Tax Impacts of Health Insurance Coverage In 2014
The IRS has published a document titled “Tax Impacts of Health Insurance Coverage for Individuals & Families in 2014”
This is a “Virtual Town Hall” series and is one of the things that many people are concerned with in regard to the new ACA law. That is, how will the Tax law and this intersect with an individuals Tax return and life.
Please note that I am not a lawyer or a CPA.
The following are links to information about the tax impacts of Health Insurance in 2014:
Tax Impacts of Health
Insurance Coverage for
Individuals & Families in 2014 (PDF 3474 KB) (20 pages)
I am writing about this so my clients can us this information with regard to their own individual health insurance and taxes.
Individual Shared Responsibility Overview (p 13)
Starting in 2014, everyone must either:
Have Minimum Essential Coverage (MEC)
Have a Coverage Exemption
Make a Shared Responsibility Payment
Reporting coverage or exemptions, or making payments:
- No reporting until the 2014 tax return is filed in 2015
- Payments, if due, will be reported and paid with the tax return
- No liens or levies can be used by the IRS to collect any Individual Shared Responsibility Payment
*NOTE* the writer of this article (blog post) is not a lawyer or a CPA.
I first get word of this from an insurance email I get from lifehealthpro.com.
The email was titled “Small groups may be hit by PPACA rule“.