Are you curious about how the Affordable Care Act will impact your taxes? Then you’re in luck. The Internal Revenue Service has released a new publication in an effort to assist consumers with learning the ins and outs of the ACA and how it will affect them.
A wealth of information can be found in IRS Publication 5187, Health Care Law: What’s New for Individuals and Families. This handy guide gives a rundown of new developments for this tax season.
The IRS says special updates are available for those who:
- 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
- Are claiming the premium tax credit on their tax return
- Had advance payments of the premium tax credit forwarded to their insurance provider
Publication 5187 also contains a glossary of new terms related to ACA as well as new lines for reporting ACA information on Forms 1040, 1040-A and 1040-EZ.
You can obtain Publication 5187 at IRS.gov/aca. For more information on the Affordable Care Act, see What Consumers Should Know about the Affordable Care Act.