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It’s Here: CCH Federal Tax Perspectives: ACA Individual Mandate and Premium Tax Credit.
The Affordable Care Act brought the two most challenging and complex individual tax law changes, ever: the individual mandate and the premium tax credit, both figured on a monthly basis for every single member of the taxpayer’s family for the entire tax year.
Federal Tax Perspectives: ACA Individual Mandate and Premium Tax Credit provides explanations, examples, and filled-in 2014 forms. Here are some highlights:
- Line by line explanations of Form 8965, Health Coverage Exemptions
- Line by line explanation of Form 8962, Premium Tax Credit
- Examples with filled-in forms for both Forms.
- Explanations of minimum essential coverage and coverage exemptions.
- Explanations of the advanced Premium Tax Credit and reconciliation, the only credit that is available to taxpayers in advance, and must be reconciled on the tax return.
- Explanations allocation that must be done if the credit is spread among more than one tax household due to marriage, divorce, or related individuals living in different tax households.