Another Form to Fill Out!
As election day comes and goes, the Affordable Care Act and its many respective facets are once again a very hot topic. One facet of recent discussion is the preparation American families and tax specialists must undergo for the additional filing requirement of the Affordable Care Act’s individual mandate provision.
Beginning in the year 2014, millions of currently uninsured Americans will have to purchase health insurance labeled as acceptable or “qualified” by the Department of Health and Human Services (HHS). Thus Americans, in addition to their normal income tax returns, must now prepare, complete and file an additional IRS tax form.
This new form requires the individual disclosure of an American taxpayer’s personal identifying health information (personal health ID number). Specifically, families have to prove that they were in fact covered by a qualified plan. The form will indicate in which months these individuals/families were covered, and even more specifically what type of insurance coverage they purchased.