The IRS is getting ready for Obamacare to be accounted for by every citizen. For completing this section of your tax form, the IRS has published 21 pages of instructions, as well as long forms and tip sheets.
For Americans who do not have Obamacare, the process is simple: check a box indicating you have insurance. For those who enrolled in an Obamacare plan through the Marketplace, they will have a more comprehensive section. If a person opted not to have any insurance, he or she needs to pay the fine/tax, which has been named the “shared responsibility payment”.
Additionally, if you are an Obamacare enrollee, you will not be able to file your taxes until you receive a new Obamacare form, the 1095A. The proposed deadline to send out the forms is January 31, 2015, which also coincides with the date that employers must issue W-2 to their employees.
Form 1095A is necessary; filers need the forms to calculate whether they received the correct subsidy from the government, or if they owe money to cover a difference. If they owe money, that amount will be deducted from any anticipated returns.