For the first time, all taxpayers must include information about their health care coverage to the IRS on their 2014 Form 1040.
Another year, another tax form or two.
2014 was the first tax year that the Individual Shared Responsibility Provision (SRP) of the Affordable Care Act (ACA) went into effect. That means all taxpayers were required by law to have had minimum essential coverage for all 12 months, which includes:
- Government-sponsored programs like Medicare,
- Employer-sponsored coverage,
- Individual coverage purchased through the Health Insurance Marketplace (either HealthCare.gov or your state’s exchange) or directly from an insurance company, or
- Grandfathered health plans (some that existed before the ACA was passed and have not changed since).
If you would like assistance complying with the ever growing tax code, Canner Brody and Yan is a Miami CPA Accounting firm that has operate for over 65 years. Minimizing taxes legally is our specialty. We provide tax services for snow birds, high networth individuals and international tax services as well.
Call Andrew Brody CPA JD at 305-728-5109 or 305-231-2150. We have office locations in Miami Lakes and Downtown Miami on Brickell Avenue.