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New IRS Publication helps you understand the Health Care Law

posted Jan 4, 2015, 5:17 PM by Zaher Fallahi   [ updated Jan 4, 2015, 5:19 PM ]

There is a new publication that will assist taxpayers to understand about how the Affordable Care Act (ACA) affects their taxes. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal income tax return you will be filed on or before April 15, 2015, unless extended. The publication includes a glossary that will help taxpayers understand new ACA terms and addresses the new lines on the annual tax returns Forms 1040, 1040-A and 1040-EZ, where appropriate. Some taxpayers have qualifying health insurance coverage, and will check a box on their tax return. The new publication provides important tax tips for taxpayers who:

a) Had health insurance coverage for the entire year

b) Did not have health coverage for each month of the year

c) Purchased health insurance from the Marketplace

d) Might be eligible for an exemption from the coverage requirement

e) Had advance payments of the premium tax credit sent to their insurance provider

f) Is claiming the premium tax credit on their tax return

g) Click here for Publication 5187

Zaher Fallahi, Tax Resolution CPA, assists taxpayers, including Americans living abroad, with tax preparation, tax planning, IRS representation, disclosing undeclared foreign bank accounts (offshore voluntary disclosure program, OVDP), report of foreign bank & financial accounts (FBAR, and Foreign Account Tax Compliance Act (FATCA).  Los Angeles: (310) 719-1040, Orange County:( 714) 546-4272 and e-mail: [email protected]