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Professional Tax Software News & Advice

Health Coverage Exemptions: What Are They, How to Obtain Them, and How to Claim Them

The Internal Revenue Service reminds taxpayers that they will see some new things on their 2014 tax return involving the new health care law, also known as the Affordable Care Act or ACA. Under the ACA individual shared responsibility provision, taxpayers are required to have qualifying health care coverage if they can afford it in each month or make a payment, called an individual shared responsibility payment, when they file their tax returns. Some taxpayers qualify for an exemption from this requirement for a variety of reasons. [More]