credit.	Will use the form to determine if you are eligible for the premium tax credit. Check the full-year coverage box on your tax return, if the form shows coverage for you and everyone in your family for the entire year. If there are months when you or your family members did not have coverage, determine if you qualify for an exemption or must make an individual shared responsibility payment
Need to reconcile the advance payments of the premium tax credit with the credit allowed	Must file a tax return and IRS Form 8962 Premium Tax Credit (PTC) to reconcile
Must repay any excess advance payments of the premium tax credit	Must report the information on Form 1040 or Form1040-A on the line labelled - Excess advance premium tax credit repayment. You cannot file Form 1040-EZ
Are claiming the premium tax credit and did not benefit from advance payments of the premium tax credit	Must file a tax return and IRS Form 8962, Premium Tax Credit (PTC) and claim the credit on the line labelled - Net premium tax credit
Did not receive an expected Form 1095-A, 1095-B or 1095-C regarding your health coverage	Should contact the entity that is supposed to issue the form
Did not have health coverage for the full year and are claiming a coverage exemption	Should file Form 8965, Health Coverage Exemptions, and submit it with your tax return
Need to obtain a religious conscience exemption or a hardship exemption that can only be granted by the Marketplace	Should file an application with the Marketplace and follow the instructions below about how to report exemptions from the Marketplace on your tax return
Obtained an exemption from the Marketplace, and received your unique Exemption Certificate Number	Will enter the Exemption Certificate Number in Part I of Form 8965, Health Coverage Exemptions, and submit the form with your tax return
Applied for an exemption from the Marketplace, but do not currently have an Exemption Certificate Number	Will enter ‘PENDING’ in Part I of Form 8965 Health Coverage Exemptions, and submit the form with your tax return
Are claiming an exemption that can be claimed only on the tax return	Will not need an Exemption Certificate Number, but will complete Part II or III of Form 8965, Health Coverage Exemptions, and submit the form with your tax return
Are able to obtain the exemption from either the IRS or the Marketplace	Should get the exemption from the IRS by completing Part III of Form 8965,Health Coverage Exemptions, and submit the form with your tax return
Did not have coverage during any month and you are not eligible for a coverage exemption	Must make a shared responsibility payment. You will enter the payment amount on Form 1040 or Form 1040-A or Form 1040-EZ on the line labelled - Health care individual responsibility

IF YOU…

THEN YOU…

Had health care coverage for the entire year for yourself and everyone in your tax household

Will simply check the box on your individual income tax return on the line labeled - Health care, individual responsibility - to indicate full year coverage

Enrolled in health insurance through the Marketplace

Should receive a Form 1095-A Health Insurance Marketplace Statement from the Marketplace

Enrolled in health coverage through the individual market or a government sponsored plan

Should receive a Form 1095-B, Health Coverage form from the provider

Worked for an applicable large employer

May receive a Form 1095-C, Employer-Provided Health Insurance Offer and Coverage Insurance, from your employer

Received a Form 1095-C, Employer-Provided Health Insurance Offer and Coverage Insurance, from your employer reflecting coverage your employer offered, even if you chose not to take that coverage

Will use Form 1095-C to determine your eligibility for the premium tax credit if you enrolled in coverage through the Marketplace

If you or any family members enrolled in self-insured employer coverage, you may receive Form 1095-C showing this coverage

Received a Form 1095-B, Health Coverage,from your coverage provider showing you or any family members had health coverage

Will check the full-year coverage box on your tax return, if Form 1095-B shows coverage for you and everyone in your family for the entire year

If there are months when you or your family members did not have coverage, determine if you qualify for an exemption or must make an individual shared responsibility payment.

Received a Form 1095-A, Health Insurance Marketplace Statement, showing you received the benefit of advance payments of the premium tax credit

Must file a tax return and reconcile the advance payments with the amount of the premium tax credit allowed on your return

Received a Form 1095-A, Health Insurance Marketplace Statement and did not receive advance payments of the credit.

Will use the form to determine if you are eligible for the premium tax credit. Check the full-year coverage box on your tax return, if the form shows coverage for you and everyone in your family for the entire year. If there are months when you or your family members did not have coverage, determine if you qualify for an exemption or must make an individual shared responsibility payment

Need to reconcile the advance payments of the premium tax credit with the credit allowed

Must file a tax return and IRS Form 8962 Premium Tax Credit (PTC) to reconcile

Must repay any excess advance payments of the premium tax credit

Must report the information on Form 1040 or Form1040-A on the line labelled - Excess advance premium tax credit repayment. You cannot file Form 1040-EZ

Are claiming the premium tax credit and did not benefit from advance payments of the premium tax credit

Must file a tax return and IRS Form 8962, Premium Tax Credit (PTC) and claim the credit on the line labelled - Net premium tax credit

Did not receive an expected Form 1095-A, 1095-B or 1095-C regarding your health coverage

Should contact the entity that is supposed to issue the form

Did not have health coverage for the full year and are claiming a coverage exemption

Should file Form 8965, Health Coverage Exemptions, and submit it with your tax return

Need to obtain a religious conscience exemption or a hardship exemption that can only be granted by the Marketplace

Should file an application with the Marketplace and follow the instructions below about how to report exemptions from the Marketplace on your tax return

Obtained an exemption from the Marketplace, and received your unique Exemption Certificate Number

Will enter the Exemption Certificate Number in Part I of Form 8965, Health Coverage Exemptions, and submit the form with your tax return

Applied for an exemption from the Marketplace, but do not currently have an Exemption Certificate Number

Will enter ‘PENDING’ in Part I of Form 8965 Health Coverage Exemptions, and submit the form with your tax return

Are claiming an exemption that can be claimed only on the tax return

Will not need an Exemption Certificate Number, but will complete Part II or III of Form 8965, Health Coverage Exemptions, and submit the form with your tax return

Are able to obtain the exemption from either the IRS or the Marketplace

Should get the exemption from the IRS by completing Part III of Form 8965,Health Coverage Exemptions, and submit the form with your tax return

Did not have coverage during any month and you are not eligible for a coverage exemption

Must make a shared responsibility payment. You will enter the payment amount on Form 1040 or Form 1040-A or Form 1040-EZ on the line labelled - Health care individual responsibility

Meet Michael Silverman, Your CFO

A senior financial professional with a proven track record in managing all aspects of financial and treasury functions within global distribution and manufacturing operations and service organizations.

Michael is customer focused and results oriented team builder with excellent communiation and problem solving skills. He has successfully streamlined organization by 31% through plant closings and consolidation of positions, which reduced annual operating expenses by $4.6 million.

His progressive experience in a private equity environment allowed him to become skilled with bargaining unit negotiations. An attestation to his problem solving skills, Michael successfully managed an $8 million business to avoid potential bankruptcy filing.

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