Tax Preparer’s Guide to the Affordable Care Act
Posted by Center on Budget and Policy Priorities on March 16, 2015
Starting with the 2014 tax filing season, tax returns will include new questions and forms related to the Affordable Care Act (ACA). The Center on Budget and Policy Priorities developed The Tax Preparer’s Guide to the Affordable Care Act to help tax preparers and taxpayers understand how these new requirements will affect their tax preparation. According to the guide, many low-income taxpayers need to complete new forms or worksheets to claim an exemption from ACA’s coverage requirement, and those who received advance payments of the subsidy to purchase insurance in a marketplace will need to reconcile those payments with their final subsidy amount calculated on their return. The guide includes basic information about new forms, examples and practical tips on how to approach ACA-related sections of the tax return, and thorough explanations of coverage requirements under the ACA.
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