How the Individual Shared Responsibility and Premium Tax Credit Provisions of the Affordable Care Act Impact Household Tax Reporting

The 2014 tax year is the first for which individual taxpayers are required to report healthcare coverage under the individual shared responsibility provision of the Affordable Care Act and low income taxpayers without affordable coverage are allowed the premium tax credit. This Affordable Care Act requires individuals to maintain coverage of minimum required healthcare insurance,

Exemptions from the Individual Shared Responsibility Provision of the Affordable Care Act

The 2014 tax year is the first year in which the individual shared responsibility provision the Affordable Care Act (ACA) requires households to maintain minimum required coverage or pay the shared responsibility tax penalty. The ACA does include certain exemptions from the individual shared responsibility provision which could benefit taxpayers. Shown below a partial list