The open enrollment period to access the Healthcare Marketplace is from November 15, 2014 – February 15, 2015. If you enroll in insurance coverage for 2015 through the Marketplace, you should report changes in your circumstances– like changes to your househol or family size – to the Marketplace when they happen. Changes in circumstances may affect your advance payments of the premium tax credit.
Shared Responsibility Provision – Every person with healthcare coverage must maintain minimum essential coverage. If you are not exempt from coverage and do not maintain essential coverage you will make any individual shared responsibility payment when you file your 2014 federal income tax return in 2015.
If you purchased health care insurance through the Marketplace for 2014, you should receive a Form 1095-A by the end of January, 2015. The information shown on Form 1095-A will help you complete your 2014 federal individual income tax return.
If you chose to have advance payments of the premium tax credit paid directly to your insurance company in 2014, you must file a 2014 federal income tax return. You are required to reconcile these payments to the premium tax credit you’ll compute for your 2014 tax return. Even if you did not choose to receive advance payments, you must file a 2014 federal income tax return to claim the premium tax credit.
For more information about Affordable Care Act provisions, visit www.irs.gov/aca
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