ACA Faces Its First Tax-Filing Season
January 19, 2015 — Mike Corbin, Network Indiana — This marks the first U.S. tax filing season that‘s impacted by Obamacare.
Starting Tuesday, millions of filers must comply with the new law that may mean they‘ll owe the government. Internal Revenue Spokesman Luis Garcia says for most Americans it‘ll mean checking a box – Line 61 on the 1040 Form – to show that they have health insurance and the penalty if they don‘t. He says the 1095-A Form will be needed for those impacted by the Affordable Care Act. Those who did indeed receive a subsidy through one of the health exchanges will have to file using the 1095-A Form. Garcia says those people should be receiving that form in the mail by the beginning of February.
Tax filing season begins January 20th. Garcia says the IRS will never call people out of the blue and threaten arrest or demand immediate payment regarding the Affordable Care Act or outstanding bill. He says if people get such a call, it‘s clearly a scam and you should hang up immediately and don‘t give out any personal information.