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Wednesday, June 4, 2014

IRS Releases Two New Publications About The Affordable Care Act

The IRS announced the release of more information concerning the Affordable Care Act (ACA) for families. The two new electronic publications, which can be found on the IRS website at www.irs.gov, are helpful for educational use by individuals and tax professionals who have questions or concerns about the new Marketplace.


The first is Publication 5152, which discusses the importance of keeping the IRS updated to changes in circumstances. Changes in family size or income can affect your Premium Tax Credit and should be reported as soon as possible. The Premium Tax Credit is a refundable credit designed to assist families with moderate household incomes in affording the health insurance they need. If the Marketplace is not updated within a reasonable timeframe, families may receive too much or too little in advance payments. The publication also discusses the necessity of filing your federal tax return if you intend to claim your Premium Tax Credit.

The second is Publication 5156, which outlines what you need to know about the Individual Shared Responsibility Provision. This provision requires you and every member of your family to have a minimum amount of health coverage. The publication contains information about whether or not your family can qualify for an exemption or how much your payment will be if you or your family members do not have the minimum coverage.

Our health care system has undergone major changes in the last few years, so it is important for both individuals and families to have current and accurate information about their rights and responsibilities. Educating yourself on these provisions and the intricacies of the Affordable Care Act can help you make the right decisions for your family.

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