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Whether you’re a self employed individual or filing as a corporation, get peace of mind with taxes done correctly and efficiently. (Get More Info)

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Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

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KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

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The effects of the affordable care act on your tax return

Posted by kftaxaccounting2014 on February 9, 2015 in Uncategorized | 0 comment

Yes! the affordable care act  popularly known as Obama care  is going to affect your tax return for year 2014.Either you purchased your coverage through the market place or with IRS,Obama care is causing some changes to your tax return.

You should know that almost every one is affected by the individual shared responsibility provision  and also the premium tax credit affect those that obtained their coverage from the market place.

Remember! electronic filing makes the filing process easy and accurate.

Did you and your entire household have health insurance coverage for the entire year?Then you will need to check the box on line 61 and 38 of  Form 1040 and Form 1040-A respectively or line 11 of form 1040-EZ.


If you obtained your coverage through the market place,you should get a statement (Form 1095-A) that contains details you have to include when filing your tax refund. Should the statement show that you received  the benefit of advance payment of the premium tax credit in 2014, then it is compulsory that you file your tax in year 2015 and reconcile the advance payment with the amount of premium tax credit allowed on your return.

Note: if you will be paying the excess advance payments of the premium tax credit,then it must be reported on line 46 and  29 of Form 1040 and Form 1040-A respectively and you should know you cant  file form 1040-EZ. And if you did not receive the statement ,you should contact the state or federal market place where the coverage was obtained.


If you did not benefit from the advance payments of the premium tax credit and you are claiming the premium tax credit, then you must file a tax return and IRS Form 8962(premium tax credit).


Are you claiming an exemption from the health coverage for anyone on your tax return?you will need to complete Form 8965(Health Coverage Exemptions) and submit with your tax return.

The marketplace is the only place where you can obtain the hardship exemption and or the religious conscience exemption, if you need to file any of this two, you have to file an application with the market place and follow the instructions on the application about how to report exemptions  from the marketplace on your tax return. Also an exemption certificate number will be issued to you which you have to include in part 1 of the Form 8965 and if you have not received the certificate number,then put “pending” where the certificate number is required.

Claiming an exemption that can only be granted from the IRS?you will not need the exemption certificate number but you have to complete part 11 and 111 of the Form 8965 and submit with your tax return.


If you will be making a shared responsibility payment either due to the fact that you did not obtain a qualifying health insurance coverage for year 2014 or qualify for exemptions, then you will need to complete line 61 and 38 of Form 1040 and 1040-A respectively or line 11 of Form 1040-EZ.


This is where it gets confusing right? Don’t get pissed off, that’s why we are here,book an appointment with us and all your concerns will be taken care of.











Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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