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New Healthcare laws and 2014 tax laws

The healthcare overhaul, which establishes a new federal income-tax penalties for those who fail to obtain what it deems minimum essential healthcare coverage.

In 2014, it was the introductory year for the penalties, which can be owed for the months when qualifying health coverage was not in force.  In IRS talk, the penalties are known as “shared responsibility payments.”

You do not have worry about penalties if you and members of your family, (if applicable) had qualifying coverage for all of 201. In this case, you would check the box one line 61 of Form 1040, and you are done.

If you did not have qualifying coverage for the entire year, the first task is to determine if you are exempt from the penalties. For that, look for the instructions to new IRS Form 8965 Health Coverage Exemptions.

If you were exempt in 2014, file Form 8965 with your 2014 Form 1040 as prove.





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