IRS Releases Draft Versions of New Affordable Care Act Forms

As a tax service firm, we get excited when the IRS releases a new form for the upcoming season.  It’s sad but true!

The Affordable Care Act forms have created heightened anticipation this year due to much uncertainty about how the IRS would provide procedure and guidance.

Form 8962, Premium Tax Credit, and Form 8965, Health Coverage Exemptions, are now available in draft form.  We have already begun to evaluate the calculations.  In addition to these two key forms, the following healthcare-related forms were released in draft form:

1094-B – Transmittal of Health Coverage Information Returns

1094-C – Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns

1095-A – Health Insurance Marketplace Statement

1095-B – Health Coverage

1095-C – Employer-Provided Health Insurance Offer and Coverage

Other notable draft releases on July 24, 2014:

Form 1040 – U.S. Individual Income Tax Return (long form)
Form 1040-A – U.S. Individual Income Tax Return (short form)
Form 1040-EZ – Income Tax Return for Single and Joint Filers With No Dependents
Form 8941 – Credit for Small Employer Health Insurance Premiums
Form 1099-INT – Interest Income
Form 1099-DIV – Dividends and Distributions

Be sure to contact us with any questions you may have regarding the Affordable Care Act and how it may affect you!

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