To better serve our clients and friends, to keep you up-to-date and informed , here is IRS's Tax Tip on What to do with your Health Insurance Documents.
Gathering documents and keeping well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to follow-up with you for more information.
This year marks the first time that you may receive information forms about health insurance coverage.
The information forms are:
When preparing 2015 tax returns, most people will simply have to check a box to indicate they and everyone on their tax return had health care coverage for the entire year. You will not need to file any additional forms, unless you are claiming the premium tax credit or a coverage exemption. In which case, you will use Form 8962, Premium Tax Credit, or Form 8965, Health Coverage Exemptions.
For more information about the information forms, see our Questions and Answers on IRS.gov/aca.
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To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!