New Healthcare and Income Tax Fact Sheets

Posted by U.S. Department of Health and Human Services on February 2, 2015

CMS Releases New Tools to Help Consumers During Tax Season

Today, CMS released new tools to help consumers during the upcoming tax filing season. The 2015 tax season is the first time individuals and families will be asked for some basic information regarding their health insurance on their tax returns. Specifically, CMS has made available two tools to help consumers fill out IRS Forms 8962 and 8965. One tool helps consumers determine the amount of their 2014 Premium Tax Credit for Form 8962. The second tool helps consumers determine whether or not they qualify for the exemption for coverage being unaffordable, for Form 8965.

While the vast majority of tax filers – over three quarters – will just need to check a box on their tax return indicating they had health coverage for all of 2014, people who purchased coverage through the Health Insurance Marketplaces, or decided not to enroll in coverage, should be aware of the additional steps that will be a part of the tax filing process starting this year. Consumers will have questions about this new process and the Administration is committed to providing the information and tools tax filers need to understand the new requirements.

These tools can be accessed here: https://www.healthcare.gov/taxes/

In addition, CMS has posted a new fact sheet for consumers about health coverage and federal income taxes as well as specific information on different types of exemptions.

The fact sheet can be found here: http://www.hhs.gov/healthcare/facts/factsheets/2015/01/health-coverage-federal-income-taxes.html