Check ACA Info Before Extension Deadline

Prepare for tax timeThe Internal Revenue Service reminds taxpayers who received an extension for your 2015 tax return to double check your return and information as it relates to the Affordable Care Act before filing the return on October 17, 2016.

If you have minimum essential coverage for all of 2015, simply report that you had health coverage when  you file your tax return by checking a box on Form 1040, 1040A or 1040EZ.  For any month that you or anyone in your family did not have minimum essential coverage, you need to either claim or report a coverage exemption or make a shared responsibility payment when you file your tax return.

If you enrolled in health coverage through the Health Insurance Marketplace, you may be eligible for the premium tax credit. If you benefited from advance payments of the premium tax credit, you must file a federal income tax return to reconcile your advance credit payments, even if you’re otherwise not required to file.  Failing to file will prevent you from receiving advance credit payments in future years.

Before filing the 2015 return, be sure to make a copy and keep it and all supporting documents for a minimum of three years. Doing so will make it easier to fill out a 2016 return next year. In addition, you will often need the adjusted gross income amount from your 2015 return to properly e-file your 2016 return.

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