Expect new tax forms for your 2014 return
Tax Tip of the Week
February 16, 2015
Expect new tax forms for your 2014 return
Tax law changes put in place by the 2010 health insurance laws are still taking effect. The changes include two new forms that may be part of your 2014 federal income tax return.
- Form 8962, Premium Tax Credit, is the form you'll use to calculate the amount of the federal income tax credit for health insurance premiums that you're eligible to claim. You may have received the credit in advance during 2014 as a reduction in your monthly health insurance premiums. Form 8962 will reconcile the amount you received with the amount you can take on your tax return. If changes in your income made the advance credit higher than the actual credit, you may need to repay some or all of the amount you received. If you could have claimed a greater amount during the year, the difference will reduce your tax or increase your refund. The government health insurance marketplace will send you Form 1095-A. This statement provides the information you need to complete Form 8962.
- Form 8965, Health Coverage Exemptions, is used for claiming an exemption from the penalty for not having health insurance. You'll file this form if you or your family members did not have a health insurance policy that met required coverage standards. You may need to file a separate exemption application at the government health insurance marketplace in order to fill out Form 8965.
Please call so we can help make sure you have all the information necessary to complete these forms accurately.
"Business Tips" are published monthly to provide useful business information. Return to this site every month for helpful suggestions on how to make your business more profitable. If you would like more information on anything in "Business Tips," or if you'd like to be on our mailing list to receive other business, tax, or financial information from time to time, please contact our office.
The business information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
© MC 2015
February 16, 2015
Expect new tax forms for your 2014 return
Tax law changes put in place by the 2010 health insurance laws are still taking effect. The changes include two new forms that may be part of your 2014 federal income tax return.
- Form 8962, Premium Tax Credit, is the form you'll use to calculate the amount of the federal income tax credit for health insurance premiums that you're eligible to claim. You may have received the credit in advance during 2014 as a reduction in your monthly health insurance premiums. Form 8962 will reconcile the amount you received with the amount you can take on your tax return. If changes in your income made the advance credit higher than the actual credit, you may need to repay some or all of the amount you received. If you could have claimed a greater amount during the year, the difference will reduce your tax or increase your refund. The government health insurance marketplace will send you Form 1095-A. This statement provides the information you need to complete Form 8962.
- Form 8965, Health Coverage Exemptions, is used for claiming an exemption from the penalty for not having health insurance. You'll file this form if you or your family members did not have a health insurance policy that met required coverage standards. You may need to file a separate exemption application at the government health insurance marketplace in order to fill out Form 8965.
Please call so we can help make sure you have all the information necessary to complete these forms accurately.
"Business Tips" are published monthly to provide useful business information. Return to this site every month for helpful suggestions on how to make your business more profitable. If you would like more information on anything in "Business Tips," or if you'd like to be on our mailing list to receive other business, tax, or financial information from time to time, please contact our office.
The business information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
