Most taxpayers simply need to check a box on their 2015 tax return stating that all family members had qualifying health care coverage every month in 2015 and do not have to pay the Individual Shared Responsibility Payment.

Exemptions from the Individual Shared Responsibility Payments may be granted.  To find out who qualifies for an exemption, click here.  If a taxpayer doesn’t qualify for an exemption, they must make an individual shared responsibility payment for every month they don’t have health insurance.  To find out how to report and calculate the payment, click here.

Form 8965 needs to be filed with taxpayer returns if they are claiming a marketplace exemption.

Form 8962 is used to figure the amount of a taxpayer’s premium tax credit and needs to be filed with their return if they received advance payments of this credit.  To find out who qualifies for the premium tax credit and how it works, click here.

Form 1095-A is furnished by the Healthcare Marketplace to taxpayers who enrolled in a qualified health plan through the Healthcare Marketplace. Form 1095-A allows taxpayers to claim the premium tax credit on their tax return.  If health insurance was bought through the Healthcare Marketplace, taxpayers need to wait to file their taxes after they have received this form.  This form should be provided by the Marketplace to tax payers by February 1st, 2016.

Form 1095-B is furnished by health insurance providers.  This form lets the IRS know that taxpayers are covered by minimal essential coverage and they are not required to make the individual shared responsibility payment.  Taxpayers do not need to wait for Form 1095-B to file their tax return.

Form 1095-C is furnished by employers to full time equivalent employees of Applicable Large Employers.  This form shows that the full time employee received health insurance from the employer during the year.  Taxpayers do not need to wait for Form 1095-C to file their tax return.

Forms 1095-B and 1095-C should be provided to taxpayers by March 31, 2016.

Taxpayers should use the information provided on Forms 1095-A, 1095-B, and 1095-C but these forms do not need to be filed with tax payer returns.

Small Businesses who pay at least 1/2 of their full-time equivalent employees’ health insurance may qualify for the Small Business Health Care Tax Credit.  (Some conditions apply.)

Electronic filing of returns is the best way to ensure taxpayer health care information is reported accurately and timely.  Electronically file your own taxes with electronic tax software or use a qualified tax preparer to file your taxes for you.  If you are using a tax preparer, check with the Better Business Bureau to make sure you are working with a trustworthy preparer.

If you have more questions about how Affordable Care Act affects your situation, click here.