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Health Care

New Tax Forms To Fill Out Regarding Your Healthcare Coverage

This year, there are some changes to tax forms related to the Affordable Care Act. For the first time, you will have to state whether you had health insurance, through an employer, one of the exchanges or purchased privately. And if you did not have health insurance, you could face a penalty. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax returns. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law.

Need-to-Know Tax Reform

The Tax Cuts and Jobs Act took effect in 2018. Some of the changes outlined in the act are permanent, while others will expire in December 2025. Here is a list of the most significant changes affecting the majority of taxpayers.  Tax Law Changes Under the Tax Cuts and Jobs Act 1. Standard deduction increased […]