The IRS added line 61 to Form 1040 for the 2014 tax season, requiring taxpayers to indicate that they and their dependents had health care for the tax year 2014 or that they qualify for an exemption from the health care requirement, as Thompson Reuters explains. If taxpayers did not have health care and did not qualify for an exemption, they must indicate the amount of their shared responsibility payment on line 61 of Form 1040.Continue Reading
The Affordable Care Act brought changes to tax forms for the 2014 tax year, according to Tax Slayer. Taxpayers must report whether they had health insurance coverage through one of the exchanges, private purchase or through an employer.
Existing tax forms have additional lines, and two new forms may need to be included with certain tax returns. If taxpayers could afford health care coverage in 2014 but opted not to acquire coverage and didn't qualify for an exemption, they need to pay a fee when filing their tax returns. The fee is based on the taxpayer's income and how many months the taxpayer did not have health care coverage. Usually, the fee runs higher for taxpayers with higher incomes and more months without health coverage.Learn more about Taxes