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Health Care Law Brings Changes to IRS Tax Forms

Here is information about the new forms and updates to the existing forms:

Form 8965, Health Coverage Exemptions
•Complete this form to report a Marketplace-granted coverage exemption or claim an IRS-granted coverage exemption on the return.
•Use the worksheet in the Form 8965 Instructions to calculate the shared responsibility payment.

Form 8962,... Premium Tax Credit
•Complete this form to reconcile advance payments of the premium tax credit, and to claim this credit on the tax return.

Additionally, if individuals purchased coverage through the Health Insurance Marketplace, they should receive Form 1095-A, Health Insurance Marketplace Statement, which will help complete Form 8962.

Form 1040
•Line 46: Enter advance payments of the premium tax credit that must be repaid
•Line 61: Report health coverage and enter individual shared responsibility payment
•Line 69: If eligible, claim net premium tax credit, which is the excess of allowed premium tax credit over advance credit payments

Form 1040A
•Line 29: Enter advance payments of the premium tax credit that must be repaid
•Line 38: Report health coverage and enter individual shared responsibility payment
•Line 45: If eligible, claim net premium tax credit, which is the excess of allowed premium tax credit over advance credit payments

Form 1040EZ
•Line 11: Report health coverage and enter individual shared responsibility payment
•Form 1040EZ cannot be used to report advance payments or to claim the premium tax credit

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